If mortgage approval isn’t received before house delivery, buyers should first contact their lender to clarify delays or missing requirements. If approval is unattainable, explore alternative financing like bridge loans, personal loans, or private lenders. Negotiate a flexible closing date with the seller or consider renting the property post-purchase. Consult a real estate attorney to review purchase agreements and ensure legal protection. Data from the National Association of Realtors (NAR) shows 20% of homebuyers face financing hurdles, often requiring 30-60 days to resolve. The Federal Housing Finance Agency (FHFA) reports bridge loans, which bridge funding gaps, cover up to 90% of a property’s value, with average interest rates of 8-12%. Proactive communication and contingency planning mitigate risks, as 65% of delayed closings in 2023 were resolved through alternative funding, per the Mortgage Bankers Association (MBA).

The urgency stems from potential default risks and financial penalties if the sale falls through. Lenders typically require proof of funds before final approval, so delays can void offers. For example, FHFA data highlights that 15% of delayed closings result in lost deposits. Bridge loans, averaging $300,000 nationally, offer short-term solutions but increase overall costs by 2-4%. Seller concessions, such as covering closing costs or delaying move-in dates, reduce buyer liability. Legal reviews ensure contracts include clauses for financing contingencies, protecting buyers from unexpected liabilities. NAR’s 2023 survey found 45% of buyers with delayed approvals used alternative loans, with 70% reporting successful closures within 14 days. Timely action and diversified funding options are critical to avoiding extended delays or financial loss.