We have a closing date of Aug 23rd and haven't signed a contract or been approved for an FHA loan yet?

Asked by Jenniferlb4488, La Grange, IL Tue Jul 23, 2013

yesterday I called on the house just to check the status and they said it was still available. How can it be if our offer was accepted? FYI this is a bank owned property sold as is. Not sure that makes a difference?

Help the community by answering this question:

+ web reference
Web reference:

Answers

5
Andrew Malak, Agent, Palatine, IL
Tue Jul 23, 2013
After you signed addendum offer will be presented to multiple departments for approval. Once they sign off on it, you will get a copy. From that time they can take up to 72 hours to mark the property under attorney review so most people will not see it anymore.
Web Reference:  http://buyinchicagoland.com
0 votes
Robert &…, Agent, Arlington Heights, IL
Tue Jul 23, 2013
Typically a foreclosure property will still be listed as "ACTIVE" in the MLS until such time as a contract has been finalized. "Accepted" (by the lender) is not the same as having an actual contract. And until you have a contract, your lender is not going to be able to process your loan. You should consult with both your real estate agent and attorney.
0 votes
Terry McCarl…, Agent, Cape Coral, FL
Tue Jul 23, 2013
You need to get with your real estate agent right away - sounds to me like you do not have a fully executed contract!
0 votes
Jenniferlb44…, Home Buyer, La Grange, IL
Tue Jul 23, 2013
I was told the offer was accepted. The Addendum A we signed had the closing date as Aug 23rd? They said after we sign that then we sign the contract?
0 votes
Terry McCarl…, Agent, Cape Coral, FL
Tue Jul 23, 2013
What do you mean by you haven't signed a contract? If you have not signed a contract to purchase the home and if the bank hasn't signed accepting your offer you don't have a contract.
0 votes
Search Advice
Search
Ask our community a question
Home Buying in Arlington Heights Zip Codes

Email me when…

Learn more