Wednesday, July 30, 2014

Will Our House Get Lender Approval?

We have been patiently waiting for the house we put an offer on in May to get approved by the seller's lender. Last week we were told all the documents had been turned in and we just have to wait for an answer. One of the last items we had to sign was a 60 day close once we got the lender's approval. Which is putting our closing date towards the beginning of October. 

Our original closing date is August 5th which is still an important day for us. If we don't get lender's approval by this day, we have two options. 

  1. We decide to keep waiting for this house. Everyone is required to file an extension and our close goes from 5 months, to possibly 8 months? Not really sure how long of an extension we would file, so I can't be sure.
  2. We decide that if the bank hasn't approved it by now, we are done waiting. We have enough money for a down payment on a non-short sale house and we could find something else with a 30 day close. Do we really want to close on a house when we are approaching the holiday season. Also, do we really want to be moving when I am 6 - 9 months pregnant. When we sign an extension we really don't know how long it could drag on for, and that extension may run out and then we would be back to these 2 choices again.
So we have 6 more days to wait to see if the bank finally gives us an answer or if we have to make a decision. I hope we get an approval by Tuesday as I would really love to get this house and we have already waited 3 months. We have already spent a lot of time imagining what we will do with it, so I am crossing my fingers and praying we get the approval.

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