Expert: Dick Dennis - 3/19/2010

Question
I live in Dallas,Texas and recently purchased a  newly built house. I had put my security deposit on 1/24/10. Got a pre-approval on 01/26/10. Sent all documents to the mortgage company which is located in Florida (was referred by the builder) on 02/13/10. Accdg to my LO, he sent all documents to USDA loan not till 2/22/10 :(. My original closing date was on 03/16/10. It's now 3/19/10 and they still keep telling me that they are still waiting for the USDA approval and can't give me a definite closing date.  Is this a normal process?  Can I still back out from this contract and not be liable and get my money back? Or can they pay my epxenses for the financial loss resulted from this delay?
back?

Answer
My suggestion would be to contact your local (or closest one) USGA Rural Development office. They are unique in the real estate world unless you're ouot in the boonies and/or have a farm to which you want to move or buy.

Yes, since they have not lived up to their end of the purchase, you certainly may pull out. But chances are you'll get the same runaround trying to get your deposit back. Who would you sue to get any additional funds out of this? Everybody would blame the next guy for delaying this. So I would either pursue getting your deposit back or continue on with your purchase and be patient. I do wish you well.

Dick Dennis
dixiedee13@aol.com