What is the name of your state (only U.S. law)? louisiana
We had a purchase agreement for 30 days, it was about to expire, the loan had not closed yet. We signed an amendment to extend it another 2 weeks, although the mortgage company recommended longer because of being backed up. The mortgage company now says they should be ready to close next week, but no sure day yet. The 2 week extension expires today. The seller acted like they weren't concerned with signing another amendment.
If it expires today and the whole thing is still in the underwriting process, can the seller sell the property to someone else, or is there some way we, as the buyers are protected, since it is so late in the game, with it being with the underwriter and expected to close in a matter of days?
Seller has assured us it would not be sold to anyone else unless financing was not approved, however, as of a week ago, the listings for the property have been removed, which is unusual because we were told that the listings for properties would remain up until after closing. (I don't know if this is common practice everywhere, but before deciding on this property, we were told that other properties we were interested in were under contract...when we asked why were they still listed, then it was explained to us that they don't remove the listings until the sale is final, in case deals fall through.)
Please let me know if any more info is needed to answer my question, thanks.
We had a purchase agreement for 30 days, it was about to expire, the loan had not closed yet. We signed an amendment to extend it another 2 weeks, although the mortgage company recommended longer because of being backed up. The mortgage company now says they should be ready to close next week, but no sure day yet. The 2 week extension expires today. The seller acted like they weren't concerned with signing another amendment.
If it expires today and the whole thing is still in the underwriting process, can the seller sell the property to someone else, or is there some way we, as the buyers are protected, since it is so late in the game, with it being with the underwriter and expected to close in a matter of days?
Seller has assured us it would not be sold to anyone else unless financing was not approved, however, as of a week ago, the listings for the property have been removed, which is unusual because we were told that the listings for properties would remain up until after closing. (I don't know if this is common practice everywhere, but before deciding on this property, we were told that other properties we were interested in were under contract...when we asked why were they still listed, then it was explained to us that they don't remove the listings until the sale is final, in case deals fall through.)
Please let me know if any more info is needed to answer my question, thanks.