All Forum Posts by: Ramit Agrawal

Alright. So after 2 stressful weeks and hefty losses due to delays from lender we have finally signed the closing docs and wired downpayment to escrow. Literally, the only thing left is for lender to send the wire to escrow. Anything left for my lender to screw up or can I sit back and relax? 

Pretty crazy I know. Plan on engaging attorneys after we close. 

@Tushar P. I will definitely screw the lender eventually but right now the focus is on closing. 

Thanks Dustin! @Dustin Allen Yes lender says they have verified I have $90k surplus so $20k won’t require asset verification. We will however need lender to update final closing disclosure with new date and additional $20k, which I understand is a quick process. 

Yes plenty of cash, and lender is aware. But obviously underwriter isn’t aware but it seems fine based on what I am hearing. 

Lender delayed the process and we got clear to close after the planned closing date. We now have a new contract with the seller. The purchase price of house has not changed in this new contract, however the closing date is obviously different and there is a $20k penalty for the delay. Will any of this trigger the need for another round of underwriting? My lender says underwriting won’t be required (since it is still well within the limits of what lender has ascertained as my ability to pay based on my assets) but wanted to double check with the community here. 

So I am in the process of closing my first house and unfortunately lender made a mistake in my application and we are now delayed by 3 working days.

I am hoping the seller will be understanding but curious if seller can back out from sale and forfeit my earnest deposit for this 3 day delay?