how can I deal with my late closing?

Question

I failed for my first loan application,when I know it,just two days before the closing date,another broker is willing to find lender for me,but at lease I need another 10 days,
by Georgia's law,after the closing date,my phurchase contract will automatically become invalid or I need signed a terminate
agreement to end it,I really want that house,but the agent do not want to give me a extension agreement.

Answer 1

I just checked on Georgia real estate contract, and your agent is correct in refusing to give you an extension agreement. Purchase forms were modified for 2007 which changed the unilateral right to extend considerably.

You DO, however, have an outside chance. Check the forms which were used in your purchase contract to be sure they are the latest 2007 forms. If they are NOT, the language of the previous form rules, and you have much greater leeway in demanding a unilateral extension of time to close.

If the agency was cheap and decided to use up pre-2007 forms, nail them with it !

As a side kick, you can report the agent to the GAR (Georgia Association of Realtors) for violating Georgia Real Estate Commission rules on using outdated forms.

Answer 2

Can you blame the seller. for not wanting to wait? The mortgage companies are jacking you around. Go with the deal you had, refinance later if you have to. Your first mortgage broker should try to help you too.