Home Buying in 33991>Question Details

Agl1, Home Buyer in 33991

If a bank appraises a house on May 1st, let's say, what's the maximum number of days allowed until closing?

Asked by Agl1, 33991 Fri Jun 15, 2012

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Jim Simms’ answer
You should close as soon as the loan is ready to close, things happen in the real world, the seller could die, go belly up or get sued for divorce just to name a few examples. Or your lender could close up shop, get my drift? The longer you delay the higher the odds are the deal will never close.

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
1 vote Thank Flag Link Fri Jun 15, 2012
Appraisals are usually good for 90 days. Unless it's a short sale or foreclosure where the bank requires a closing to occur in a certain number of days (this would be addressed in the approval letter or addendums), there is no maximum timeframe outside of what the buyer and seller agree upon.
1 vote Thank Flag Link Fri Jun 15, 2012
Is this for a Short Sale? If it was a BPO, then it's good for about 90 days depending on the lender. If it is for a loan, then it's up to the bank and their policies.

Frank Glaab
Gulf Gateway Realty, Inc
http://www.ccparadise.com
1 vote Thank Flag Link Fri Jun 15, 2012
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