Home Buying in New York>Question Details

Remo, Home Owner in New York, NY

Hi, My husband got a call from the bank saying he is "Clear to Close"

Asked by Remo, New York, NY Thu Oct 11, 2012

And that his file has now gone to the clearance department. What's the clearance department? Can they decline the loan still? How long does it take to get a closing date from this point as both buyer and seller are looking to close the deal ASAP?
Thank you in advance

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Answers

6
Ask your loan officer all your questions; generally clear to close, means just that....
2 votes Thank Flag Link Thu Oct 11, 2012
unfortunately the loan officer is extremely hard to get a hold of and seems to only reply via email with one worded descriptions. This process has been exhausting.
Flag Thu Oct 11, 2012
Hi Sunshine,

The lender is cleared to close. They are ready to fund the loan at closing. If you are purchasing In a coop you need "board approval" and in a condo the condo board must issue a waiver of first right of refusal before a closing can take place. In either a condo or coop the building's transfer agent/ closing department or attorney will also need the proper documents prepared for a closing.

The attorneys will coordinate the closing date.

Best,

_________________
Mitchell Hall
Lic. Assoc. R.E. Broker
The Corcoran Group
office 212.877.6268
fax: 212.230.4244
iPhone: 917.312.0924
MHALL@Corcoran.com
0 votes Thank Flag Link Mon Oct 15, 2012
Mitchell Hall, Real Estate Pro in New York, NY
MVP'08
Contact
"Clear to close" means you have gotten through underwriting and the bank has no further concerns. They are ready to lend you the money. Tell you attorney right away, as the attorneys (buyer's, seller's, your bank's and the payoff bank if there is one) coordinate the closing.

Good luck and congratulations!
0 votes Thank Flag Link Fri Oct 12, 2012
clear to close is a good news - it means the bank has no further question and has everything they need to close. All attorneys now, including Bank attorney and seller and buyer's attorneys should communicate now and set up a closing date.
0 votes Thank Flag Link Thu Oct 11, 2012
Sunshine,

If you are working with an attorney, you attorney should be scheduling the closing between the bank, sellers and any other parties that needs to be present.

Hope all goes well and you are in your new place soon.
0 votes Thank Flag Link Thu Oct 11, 2012
"Clear to close" usually means you are all set and the closing date should be soon. The time will vary from lender to lender as they need to prepare the closing documents.
0 votes Thank Flag Link Thu Oct 11, 2012
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