Anyone having problems with closings taking forever?

Asked by Ruth Croson, Tucson, AZ Sat Mar 1, 2014

We had pre-approved buyers everything is done and in place, file is complete at the bank and has been for almost 2 weeks and still no clear to close. What's up?

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Sally Grenier, Agent, Boulder, CO
Sat Mar 1, 2014
BEST ANSWER
So....are you a FSBO?? Are you familiar with the buyer's lender? Did you talk to the lender to make sure they were indeed pre-approved? What does their loan officer say?

By not using a proper listing agent, you may think you're saving money, but now you're stuck in a contract with buyers and their lender who can't close a loan. Not sure what to tell you.

What does your contract say? Do you have any backup offers? Can you terminate your contract and find new buyers?
1 vote
Fred Herman, Agent, Staten Island, NY
Sun Mar 9, 2014
ask your agent. ask your attorney. ask your agent. ask your attorney.
1 vote
What is FSBO? I understand it's Wells Fargo for the lender. I was assured by my attorney they had a mortgage commitment. There are no back up offers as the house has been off the market since we've been in contract, Nov 2013. The contract says close date Jan 16, 45 days with a 30 days extension if we choose, to allow for mortgage. My lawyer keeps telling me they have a mortgage but it's just not clear to close. I don't understand how they can have a mortgage and it's not clear?? I have a mortgage and I pay. Is commitment considered a mortgage? This is all very confusing and now we're almost 60 days beyond the close date.
Flag Mon Mar 10, 2014
Asked, asked, asked. All say they hope it will clear soon.
Flag Mon Mar 10, 2014
Sally Grenier, Agent, Boulder, CO
Mon Mar 10, 2014
Ruth -- FSBO stands for "For Sale By Owner". It sounds as if you're trying to sell the home yourself, with only an attorney, and no Realtor. Is that correct?? That's usually where the problem lies. Too bad you didn't have an agent working for you to make sure the lender could close a loan on time. (and who would have encouraged backup offers and NOT taken it off the market!)

There are any number of reasons why they haven't been given a "clear to close". Impossible for anyone here to tell you what's going on. Your attorney should be in touch with the lender to get details on why it's taking so long.
0 votes
No we went through a realtor. It can't be shown once you're in contract in NY. The buyers were preapproved before we went into contract otherwise we would never have considered them. Everyone keeps telling us this is "normal". I just think it's insane for it to take so long. Also our lawyer basically told us we can't get put of the contract no matter what. None of this seems right to me.
Flag Mon Mar 10, 2014
Joseph Runfo…, Agent, Staten Island, NY
Sat Mar 1, 2014
Hello Ruth, you need to ask your attorney, your agent, and your buyer this question.
0 votes
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