Posted on: 14th Mar, 2013 03:05 pm
I just signed the purchase and sales agreement and sent it to my bank. They are going over it and my seller told me to get him a loan commitment letter within 5 business days. I talked to my bank and they said it isn't done until after the appraisal. I also asked if I should schedule an inspection and said they take care of that also along with the title check and attorney. I would just pay them but my bank will schedule all the necessary stuff. This sounds strange? I've never bought a house before but I thought I was responsible for calling an inspector? Also is a loan commitment letter within 5 days of signing the purchase and sales unrealistic?
Hi johnsorious,
It is not surprising that the lender will arrange for an inspection, title check and an attorney. After the lender is satisfied about the property, then only he will issue a loan commitment letter.
It is not surprising that the lender will arrange for an inspection, title check and an attorney. After the lender is satisfied about the property, then only he will issue a loan commitment letter.
Adonis: So this isn't uncommon that the lender will schedule and contact all the necessary services themselves? I was always under the impression that I would be doing that, especially the inspection...
Is a loan commitment letter within 5 days of signing the purchase and sales unrealistic and should I consult the buyer? He's renovated and sold proporties in the past but I believe this is the first time he's done it without a real estate agent.
Is a loan commitment letter within 5 days of signing the purchase and sales unrealistic and should I consult the buyer? He's renovated and sold proporties in the past but I believe this is the first time he's done it without a real estate agent.
Hi johnsorious,
I don't think it is uncommon for the lender to schedule and contact all necessary services themselves.
Thanks
I don't think it is uncommon for the lender to schedule and contact all necessary services themselves.
Thanks