Usually the biggest delay is actually the appraisal. If that is done in the first week, its possible you can hit the 15 day mark, but normally I would ask for 21-24 days from loan application. One more week wont kill the seller. I would ask for 21 days, if they insist on 15 I would make sure there is an extension clause in your agreement. I would give them your loan persons contact info. Perhaps he or she could speak to them and educate them a little on the loan process and timelines.
This is really a question for your lender. You have to be able to perform during that financing period- that means you have to clear all loan conditions in 15 days which I don't see happening anywhere in the country unless you are using a hard money lender. If you fail to clear all of the loan condition sand you fail to send the seller notice you will waive your rights to terminate based on your loan and you may risk your earnest money. Do not agree to anything that you will not be able to honor. Talk with your lender let them know what's going on and see if he or she can help you find a compromise that will enable you to go forward on a home that you want without risking your earnest money and other expenses that you will incur to purchase the home. good Luck and Have Fun!
Caroel & Greg
Hank got my thumbs up - this not about anything other than you and your team...
Sr Loan Officer / FHA 203K Renovation / HomePath Specialist
If you are all ready approved should not be a problem.
YOU MIGHT be able to win an argument for fact holiday season with many vacations & holidays real estate professionals take off enjoy their family plans.
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
Licensed Associate Broker
Accredited Buyer Representative
GREEN Designated Agent
William Raveis Legends Realty Group
This is a standard request to ask of the buyer. To get a good deal in today's market, you typically need to have your pre approval handled prior to making an offer. It protects you because a lot of times people think they can afford a certain amount and they can actually afford more, or less. The lender you chose, should know within 7 days or less if you'll be approved for the loan.
You can always try the "boil frog in water" theory and ask the seller for additional time if you need.
Best of luck,
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Based on your earlier question regarding whether you should have an attorney review your Purchase & Sale Agreement, I thought you had an agent working on your behalf. Agents outside of a transaction where another agent is involved should not give you advise for it could be considered a violation of the REALTOR's Code of Ethics and/or tortuous interference.
Please follow your agent's advise or find another agent for whom you can have more confidence.
Check with your loan officer and counter back with whatever they recommend, but they better be able to honor it. You don't want to go in default and risk your earnest money.
In this market buyers hold the power. Unless your in a multiple offers scenario your in charge. Let them know you understand their concern then counter back with what you and your loan officer feel comfortable with.
That is a short contigency period unless you are already pre-approved for a mortgage. There are ususally 2 time frames in a contract, one for financing and one for the appraisal. I would try to renegoniate to a 21 day period especially if you are not pre-approved.
Sounds like you're having a heck of a time with your home purchase!
It is best to call your loan officer to find out what timeframe they feel comfortable working in.
If you we've been pre-approved witha a "loan commitment", you should be good for collateral review in that amount of time. Collateral review being, appraisal, title, and insurance requirements.
Call me if you want a second opinion on the mortgage!
If you have any questions, just call at 678-613-5636; Regina Ambrose, Chapman Hall Realtors, Associate Broker