Attention all home buyers with a mortgage

sourstix

Thu, Feb 12 2015, 2:21 pm

I am in the process of selling my house, I just want to know a aproximate amount of time it took for you to get a mortgage including the bank giving a time to go to closing? the buyer past his deadline according to contract to get a date for closing, and I would like to know if this is normal/not normal? is my question clear? if not tell me I will try to ref-raze it. thanks for any answers. I need to know if I am being nervous that the buyer really cant get a mortgage in which case I need to look for a diff buyer, or am I being unrealistic. how much more time would you give? I also have a contract for another house and I dont want to miss the date there.

Hashem_Yaazor

Thu, Feb 12 2015, 2:36 pm

Is there an agent involved who can find out what the hold up is? It took us a couple days longer than the original contract, but that was due to transferring over something from the seller to us, and the seller was not available for a week....But we also had pre-qualified for a mortgage and got the ball rolling before we were in contract.

sourstix

Thu, Feb 12 2015, 2:47 pm

[quote="Hashem_Yaazor"]Is there an agent involved who can find out what the hold up is? It took us a couple days longer than the original contract, but that was due to transferring over something from the seller to us, and the seller was not available for a week....But we also had pre-qualified for a mortgage and got the ball rolling before we were in contract.[/quote]

yes I have an agent . he says that the bank is taking their time and asking for new stuff all the time. I dont know what that means. but its 3 weeks overdue already and I am begining to scratch my head already wondering if it will actually go through. also the buyer was preapproved. before the contract. I just dont get it. I did put some pressure I dont know if it will help. anyone else have expereince and clue me in a little.

33055

Thu, Feb 12 2015, 2:51 pm

I am guessing they are waiting for commitment rather than a closing date. Is that correct?

You can have your agent find out exactly what the documents missing are. They could be simple documents which means this deal is moving along. The bottom line is you need more info. Find out exactly what information is missing.

sourstix

Thu, Feb 12 2015, 2:59 pm

I just need the numbers in my head to calm down. cause I dont know if I already said , I dont want to loose my house I have a contract with in another place. thats all I need to know if anyone can give me some of their experinece.

33055

Thu, Feb 12 2015, 3:14 pm

sourstix wrote:

I could tell you 90 days out from contact signing, but how does that help you? You need specific info on your buyers. The info you need is readily told to sellers. No one else is buying your house. If 70% of deals are going through, does that help?

sourstix

Thu, Feb 12 2015, 3:33 pm

[quote="Miri1"]Where are the lawyers in all of this?[/quote] good question, I did speak to him and he said normally you dont give extentions.

sourstix

Thu, Feb 12 2015, 3:36 pm

[quote="Squishy"]I could tell you 90 days out from contact signing, but how does that help you? You need specific info on your buyers. The info you need is readily told to sellers. No one else is buying your house. If 70% of deals are going through, does that help?[/quote]

its interesting that you say 90 days. did that include closing? were there any extentions asked for?

33055

Thu, Feb 12 2015, 3:47 pm

sourstix wrote:

good question, I did speak to him and he said normally you dont give extentions.

Speak with the realtor. They are more on top of the deals than the lawyer. Honestly, you need to know what is going on with your deal.

Are there 2 Realtors involved or does the selling agent have the buyer's also?

33055

Thu, Feb 12 2015, 3:52 pm

sourstix wrote:

its interesting that you say 90 days. did that include closing? were there any extentions asked for?

You are muddling a bunch of things together. Some had and some didn't.

Scrabble123

Thu, Feb 12 2015, 3:55 pm

It's not so uncommon and happens quite often in fact. Your broker (real estate) can reah out to the buyers mortgage broker (not always, but often) or at least to his real estate broker. If that doesn't get you a definitive answer, your attorney can issue a time of essence letter. Just to let you know, usually closings dates allow for 30 days of flexibility (like February 4 on or about gives time until March 4) are you passed that?

sourstix

Thu, Feb 12 2015, 3:58 pm

[quote="Scrabble123"]It's not so uncommon and happens quite often in fact. Your broker (real estate) can reah out to the buyers mortgage broker (not always, but often) or at least to his real estate broker. If that doesn't get you a definitive answer, your attorney can issue a time of essence letter. Just to let you know, usually closings dates allow for 30 days of flexibility (like February 4 on or about gives time until March 4) are you passed that?[/quote]

thank you scrabble I was interested in this type of response. just to clarify, I dont have a closing date. I only have a contract and the buyer was supposed to be ready with commitment from the bank 3 weeks ago, yes hes past his date on that. you say its normal to give 30 more days extention to get a closing date?

sourstix

Thu, Feb 12 2015, 4:04 pm

okay I think I understand now. I read it agian. no dh will not reach out to buyers mortgage broker hes not working for me. I reached out to my lawyer. anyway my lawyer just informed dh that the mortgage broker said it looks like the bank will give an answer today. so I think I am moving forward just holding my breath. cause this buyer caused me so many delays, and heart in the mouth kind of things with all the stuff his weird lawyer tried putting into the contract and not responding timely and just messing things up. what a bad lawyer he has. I cant obviously mention the name, its incredible that that person is still in office and pp are going to them. talking about frustrations.

33055

Thu, Feb 12 2015, 4:07 pm

sourstix wrote:

BTW DH should reach out to the realtor. He should only reach out to the mortgage broker if there is no realtor involved. The buyer almost always gives permission to give the information to keep the deal together.

Scrabble123

Sun, Feb 15 2015, 7:48 pm

The buyer has no broker? Or do you meant hat buyer and seller have the same broker? That's great because you can speak to your broker who will reach out to the buyer, his attorney, or his broker and get bck to you.