Home Selling in 12443>Question Details

Tony, Other/Just Looking in Lagrangeville, NY

Can I find out the status of my buyer's mortgage application?

Asked by Tony, Lagrangeville, NY Thu Jan 1, 2009

I do not think I am being given all the information I should have by the Buyer's agent. The Buyer's agent has been , we feel, putting us off as to what the status of our buyer's mortgage is. Final date for closing is about 4 banking days away ( Our lawyer has issued a Time Being of The Essence and an extension on that also ) and we have only been told that they have a "conditional commitment". They have gone beyond their mortgage commitment contingency and did not notify us that they did not secure a mortgage within that deadline.( Part of the contract stated they had to notify seller in writing within a timeframe)Will the bank give me any info at all if I contact them? Buyer's are very close to being in default and we think they are looking for an angle to get out of the contract without a penalty at this point. We think they have no intention of closing. ( It's been about 3 months which includes an extension.

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Tony I would suggest that your attorney get involved and contact the buyer's agent. In Colorado, the buyer's financial ability to perform is a material fact, so if anything happened that would keep the buyer from getting a loan (lost their job, etc.), the buyer's agent would have to disclose that. However, your lawyer should be able to give you advice if the mortgage committment deadline has passed and the buyer did not use that as an opportunity to notify you in writing that they couldn't get financing so they could get their earnest money back. If there are no other deadlines available for the buyer to use to get out of the contract without being in default, your lawyer should be able to help you retain the earnest money if the buyer doesn't close.
But to be specific, the bank won't tell you anything about the buyer's loan.
Good luck!
Liz Bowen
Keller Williams Partners
0 votes Thank Flag Link Thu Jan 1, 2009
Hi tony,

It sounds like you have been more than patient.
If they are currently in default does your contract allow you to keep deposit? If so perhaps it is time to threaten them with this ramification.
Their Bank won't give you the time of day.
Try your agent or have you Attorney contact their attorney for some solid answers.

All the best in the coming year.

James Joseph
0 votes Thank Flag Link Thu Jan 1, 2009
Your attorney should be pursuing this information at this point if you do not have a Realtor representing you.
Web Reference: http://GailGladstone.com
0 votes Thank Flag Link Thu Jan 1, 2009
Yeah Tony,not lookin good,That buyers agent,should of given you a approval letter?and the lender contact info should be on there.You must not have a REALTOR,representing you,but you can call and ask,you have lost a 3month window? with other buyers that are now moved on.Good luck.

TJ
Web Reference: http://tjroberts.remax.com
0 votes Thank Flag Link Thu Jan 1, 2009
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