Is it the buyers’ responsibility to stay on top of all loan deadlines and know about extension fees?
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Is it the buyers’ responsibility to stay on top of all loan deadlines and know about extension fees?
I went into contract 2 months ago to purchase a house with an FHA loan. Our realtor was supposed to send a calendar of events last month but never came through. Without any reminders from either our realtor or broker, we reviewed the loan app last week and discovered the loan expires on 3/8 this week. The sellers have been working on required repairs for the past month and won’t be done until this week so our broker told us we have to file for an extension of at least 5 days with a fee of $350 or 10 days at $750. I want to express my frustration to my realtor but was it my responsibility?
Asked on March 6, 2012 under Real Estate Law, California
Answers:
Hong Shen / Roberts Law Group
Answered 12 years ago | Contributor
It is pretty much the case. Once you signed the sales contract, it is up to you to get a loan approved and follow it through. Your realtor may help but it is not his or her responsibility to follow through the loan.
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