Posted on: 04th Apr, 2009 11:35 pm
we are buying a foreclosure property. we were required to be pre approved by a specific mortgage company designated by the seller before making an offer - we did that and our offer was accepted. we went to a second mortgage broker who gave us an approval letter from his mortgage company. our contract says we have 15 calender days from the date of the signed sales contract to provide a loan commitment. our mortgage broker will be submitting all need documents to the underwriter on the 14th day. what exactly does our mortgage broker need from the lender which would be considered a loan commitment? our closing date is 30 days after the 15 day loan commitment deadline or within 5 days of the final loan approval. can anyone full explain all this?
also, what happens if the lender isn't quick enough with providing a loan commitment? what typically happens in this situation where the seller is a bank selling a foreclosed property? the realtor who showed us the property is not the listing agent and is idiot who has lead us astray numerous times. we have no contract with the realtor who showed us the property. should we try dealing directly with the listing agent or should we try to contact the seller directly.
thanks for everyones help.
also, what happens if the lender isn't quick enough with providing a loan commitment? what typically happens in this situation where the seller is a bank selling a foreclosed property? the realtor who showed us the property is not the listing agent and is idiot who has lead us astray numerous times. we have no contract with the realtor who showed us the property. should we try dealing directly with the listing agent or should we try to contact the seller directly.
thanks for everyones help.
just make sure that you are not bypassing the Realtor and directly contact with the seller.
As the seller is a bank they will make sure that they sell the property as it is not their primary business to retain the homes with them.
If you are not able to pay the amount on the right time then they will be putting interest for the delayed period.It won't be a big money but make sure you directly contact with the seller and do not give the feeling to the middleman that you haven't taken care of them.You know what i mean.
Keep in touch.
:arrow: :arrow: :arrow:
As the seller is a bank they will make sure that they sell the property as it is not their primary business to retain the homes with them.
If you are not able to pay the amount on the right time then they will be putting interest for the delayed period.It won't be a big money but make sure you directly contact with the seller and do not give the feeling to the middleman that you haven't taken care of them.You know what i mean.
Keep in touch.
:arrow: :arrow: :arrow:
You can typically get an extension on the mortgage commitment date. So, have your attorney extend that date for you. It is done every day.
