If we are still processing a loan and the house the loan is under is being bought by someelse what do we do?

Question

Well im confused the sellers bailed out and everything is under the old house so what do i do?

Answer 1

You can either put a hold on the loan process or complete the process pending selection of a property.

This happens all the time. I teach processors and loan originators and am constantly reminding them to be sure the addresses match on the application and underwriting information.

The house is but one small piece in the processing/underwriting picture. You might as well finish all the other pieces. But you don't have to. You can just wait until you find the next home.

Sorry about the house. But things happen for a reason. I'm sure an even better house is out there waiting to be found by you.