In reference to a question from Mon Dec 29 2008, 15:02 - 12443 - Home Selling --What to do now?

Asked by Tony, Lagrangeville, NY Sat Jan 3, 2009

Jan 7th is coming fast. Buyers still don't have a mortgage commitment. We are going up to the house (14 hr. drive!) to check on the house. We will be staying at a hotel. If they are ready to close we'll do the walk through then also. If they don't have a commitment letter we don't feel comfortable having them come for the walk through. We will do so only with an ok from our lawyer. Would this be right? They want another extension to get a commitment! We say no.Our Lawyer is prepared to close on the 7th. Is it possible they can get a commitment and close on the 7th? We will give an extension only if they have a letter of commitment by the 7th. We plan on leaving at this point on the 6th and only return if they are clear to close as soon as possible. Will this be ok? We don't think they can possibly close on the 7th.

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James Gordon…, Agent, Hamilton, OH
Sun Jan 4, 2009
I had a closing the Friday before Christmas where the commitment letter never came and the title company was funded on the loan 6 hours before they received closing instructions. It can be scarey but some lenders seem to waiting until the last minute to complete the process.
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Ralph Windsc…, Agent, Hauppauge, NY
Sun Jan 4, 2009
A mortgage usually comes in stages: either a prequalification or preapproval letter, go to contract, appraisal, a commitment letter which still has conditions on it such as getting homeowner's insurance and then they get the final clearance to close from their bank. With the holidays, things didn't get done very quickly. It usually takes 72 hours AFTER they get their commitment letter from the bank to get final clearance to close. Good luck.

Ralph Windschuh
Century 21 Princeton Properties
1 vote
Keith Sorem, Agent, Glendale, CA
Sun Jan 4, 2009
It sounds to me as though you are a seller without professional representation. By electing to work with your attorney, your attorney is the ONLY one who can and should provide you with advice.

Here's why:
We don't know any of the details of the transaction.

I find it incredible that you would post questions like you have to a public forum. We all may Look Good and Sound Good, but in truth we have no idea of the complete situation and I for one would be very skeptical about taking any advice from any of us in your situation.

This probably will be not win me any bonus points on Trulia, but sometimes we can do more harm than good by offering advice, which may be good advice....but for the fact that we do not know your situation. So it could happen that you take some poster's advice, apply it, then you are worse off because it caused MORE problems.

The ONLY advice I would give you is to get some competent advice from a Realtor that knows three things:
Your personal situation (when you need to close, how much you need to net), your property, and the local market values and conditions.

My last word is that Realtors would not be around for over 100 years IF we did not add value to real estate transactions. I strongly advise you to stop blaming the buyer's agent. His only duty is to his buyer. Your challenge is that you do not have a Realtor representing you.

Good luck.
0 votes
Dallas Texas, Agent, Dallas, TN
Sat Jan 3, 2009
Listing/buyers/ title company/ loan officer should be working out these details on your behalf. I would recommend to be flexible than losing an opportunity on selling a home. Not knowing all details from start to finish not included on all conversations and etc. difficult for any realtor via blog make a comment fair on any party.
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