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Answers (10)
- Debra (Debbie) Rose, "Livingston NJ"
- Contributions:2738
well, Mike, hopefully he closed by now........and is already an "old" home owner!
:)
:)
- Michael Emery, "MikeEmery"
- Contributions:7298
This question is from April of 2011 and not 2012.
- Jason Bruno, "Jason Bruno MaExpert"
- Contributions:24
Dan, yes it's normal, but it doesnt make the situation any easier. If it isnt in writing it doesn't exist (especially when it comes to a real estate transaction). Hopefully, you have the written mortgage commitment from the bank. Assuming you do, find out if all your conditions have been met for the loan (speak with the underwriter in addition to the loan officer) to get the facts. Congrats You are almost a new home owner.
- Christine Smith, "CantonMABuyerAgent"
- Contributions:10
Dan,
Your buyer agent should be working with the lender & closing attorney to be on top of this. I assume from what you wrote that you have received your commitment letter from your bank but they have not issued the "clear to close" yet? For some lenders this is typical & they will issue the clear to close 1 or 2 days before closing but it is not the best way of doing business. Regardless, you & your agent & your attorney should be in constant contact with them & asking them for details as to what is holding it up.
Good luck,
Christine
Your buyer agent should be working with the lender & closing attorney to be on top of this. I assume from what you wrote that you have received your commitment letter from your bank but they have not issued the "clear to close" yet? For some lenders this is typical & they will issue the clear to close 1 or 2 days before closing but it is not the best way of doing business. Regardless, you & your agent & your attorney should be in constant contact with them & asking them for details as to what is holding it up.
Good luck,
Christine
- Colorado Expert Jeff Hansen, Realtor, "jeffhansencolorado"
- Contributions:105
All bankers do things differently, but deadlines are deadlines. Get on them, or have your Realtor get on them about your loan approval deadline. If they miss that deadline and the day later you do not qualify for the loan, you most likely will lose your earnest money deposit. Go get 'em, Dan!
- Brian Teyssier, "Brian Teyssier GRI"
- Contributions:964
OMG, Dan, do you have a Realtor working for you!?!?! Your financing should be a done deal by now!
- Philip Austin, "PhilipAustin"
- Contributions:72
Did you have a "Mortgage Contingency" in your Purchase and Sale agreement? That date could be extended to protect your earnest money deposit in the event you cannot get the mortgage loan. Contact the Real Estate Agent you are working with right away. Maybe the agent can call the bank to confirm the closing date. If you cannot close the transaction on the "Specific Performance" date on your Purchase and Sales Contract, you must request an extension of time from the Seller. If you do not have an extension in place, you could lose your earnest money deposit as liquidated damages for not performing on the stipulated closing date.
It is time to get some answers from the Lender you have chosen to finance the home.
All the best
Phil
Best Choices Real Estate Services
It is time to get some answers from the Lender you have chosen to finance the home.
All the best
Phil
Best Choices Real Estate Services
- Eric Hempler, "erichempler"
- Contributions:83
What you typed on here you should repeat to the bank until you feel you have the answer you're looking for.
- Sharon Lewis, "Sharon Lewis"
- Contributions:3923
Also, there is a 'grace period' in our North Carolina contracts in case the loan doesnt go through or other complications happen. Ask your landlord if there is a way to extend your lease for a week, if need be. Call your Realtor and ask them to speak to the point person at the bank.
And congratulations on purchasing your first home!
And congratulations on purchasing your first home!
- Becky Holt Brown, "Becky Holt Brown"
- Contributions:5
Dan,
For support, you should contact your buyer's agent. It can be frustrating but depending upon your lender, it can be very touchy up until the 11th hour.
supposed to close April 28th
I am supposed to close on my first home this Friday. I still have no definite word on whether or not financing will go through. Bank says "oh we should be all set' But that doesn't reassure me anything because I have to be out of my apartment by end of month. Is it normal to not know this far into it>>? Thanks
Dan
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