Home Selling in Florida>Question Details

dexmabel, Home Buyer in Vero Beach, FL

Selling my home and I have a contract.

Asked by dexmabel, Vero Beach, FL Sun Sep 23, 2012

We have a contract on our home. The buyers have accepted the appraisal, inspections and the survey. Now they won't produce the commitment letter. They say they'll give it to us three days before closing, we told them no, we want to see it to make sure there are no contingencies on it. They won't respond. Our realtor says its common not to produce it until closing but it states in the contract we need to see it. I am guessing they want out of the contract and we are beyond disappointed for alot of reasons. Is this situation common?

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Dear Mable

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
T: 954.306.7337 | C: 954.557.5993 | F: 954.515.0200 |
0 votes Thank Flag Link Sun Sep 23, 2012
Our contract says the buyers had 40 days from the time they signed the contract to produce the letter. The date due for this is tomorrow. The buyer claims they have the letter but won't give it to us, said they would three days from closing.We asked for a receipt regarding the letter and have received nothing. Our realtor said last week she would try and find out whats going on and we haven't even heard from her.I undertand they could do an amendment but no one has asked for one. We told our realtor last week if we didn't receive the letter per the contract we would be canceling. What I don't understand is if the buyers needed more time or there were problems why not just tell us. Why spend money on inspections, surveys and appraisals if you won't./can't follow through. I remain confused and disappointed.
0 votes Thank Flag Link Sun Sep 23, 2012
It seems that you are working with a Realtor, and you do have a fully executed contract, and have gone
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
your contract.

Good Luck to you.....

Sincerely yours,
Edith YourRealtor4Life & Chicago and Northern Illinois Expert

Working always in the very BEST interest of her clients, Buyers, Sellers and Investors alike....
And always with a SMILE 
Covering for @Properties the city of Chicago, all N and NW suburbs, the fine homes on the
North Shore, and many of the W and SW suburbs, and with her trusted Partner Agents all of
the US and worldwide properties. Edith speaks French, German, some Spanish and other.....
@Properties, 30 Green Bay Rd, Winnetka, Illinois 60093 ---- EdithDoesItRight@yahoo.com or EdithSellsHomes@gmail.com Check out my website at htttp://www.tinyurl.com/MeetEdithHere
get to know me better and learn about my experience, expertise, services available and letters of recommendation of former clients..... Also you can sign up on my site to search for properties in my expanded service area. HAVE THE MOST WONDERFUL DAY :)
0 votes Thank Flag Link Sun Sep 23, 2012
In this market, is normal procedure for sellers to ask for a buyer's commitment letter. Normally, buyer's do not want to display their personal financing to anybody so, try asking them just for the first page and block out any personal information that they do not wish to share.

Maria E. Cipollone

Century 21 Tenace

0 votes Thank Flag Link Sun Sep 23, 2012
Good Morning,

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.

Lila Lopez
RE/MAX Advance Realty
0 votes Thank Flag Link Sun Sep 23, 2012
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