we are buying a house?

First, I have a couple questions for you.
1) Are you using a Realtor or are you buying a FSBO?
2) Have you applied for the loan already?

If you are using a Realtor, ask them to explain this to you. If you are buying a home directly from the homeowner, seek the advice of a qualified attorney to review your documentation with you.

From the outside looking in though, it sounds like the seller is trying to change your contract after the fact, which is a no-no. Once you come to an agreement of terms (price, timeline, inspections, etc) and ALL the pages are signed & initialed, you are in a binding contract with the seller. Both you and he/she must perform your duties as set out in the contract. If your contract states that you have 30 days to obtain loan commitment, then you have 30 days. If, however, your contract states that you have something like 5 days to make LOAN APPLICATION and then an additional 30 days to obtain LOAN COMMITMENT, but you have yet to make loan app after 10 days, you're in violation of your contract and the seller has a leg to stand on. Loan app and loan commitment are two very different things. Make sure you read through your paperwork and determine what it is that they are contesting.

Loan app - you go sit down with the lender and officially sign paperwork to begin the loan process. (typically there is a line in the contract that tells you that this must be performed within x number of days from an agreement of terms (everyone signs papers))

Loan commitment - the bank finishes the loan process and your loan is approved. This usually takes 20-45 days from loan application, depending on your loan package & product. THERE IS NOTHING YOU CAN DO TO SPEED THIS PROCESS UP! You are at the mercy of the lender and their process.

If you have met all your obligations, per the contract, but the seller is getting prematurely antsy, he/she can't really sell the house to someone else. He/She can only remove themselves from the contract if you have violated the terms set forth in some way. If you believe you have fulfilled your duties as agreed upon in the contract, then I suggest you seek the advice of a qualified real estate attorney to help you fight this battle.

A word for the future...Buying a home directly from a seller can be a dangerous thing. Just because you can sell your house on your own doesn't make a seller qualified to. This is a complex process involving legally binding contracts, deeds, title work and mortgages. Most homeowners haven't bought or sold more than one or two pieces of property and simply because they don't do this everyday, they don't always understand the process. Next time you go to buy, interview Realtors and find a qualified one in your area to work with. As a buyer, you don't pay anything to hire one. Their commission will come out of the seller's proceeds. What you are doing is protecting yourself from an inexperienced seller and hiring an advocate to protect your interests in the sale. Most often times, FSBO sellers will even allow you to use a Realtor on your side of the transaction, even if they choose not to. I also recommend using a Realtor to sell your next home. We do cost money, of course, but it's always better to have someone to guide you through this process than trying to figure it out as you go. Too many things can go wrong and you could end up losing precious time and money unnecessarily.

I hope this helps. Good luck with your home purchase!

For more real estate buying & selling FAQs, visit my website at AshleytheRealtor.webs.com. I'm here to help!