Asked by Remo, New York, NY • Fri Oct 5, 2012
I am on here today because my husband already received a Commitment letter about 3 weeks ago. He has simply been waiting on a "clear to close" which two weeks ago we were told we would receive the following week. We even got confirmation to contact the bank attorney to set up a closing date. Because of this our attorney contacted the seller's attorney to make arrangements for her to come to NY from Georgia for the closing.
Now he has been asked to hand in additional paper work even though this was already supplied to the bank. We got all info to the bank but now the underwriters still need to review the file before giving us a "clear to close". Is this a natural process? From our understanding, once you have received a commitment letter, this means that the bank needs to honor it but now if our file needs to be reviewed we are worried we may not close even though they have had all necessary info for the past 3 months.
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