Should I continue extending rate or apply new mortgage?

[Dawn Fu]

Hi BPer,

I applied my mortgage in mid-June for 60 days and expired on Aug 23rd. My scheduled closing date was Aug 14th. The seller had to remove illegal construction in the basement and the application for CO took forever.

I already extended my mortgage for two weeks, and just told it need wait couples of

weeks to get CO issued. From listing agent there are 100 CO application in front of us. This is insane. And could it possible?

I'm still struggling with the property, it's close to a college, I already miss the best time to rent to college students, but if we get CO in one week or two, I may still be able to find tenants. What should I do at this point? I don't want to extend my rate for one month, the cost is higher than applying for a new one, and is it ok to apply for a new mortgage if I'm still purchasing the same property? And should I actually wait for the CO or better just walk away?

Thank you all in advance!