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David Jain

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Rainer
23,743
Eric Valente
Calabasas, CA
Eric

New CA RPA gives us 21 days, but of course, all those terms are negotiable. If your lender needs 19 days, you should ask for 19 or more. 

May 15, 2015 01:57 PM
Rainer
2,570
David Jain

Thanks everyone. I spoke with the agent. Considering that he is a dual agent in this transaction. He understands it.He is fine to go with extending the finance contingency by a few days.

 

There was some misunderstanding with my lender and I had to sort it with him which took a little bit of time. The loan processor at his company has analyzed all my documents and she feels everything is good now.  I am just waiting to hear back from the Underwriter to give me a commitment letter.

 

Once I get the commitment letter, I will be okay to remove the finance contingency.

 

House buying is nerve wrecking scenario. But I appreciate everybody who has chimed in here !!!

May 15, 2015 01:16 PM
Rainmaker
3,988,063
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

I vote for the 18th. We have had it explained to us to not count the day the contract is made.

May 15, 2015 01:11 PM
Rainmaker
1,250,886
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

call the agent to confirm the date and time(hour).  Communication is key.

May 15, 2015 10:07 AM
Rainmaker
401,826
Jill Murty, Realtor - Orange County, CA
Movoto - Laguna Niguel, CA

The day of acceptance is considered Day 0.  Day 1 is the first full day after acceptance.  It is critical that you verify for yourself that everyone is counting on the same schedule.  As Sharon Altier, SFR said, get it in writing.

It's not common to extend the deadline, but not uncommon either.  Sometimes there's a situation that warrants an extension.  

May 15, 2015 09:42 AM
Rainmaker
443,220
Cindy Davis
SD Home Source Realty - San Diego, CA

I would say the contingency removal is due on May 18th. As for whether extensions are common, it really comes down to the reason for the delay. Usually, if it's only the loan that is running late, we can get a small extension.

May 15, 2015 08:49 AM
Rainer
67,369
Evelyn M Epperson
Coldwell Banker Residential Brokerage - Johns Creek, GA
A Tradition Of [Excellence, Trust & Service]

You need to have your agent write an amendment to change your finanical contingency.  Now if you are already qualified for the loan then your good.

I always write 25 days from binding and put the date for 25 days.  Good Luck!

May 15, 2015 08:45 AM
Rainer
216,904
Sharon Altier
Coldwell Banker Realty - Elmhurst, IL
Luxury Property Specialist, CSC, SFR

Contract should have stated calendar day.  Ask your agent, in writing, what date they are considering final date of contingency.  Make sure you have a good real estate attorney who will represent you and make sure Seller (and agent) follow contract law and protects your interests.  Good luck!

If you request an extension, the Seller has to sign off on it, in agreement.  Again, your attorney can negotiate this.  However, did your lender provide timing of when they would be able to provide a commitment?  That should have been coordinated, when making an offer.

 

May 15, 2015 08:01 AM
Rainmaker
4,800,182
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Probably the 18th, though 17 days is awfully short for loan approval.

Dec 11, 2018 07:54 AM
Rainmaker
537,185
Robert Havana
Park and Protect- Alberta Real Estate License Parking - Calgary, AB
Alberta Real Estate License Parking

just looking back through some of the old Q & A from almost a year ago, not sure why this question didnt seem to get many replies.  I post a few trying to get others to view lethbridge real estate blog that I write on, but it seems many just slip through the cracks here.

May 16, 2016 01:56 PM
Rainmaker
4,983,454
Richard Weeks
Dallas, TX
REALTOR®, Broker

In Texas day one would be 5/2/17.

May 16, 2015 02:43 AM
Rainmaker
613,494
Eve Alexander
Buyers Broker of Florida - Tampa, FL
Exclusively Representing ONLY Tampa Home Buyers

Depends upon what the contract says...Does it say "banking days" or just "days'?

Since you are working with a dual agent it may even be when the last person signed even if you never got a copy for days.

Next time, hire your own buyers agent so you actually have real representation and don't have to wonder what to do.

Eve

May 15, 2015 09:38 PM
Rainmaker
1,634,174
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

Everything is negotiable. Let your agent explain them the situation, I'm sure you can make it work.

p.s. All contingencies should be removed in writing. Good luck.

May 15, 2015 04:43 PM