23,743
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.
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Inna Ivchenko
Encino, CA
2,570
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 !!!
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Jill Murty, Realtor - ...
Laguna Niguel, CA
3,988,013
I vote for the 18th. We have had it explained to us to not count the day the contract is made.
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David Jain
1,241,879
call the agent to confirm the date and time(hour). Communication is key.
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Sam Shueh
San Jose, CA
400,356
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.
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Chris and Dick Dovorany
Naples, FL
443,220
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.
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David Jain
67,369
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!
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David Jain
216,904
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.
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David Jain
4,800,132
534,647
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.
4,901,858
613,494
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
1,624,853
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.