Home Buying in 19119>Question Details

Kathy, Home Buyer in Burlington, NC

Buyer cancelled offer to purchase due to lender stalling. Can buyer continue with mortgage process with the lender without a signed offer?

Asked by Kathy, Burlington, NC Fri Jun 21, 2013

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This is the type of question that need to be answered in person for a number of reasons. First the Sale contract needs to be reviewed next the State laws in which the transaction is taking place need to be reviewed. You should have a Real Estate agent who will be able to advise you the same applies if your the Seller. The last person is the Mortgage Broker or Loan Officer that is working on the Loan. The one thing that was no presented is how the Lender is stalling. Since I'm in Philadelphia,PA If you need an agent from NC please call me at 215-725-5700 X49

Philip J. Cunningham Sr
V.I.P. Realty Corporation
7942 Bustleton Ave
Philadelphia, PA 19152
Office.(215)725-5700 X49
PhilCunningham2004@yahoo.com
http://www.GreatPaRE.com
Web Reference: http://www.GreatPaRE.com
0 votes Thank Flag Link Fri Jun 21, 2013
Kathy, don't move on simply because its a short sale (if it in fact is a short sale or foreclosure). The answer is yes and no. Depends on the lender. I tend to submit the loan to underwriting and obtain a commitment before a short sale is approved, but most lenders won't even start the loan process until the short sale is approved. Speak to your Loan Officer and see how things are done with his/her company.

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Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(631) 659-2011 Office
(516) 918-5383 Fax
0 votes Thank Flag Link Fri Jun 21, 2013
Agree with Gary.
Continuing with the mortgage process would mean getting a pre-approval (approval without a property). Sometimes, the sellers are very slow - especially in short sale and foreclosure situations.
We once waited 2 weeks after the verbal acceptance (which, unfortunately, does not mean much)
for BOA to execute the contract - it takes a long time with them...

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
IrinaKaran@gmail.com
0 votes Thank Flag Link Fri Jun 21, 2013
Kathy,

This looks like a short sale or bank owned property offer. The buyer can and should get pre-appoved for a loan prior to making an offer. Note: When this is done, the buyer is approved subject to any property they choose to buy appraising out for a loan approval. If this is a short sale it takes time for any final approval of an offer. It it is a bank owned property it is done at a faster pace. Sometimes a delay in getting an answer is in itself an answer to a low offer when the seller stalls on making a decision hoping another better offer comes in on the property.
0 votes Thank Flag Link Fri Jun 21, 2013
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