Question Details

Abby, Home Buyer in 11581

i have a closing set for march 1. the buyer stil has not gottne a mortgage. when will he know?

Asked by Abby, 11581 Sun Jan 18, 2009

Help the community by answering this question:

Answers

4
Hi, cannot really answer your question, because I do not have the purchase contract terms. Usually there is a date or a time frame, like 30 biz days after Inspection and Attorney approval or something similar or even a fixed date by which the buyer is obligated to present in writing the loan commitment letter from the lender!

I am not sure you are doing the deal on your own, only with an attorney, with or without a Realtor....
So I am joining the other Realtors by telling you ....
If you are worried, check your contract and find the date due for the mortgage commitement from the lender, and talk to your Realtor or to your Attorney.....They will know when that date is, and it must be extended officially if the buyer or his lender cannot provide it by the date in contract.

Hope you have a good Realtor and a good Attorney on your side.
Good luck
Edith edithdoesitright@yahoo.com
if you every know about anyone moving to Chicago or Northern Illlinois
send them my way they will get first class real estate service here!
0 votes Thank Flag Link Mon Jan 19, 2009
Call your Realtor to find out the answer to your question. If you don't have a Realtor, look at your Purchase Contract. Every state has a different format for standard Real Estate Contracts. There should be a clause that specifies contract deadlines. If the Buyer does not cancel by a certain date, then the Buyer will loose their Earnest Money Deposit if they try to cancel biased upon financing problems. You should know if they have financing by that date.
0 votes Thank Flag Link Sun Jan 18, 2009
Abby
I love reading these posts from people that apparently don't have Realtors involved.

At the risk of being naive, my question to you Abby is this: you are asking a serious question to folks on the web. In my professional opinion, the person best equiped to answer this is your REaltor. If you are using an attorney, then it is their job to advise you.

I am not copping out. My point is that none of us know exactly what the paperwork reads. None of us know the details. So the ONLY person that can advise you should have a fiduciary relationship with you.

Good luck.
0 votes Thank Flag Link Sun Jan 18, 2009
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
Abby,
In your contract, you should have a "mortgage commitment date" stating when your buyer contractually should have gotten their mortgage commitment. Check with your agent and read the purchase contract. Hope that helps.
0 votes Thank Flag Link Sun Jan 18, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer