I have a scheduled closing date of March 10th. We are still waiting for the final Loan Commitment for the

Asked by Abc123, Texas Wed Feb 27, 2008

buyer. The appraisal came back good, but the underwriter was out sick for a week and so goes life. My question is I saw something about a credit if title insurance is less than 5 years old. I bought this home 3yrs ago. So, now that I'm selling it, can I receive some sort of credit or is that only available for a refinance? Or not available ?? I'm in Texas. Thanks.

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Bruce Lynn, Agent, Coppell, TX
Wed Feb 27, 2008
I don't think you can get a credit on a sale, but the best people to check with would be the title company themselves. Occasionally they'll give you a break on their fees if you do multiple transactions with them. I don't think they can give you a break on the insurance premium as they are set by law.
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Abc123, Home Seller, Texas
Thu Feb 28, 2008
Thanks for your responses. I just wanted to make sure I wasn't skipping over something that was common knowledge. The reason for our delay is because after the appraisal the lender came back and asked the buyer to pay off a couple of old debts. Is this a common practice? The buyer did so promptly and they were not a trivial amount of money. I think it would be pretty rough to have them go put out the money to pay those old debts and then not give them the loan. So, I think that is why it has taken longer to complete the loan than normal. I would prefer it not take this long, but it is a great offer, so we are willing to wait.
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Keith Sorem, Agent, Glendale, CA
Wed Feb 27, 2008
I unfortunately cannot answer your query about credit life insurance.

It would seem if everyone is okay with the buyer being late in closing extending the escrow would be the simplest step
I do find it hard to believe that the final loan commitment is so close to the closing date. Not knowing your situation, know that in many cases (almost 50% ) escrows close late. When they do, the majority of the time (over 65%) is a problem with the lender...not throwing stones...just an FYI from CAR
(California Association of REALTORS)
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