Posted on: 13th Aug, 2012 02:22 pm
We're closing in 3 weeks and our family give us money to buy a house. The think is their buyer step back last minute and we're short. What we have to do? We may get money on time, but if don't what we have to? Do I have to talk with the broker?
Hi Nelly!
Welcome to forums!
Unless you have enough money for the closing, it won't take place. You can contact the broker and check out whether or not he will wait for some more time so that you can arrange for the money to complete the closing.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Unless you have enough money for the closing, it won't take place. You can contact the broker and check out whether or not he will wait for some more time so that you can arrange for the money to complete the closing.
Feel free to ask if you've further queries.
Sussane
Welcome Nelly,
I agree with Sussane. You should contact the broker and discuss the matter with him in details. He may help you in resolving this issue.
I agree with Sussane. You should contact the broker and discuss the matter with him in details. He may help you in resolving this issue.
You need to ensure that you have arranged the required money at the time of closing. If you are not able to do it, your chances to obtain the loan are significantly diminished. You can only request the lender to delay the date of closing.
Do you have a real estate agent representing you? Have you discussed that you are short to close with them? On another note, most lenders are going to want confirmation that you have the money to close, or they will simply suspend the file.
While you are taking out a home mortgage loan, you need to ensure that you have the money required for the closing of the loan. In case you do not have the money, it would be wise to delay or stall the loan purchase.
This is very good that your family gave you money to buy home and from this you will able to purchase new home for you. This is good thing that you are thinking about arrangement for money in advance because you know that you may face problems in near future when agent will short you to purchase home. It will be good to consult with mortgage agent and discuss about your situation.