Financing in 34232>Question Details

Property Own…, Real Estate Pro in Lewis Center, OH

Committment Letter deadlines, flexible or not?

Asked by Property Owner, Lewis Center, OH Wed May 25, 2011

We recently went into contract on a homePath Property at the end of April, which required a commitment letter by 5/27. We didnt' think this would be an issue and the mortgage company assured us they would get it for us in time. Well, after several mistakes they made along the way, we are now down to the last minute and they are saying that they are still waiting on a document from a third party that they waited until Monday of this week to request. This doc is required for condo approval and that process takes an additional 24-72 hours. What are our options here? Does Fannie Mae allow any flexiblity in this or are they just going to say "tough", you missed the deadline and we are out our earnest money and other fees we had to pay?? I'm really updset that we did everything that was required of us to get the letter by the 27th and they dropped the ball.

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Hi Home Owner,

I've sold several homepath loans and the process is usually very quick. If this is a renovation loan, then the process will take much longer. Fannie Mae is usually very good about extending commitment dates IF you respond to them with an extension request before the deadline (I would do this first thing tomorrow).

If you're using a REALTOR, make sure they are on top of this. If you use attorneys in Ohio to close real estate transactions, contact him/her immediately. Remember, we are rapidly approaching a holiday weekend and Fannie Mae will be closed Friday - Tuesday! The request for extension can be submitted online through the homepath website.

John Proto, REALTOR
Calcagni Associates
2620 Whitney Avenue, Hamden, CT 06518
(203) 288-1821x452

A Connecticut Licensee

john.proto@movewithjohn.com
Web Reference: http://www.movewithjohn.com
2 votes Thank Flag Link Wed May 25, 2011
Hi Property Owner

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0 votes Thank Flag Link Tue Oct 8, 2013
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