re: 30 Year Mortgage Rates - What is Reasonable

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baldona

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It's likely too late man, you need a good 20+ days to close any mortgage so if your offer was accepted already you are way behind the curve.

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I'd bet you a six-pack of Abita Beer that there's a due diligence clause in his agreement that says if he doesn't get qualified for his mortgage he can't be held responsible for breach of the PA. If he instructed the current broker/loan officer to stop moving his file forward-immediately-he'd be perfectly within the confines of his PA's clause saying that he hasn't yet been qualified.

He can then let them know that he'd like to ask for an extension of 15-20 days as he had a situation with his financing that necessitated he start over again with a new loan officer.

If he's frank, up front and honest-and he has a high quality realtor-I don't foresee any issue with a seller whose already agreed on their price giving a little juice with respect to the timeframe.

JMO. YMMV as always.