Home Buying in 89135>Question Details

hleder2, Home Seller in 08691

My contract is subjet to sale of buyers property. He has a mtge commit subject to appraisal. When should that take place?

Asked by hleder2, 08691 Tue Sep 17, 2013

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Hello HLeder,

The appraisal should normally be ordered within a few days of opening escrow, and should normally be completed within the due diligence period.

Ask your agent to find out what the due diligence period is on the buyers sale, and this should give you an idea of when the appraisal should be completed.

Hope this helps.


Contact me direct for all of your Summerlin home sales services.


Sincerely,

Mark Fleysher, 702-291-8186
MBA, Realtor, Broker
Sellstate Deluxe Realty

http://sellstatedeluxe.com/summerlin-villages-communities-an…
1 vote Thank Flag Link Wed Oct 16, 2013
First of all - doesn't your contract spell out the time frames for all of this?

Apparently not, or you wouldn't be asking......

next question I have is.....do you have an agent (who would be the right person to ask )...........apparently not, or you wouldn't be asking strangers on trulia!

So.........you accepted an offer subject to the sale of another home (I'd ask you WHY?).......did you put a set period of time for that to take place? How long do they have to get their home "sold".

And.............by "sold", do you mean "under contract" with an offer in place and contingencies met..............or closed??

How long do they have to obtain a mortgage commitment?

Lots of questions here..........answers are needed in order to really answer your question.

In my opinion, as a listing agent, I would expect the buyer's mortgage process to move along at the same time as the other contingency (the home sale).

In other words, I see no reason why they shouldn't process their mortgage application in the normal manner, and not put it on hold until their home is sold - that includes having the appraisal done.........why wait for weeks for their home to sell if there is a chance the house won't appraise out or they might be turned down for their loan?
Are they following through with the home inspection, or is everything on hold until their house sells?

No idea who advised you , but it wouldn't have been my advice.

I see these two contingencies as parallel but separate. Their mortgage commitment will most likely be subject to their home selling, but at least you'll know they are approved and the house appraised out.

Good luck
1 vote Thank Flag Link Tue Sep 17, 2013
Hi Hleder

I think the best person to answer this question is your
listing agent.

If I can be of further assistance and answer
Any of your other questions please contact me

Thanks
Jimmy Balsano
Realty One Group
702-281-2225
Fax 1-866-371-8421
Email: jimbalsano@gmail.com
CERTIFIED FOORECLOSURE ALTERNATIVES CONSULTANT (CFAC)
REO-BPO CERTIFIED

I KNOW LAS VEGAS AND HAVE FOR OVER 40 YEARS
http://www.jimmybalsano.com
http://www.salestraq.com/las_vegas/newhomesearch/index.cfm?id=4780(New Homes
0 votes Thank Flag Link Thu Sep 19, 2013
If I am understanding your question correctly, you have a contract for purchase on your home contingent on the Buyers' home having an appraisal with his Buyer. Correct? If that be the case, after the due diligence period, which is usually 10 days which covers inspections and the buyer having that time to back out, the appraisal on his property should take place right away. So to answer your question, within two weeks. Good luck. Becky
0 votes Thank Flag Link Wed Sep 18, 2013
ps

just curious - are they allowing you to keep your home active, on the market, (ie: keep showing it) while they are attempting to sell their home??

If the answer to that is "no", seems to me the buyers have all the power in this transaction, and you're going to be dangling until they tell you they sold their home.

I suggest you review all of this with your adviser - if you don't have one.....find one !
0 votes Thank Flag Link Wed Sep 18, 2013
His home has to close first.


Search http://www.Las-Vegas-Real-Estate-Home.com


Phil Scheinman, ABR, GRI, E-PRO
Broker * Sales Agent * Realtor
Realty One
2831 St. Rose ParkwaySte. 100
Las Vegas, NV 89074
Direct: 702-580-9198
Fax: 702-405-7659
E-mail:smokey25@cox.net

http://www.philScheinman.com
0 votes Thank Flag Link Tue Sep 17, 2013
The buyer's lender more than likely will not give the loan until the buyer's house is sold. Lenders are usually pretty conservative before ordering an appraisal until they know the inspection is complete and contingencies are taken care of. Talk to your Realtor and they will advise on the deadline dates for each of these topics.
0 votes Thank Flag Link Tue Sep 17, 2013
First the loan approval might be subject to the final sale if the home the buyer owns. The time that the lender contingency should be lifted is not always defined in the contract-
Typically the inspection is 10 days but that does not constitute when the appraisal and loan are finalized-
As the agent representing the seller I would stay vin the lender to get them to confirm the actual date of completion of appraisal as well as all conditions being met- but typically final loan approval is at the end subject to an underwriters final approval-
To make a long response short the answer is - it depends-
Paul may
Web Reference: http://Www.mayteamlv.com
0 votes Thank Flag Link Tue Sep 17, 2013
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