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Answers (2)
- wayne lancaster, "funds2"
- Contributions:1177
It is hard to believe a listing Agent, selling Agent and loan officer would let a closing go this long without resolving issues since none of them will earn a dime unless/until there is a closing. On Nov 29th there should have been enough information to determine whether sale could be salvaged, and what it would take to get loan approval. With that said you are asking the wrong group. Ask your Agent to tell you specifically why you are not the former owner. The mortgage process is laborious but there are normally only one or two reasons why a loan will not get approved if it has been in process for over 90 days, and you have a right to know why loan approval has not happened.
- Mark Gelbman, "Mark Gelbman"
- Contributions:222
Good luck with Bank of America. All things being equal, it should not take longer than 45 days to close a purchase. If the appraisal is already done, it could be transferred to a new lender. If the buyer applied again somewhere else, they may even get a better rate.
How long does FHA loan approval take in Metro Detroit?
I was told my buyer had applied for an FHA loan in Oct of 2011. Our sales contract ended November 29, 2011. It's now January 14, 2012 and still no answer from Bank of America?
What's going on????????????????????
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