Question:

I have a contract to purchase a house, but the three owners are having a "family feud" and cannot agree on anything. The sale of my own house closes soon and the lock-in on my loan is up in a few days. What can I do?

by Guest721  |  6 years, 9 month(s) ago

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I have a contract to purchase a house, but the three owners are having a "family feud" and cannot agree on anything. The sale of my own house closes soon and the lock-in on my loan is up in a few days. What can I do?

 Tags: agree, closes, Contract, days, family, feud, house, Loan, lockin, own, owners, purchase, sale, soon

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1 ANSWERS

  1. Guest721

     You may have to rent a motel or move in with friends or family until the issue is resolved. There is risk in buying real estate, especially when you make your own moving plans very firm. No one can guarantee a sale will close on an exact day because situations can come up unexpectedly, just as it happened to you.

    Fortunately (June 2000) rates have declined since you locked in your interest rate. Most lenders will extend a lock (once it expires) at the higher of the current market rate or the rate you originally locked the loan. So most likely, you will not be hurting any on your interest rate because of the delay.

    In short, you're pretty much stuck and you have to hope the sellers can work out their problems.

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