Asked by Kelsey, Stamford, CT • Tue Nov 23, 2010
I am putting 40% down, great credit, no issues, etc,.BofA has issued a conditional approval letter (albeit with no conditions). Because the letter specifically says it is 'conditional' and that it is not a 'commitment' my seller will not accept it and agree to a closing date. The real problem is that the seller inserted a clause into the agreement that says he wants 30 days after the mortgage contingency is released so he can sell all his furniture. His fear is of ending up with an empty house to sell. I work for BofA and have gone 8 layers up the chain and they still insist they do not provide a 'clear to close' letter and that this letter is the highest form of approval they have. Any remaining docs can only be produced once we have a date but we can't get the date until the seller is comfortable. This is ridiculous!! Has anyone seen a clear to close issued so far in advance?
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