My buyer's still don't have their mortgage commitment

They were supposed to have it by Friday, June 6.

Then, it was going to be this past Wednesday...Thursday at the latest. I know that with the housing crisis, banks are slowing down a lot with giving people commitments.

But, these people have been lazy and lackadaisical since Day 1.

Now I'm getting really stressed out over them (again).

At least if they had called to let us know what was going on, I'd be a little calmer.

I don't know what to do with these people anymore.

Re: My buyer's still don't have their mortgage commitment

has your broker spoken with their broker to get you some answers? as long as they put in all their paperwork it shouldn't take too long. how long did it say in the contract they had to get it?

Message edited 6/16/2008 9:12:12 AM.

Re: My buyer's still don't have their mortgage commitment

June 6 was their contract deadline.

But, everyone (including my own lender) agreed that I should give them more time because of the current housing/banking situation.

I guess my lawyer will send them an angry-gram today telling them to either produce the commitment or waive their mortgage contingency.

Of course, this means they could walk and then I'm back to square 1.

Re: My buyer's still don't have their mortgage commitment

how many days has it been? 30? 45? the buyers need to put some pressure on their bank, so someone needs to pressure them. having the lawyers talk is a good start. i would also have the brokers talk.

Re: My buyer's still don't have their mortgage commitment

My mom went through this when she was selling her house. The other people had something with their mortgage and it was making my mom mad that the closing kept on getting delayed every week. She needed the money to close on another property. They were also procrastinators too. Her lawyer started saying something to them and within the week they had it. I don't know what he said but it worked.

Do you have a lawyer if so I would ask him to get involved and get answers. It should be common courtesy for them or their lawyer/realtor to call to let you know where they are in the process because they don't know that you might need this to put down on a house and it is holding you up.

Re: My buyer's still don't have their mortgage commitment

Time for an angrygram and to put that attorney you paid for to good use.