what does it mean when you are waiting on a firm committment to close on a house?

Asked by Mandy, Harrah, OK Fri Mar 6, 2009

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Jennifer Bla…, Agent, Owasso, OK
Fri Mar 6, 2009
It most likely means that the seller has an offer on the house but that the buyer needs to sell his house in order to purchase the sellers house. This is called a offer with a contingency. Usually, in this type of offer the selller will accept the offer, agree on a closing date but if the buyers house hasn't sold before than the seller can still accept other offers. It could also mean that the sellers have an offer but maybe the buyers credit seems shakey. Hope I helped you and didn't confuse you.
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Ryan Hukill, Agent, Oklahoma City, OK
Fri Mar 6, 2009
Most times, that terminology is referring to a full commitment from your lender/underwriter, although I suppose they could also be referring to a commitment for title insurance. I'd ask for
more clarification.
0 votes
Robin Harris, Agent, Edmond, OK
Fri Mar 6, 2009
Most often we are waiting on a firm "loan" commitment from the lender, but it could be a "title" commitment having to do with the title exam and being able to get title insurance on the property. You may want to ask who the commitment is coming from to get the right answer.
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