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/u/Glittering-Cable-260
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We are on Day 56 since I signed my agreement with the seller to buy his condo however we have been unable to close since the lender discovered the building does not have the proper hurricane insurance.
I have been able to negotiate a $500 concession for the delay, but we are on Day 56 with no progress from the HOA getting the required insurance so we can close.
What else can I do or demand?
I already looked at another lender who closed on the other unit from the same seller in the same timeline (seller is selling off 3 units) but their terms aren't as favorable.
They require 30% down instead of 25% They're also not offering to match my rate so I would go up about 1% and they also have not offered any concessions to work with them. My current lender granted me $7,500 in credit towards closing costs which i used to buy down the rate to %6.275
Should I just walk away from this property at some point and look for another?
The extension ends in 9 days. What would you do?
submitted by /u/Glittering-Cable-260
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Stuck at Closing Day 56
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I have been able to negotiate a $500 concession for the delay, but we are on Day 56 with no progress from the HOA getting the required insurance so we can close.
What else can I do or demand?
I already looked at another lender who closed on the other unit from the same seller in the same timeline (seller is selling off 3 units) but their terms aren't as favorable.
They require 30% down instead of 25% They're also not offering to match my rate so I would go up about 1% and they also have not offered any concessions to work with them. My current lender granted me $7,500 in credit towards closing costs which i used to buy down the rate to %6.275
Should I just walk away from this property at some point and look for another?
The extension ends in 9 days. What would you do?
submitted by /u/Glittering-Cable-260
[link] [comments]
Stuck at Closing Day 56
Continue reading...