Why is your realtor going direcly to the morgage consultant and receiving a commitment letter? Read your contract and go within the guidelines that you have signed. Good Luck!
Susan Penn, PA, SFR, CDPE http://about.me/HomesForSale_SusanJPennPA
EWM Realtors | A HomeServices of America Company | An Affiliate of Berkshire Hathaway
2000 Main Street, Suite 103 | Weston, FL 33326
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through appraisal, inspection and survey, in your sales contract should be a clause that requires
a certain date for the buyers to provide the lender's loan commitment letter. Are the lenders sometimes
late, do they sometimes want additional information YES YES and yes....
But you should connect with an experienced real estate attorney, if you did not already do so at the
very beginning to have that attorney review your terms in your contract to see if you are fully protected.
But if not now is the time to see what your contract terms say about the buyer providing the loan commitment letter from the lender.... if the lender is late, the attorney can extend and specify another
date for it and potentially require to delay the closing date somewhat......
I cannot as a Realtor provide you with legal advice, only one note, do not guess that the buyers want
out of the contract, if that would be the case, they could easily get a letter from the lender that they
do not qualify for the loan, obviously they are just saying when they will provide you with that letter.
Just have an attorney double check your contract terms concerning the due date for the letter of loan commitment, and even have your attorney contact the rep. for the lender, i.e.
the buyer's loan officer to see when it will be ready and if the date is different from the date in
Good Luck to you.....
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Maria E. Cipollone
Century 21 Tenace
As a Realtor I am not allowed to provide legal advise, so the strongest suggestion would be to consult an attorney to ensure that your rights under the contract are protected. With that said, most contract do indicate among any other conditions, such as appraisal and inspections that a buyer is to provide a seller with a Loan Commitment within a predetermined time frame, either from the Effective Date (the date all parties agreed to the terms of the contract) or within a date certain. You will want to see on your contract when that deadline is. The failure of a buyer or seller to meet predetermined timelines can have an effect on a buyer's escrow deposit. If the buyer needs additional time to finalize their loan approval, getting an addendum to the contract extending the date out, is not unheard of, that is done in many instances. Once the terms of the contract have been determined from the beginning the only way to change those terms are via an addendum to the contract that is signed by buyer and seller. It is not common to have to wait till closing to see the Loan Commitment, depending on how the contract was written, the date the Loan Commitment is due, may be close to the closing date, but that does not mean you dont get it till closing. Good luck, and I hope this gets resolved for you to your satisfaction.
RE/MAX Advance Realty