Question Details

Sam, Home Buyer in California

HOW MANY DAYS AN REO BUYER HAS BY LOW TO FINALIZE THE LOAN?

Asked by Sam, California Sun Jan 18, 2009

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The standard California sales contract gives the buyer 17 days to complete all inspections and remove all contingencies, including the loan contingency. The loan should be finalized, or funded, the day before escrow is to close, so if escrow is to close on Friday the funds must be received by the close of business on Thursday.

However, an REO contract will typically modify these terms somewhat, so you'll need to read any counter offers or addendums received from the bank (and signed by you) that would provide different time frames than those that were indicated on your original contract.

There is no law that states when a loan needs to be funded - you'll need to follow the contracts that you signed.
1 vote Thank Flag Link Sun Jan 18, 2009
Hi Sam!

Are you asking how many days, by LAW? In Arizona, and to my knowledge in every state, there is no law that dictates a deadline for obtaining final loan approval. That is a contractual issue, depending on the terms of your purchase agreement. Are you the buyer or the seller?

...randy
1 vote Thank Flag Link Sun Jan 18, 2009
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