Closing very delayed

[Karolina]

What is the name of your state? FL

My husband and I live in a rental community that recently became a condo conversion, we were offered the choice to buy or leave, so we bought , not the one we live in right now but a bigger one.
They told us our deal would be ready for closing in Late May, May passed and then they told us they were waiting for an approval from Fannie Mae and that the closing would be in early June, in early June we called again and they told us wait a week, since then we have been calling every week and they just tell us to wait another week, well it's been over a month, and i'm wondering if they are messing with us or what, doest it really take that long to get an approval from Fannie Mae? does it always take two months to close? is this happening because it is a conversion?
what should we do?

Thank you.

[HomeGuru]

Originally Posted by Karolina

What is the name of your state? FL

My husband and I live in a rental community that recently became a condo conversion, we were offered the choice to buy or leave, so we bought , not the one we live in right now but a bigger one.
They told us our deal would be ready for closing in Late May, May passed and then they told us they were waiting for an approval from Fannie Mae and that the closing would be in early June, in early June we called again and they told us wait a week, since then we have been calling every week and they just tell us to wait another week, well it's been over a month, and i'm wondering if they are messing with us or what, doest it really take that long to get an approval from Fannie Mae? does it always take two months to close? is this happening because it is a conversion?
what should we do?

Thank you.

**A: you need to find out the exact situation ie. in condo conversions, the developer needs to submit for the project to be FNMA approved.

[Karolina]

Thanks for your reply?
I wonder though , how long does this usually take?

[HomeGuru]

Originally Posted by Karolina

Thanks for your reply?
I wonder though , how long does this usually take?

**A: 6-12 months in my experience. Try to see if alternate financing arrangements can be made.