Agent2Agent in Warminster>Question Details

Alan Openshaw, Real Estate Pro in Warminster, PA

When is someone going to re-work the Agreement of Sale to conform to the present environment.?

Asked by Alan Openshaw, Warminster, PA Wed Feb 22, 2012

It is illegal for a Pennsylvania broker it is illegal to issue a mortgage commitment. Department of Banking regulations specifically forbid it. Also many of the lenders we deal with purposefully have removed the word commitment from all of their documents. So how does a buyer get a commitment if a broker can't issue one and his broker's bank refuses to provide one. I think it is time for the Agreement of sale to be re-worded to allow a buyer to provide something other than a commitment but which satisfies the sellers requirements of getting a loan approval.

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well, I am with you that some changes are required. I am not going to comment on your question as I am not a Broker or lender. I can only hope that through Par and BCAR, if Realtors/Brokers take the time to do it, we can get some change.
1 vote Thank Flag Link Thu Feb 23, 2012
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