Home Selling in 02908>Question Details

Qing, Home Seller in 02908

On Dec.15th, 2010, the loan officer told the buyer for my house that the closing would be with ten days. As of today (Dec.21st), I, the seller,

Asked by Qing, 02908 Tue Dec 21, 2010

still have not receive any call or letter from the closing lawyer regarding the closing date. Does a closing before Christmas still look possible right now ? Or ten days just mean ten business days? Could the buy's loan fall through in the last minute?

A nervous seller.

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Your agent should have requested an approval letter from the lender prior to accepting the offer. I would ask for a copy of that letter and call the lenders office direct. At this point if a loan commitment cannot be provided there should at least be a conditional loan approval. The loan approval may have outstanding conditions that still need to be cleared prior to the loan commitment being issued.

I would not panick unless a loan approval has not been issued. If thats the case the borrower has not had their income or assets approved by an Underwrite and it could equal more problems. As far as closing this week....its probably impossible at this time. Most lenders are running with a skeleton staff on the 24th if they are even open.

If you get a conditional approval in your hands you should be in good shape unless there is a laundry list of conditions that have not been satified by the borrower.

Best of luck!!

Ryan Brandenburger
BayBurg Financial
2972 NW 60th Street
Fort Lauderdale, FL 33309
Office: 954-764-7064 ext. 204
0 votes Thank Flag Link Tue Dec 21, 2010
Good afternoon
In your conversation with loan officer, did they explain why it would be in ten days? Also have you chatted with them this week to get an update. It is possible to have a closing if buyer has clear to close and title has been complete. If that is not the case, it will be a challenge. Good luck and be well
Web Reference: http://www.rimoves.com
0 votes Thank Flag Link Tue Dec 21, 2010
Hi Qing,

It sounds like you are waiting for a "Clear To Close" from the buyer's lender. Once you have that, it usually takes 48 hours for the lender to approve the HUD statement and move forward with a closing. With it being the 21st today, it's not impossible to close on Friday, but not likely if you don't get the clear to close today. As everyone has said-Check with your agent and have them contact either the buyer agent or loan officer directly to get a more accurate date. Unfortunately, yes, it is possible that the buyer's loan could fall through last minute, but lets hope that it's just the lender falling behind due to the holidays.
Best of Luck!
0 votes Thank Flag Link Tue Dec 21, 2010
When you sold our home did you work with a listing agent who marketed your home and discussed the offer with you? Then that agent should be following up with the other Agent (the Realtor of the buyer) and the Attorneys and potentially also with the lender, to see what is the delay.... By the way in general if and when the date listed in the contract for the lender's commitment letter or the closing date in the contract are changed for any reason, it should be agreed upon by the two attorneys and your attorney should inform you....

So I am not sure who is not connecting with whom.... and yes in general in a sales contract unless otherwise stipulated 10 days usually means 10 business days.... If you are working with an Agent/Realtor, contact him and her about your concerns, that's why you are working with an agent, who is working on your behalf and in your best interest.
Hope this helps!

Delays by the way are not unusual, so find out first what is happening before worrying about the buyers loan falling through.

Take care and good luck
Edith YourRealtor4Life and Chicago and Northern Illinois Connection
Working always in the very BEST interest of her clients
0 votes Thank Flag Link Tue Dec 21, 2010
What is your agent advising, consider asking him/her the question regarding any updates.
0 votes Thank Flag Link Tue Dec 21, 2010

Do you have an agent representing you they should be in contact with this person and your buyers agent. I do not know the time the loan orginated and would not want to speculate. But yes a loan can fall thru at last second. I would call your agent and get all the info you can.

Good luck,

0 votes Thank Flag Link Tue Dec 21, 2010
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