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momof2
LIF Zygote
Member since 6/06 35 total posts
Name:
Kerry
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questions
I'm selling a home. The buyer still hasn't gotten a letter of commitment. Their bank is asking for more info. How long should this take?? It has been 60 days.
Thanks
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Posted 7/5/06 10:38 PM  |
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Freddie
LIF Adult
Member since 3/06 1162 total posts
Name:
Freddie
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Re: questions
we had one definitely within a month - it could have been earlier, but I can't remember exact dates
ETA: Do you think they are stalling? Are you still showing the house? Are you in contract? (I think the committment letter can only be given with a contract?)
Message edited 7/6/2006 8:30:13 AM.
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| Posted 7/6/06 8:29 AM |
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momof2
LIF Zygote
Member since 6/06 35 total posts
Name:
Kerry
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Re: questions
yes, we have been in contract since may. I thinking they can't get a mortgage. I'm going to start showing it again. This *****!!
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| Posted 7/6/06 8:46 AM |
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Ang-Rich
Beyond Compare
Member since 5/05 17988 total posts
Name:
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Re: questions
As someone who is both buying and selling I would agree that you should go with your gut and start showing again. When we bought our co-op we got our commitment letter from the mortgage broker within a week. When we spoke with our lawyer for this sale we were told that 2 weeks is the norm. 
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| Posted 7/6/06 9:39 AM |
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maryg
LIF Infant
Member since 5/06 196 total posts
Name:
Mary
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Re: questions
i agree with everyone else.
i signed my contract about 2 weeks ago and applied for a mortgage a few days after that. even with the holiday and the bank requesting more info from us we should hear back any day now regarding their decision. if it is taking so long i would say they prob weren't able to get a mortgage from a bank of their choice and trying for other loans.
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| Posted 7/6/06 10:06 AM |
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momof2
LIF Zygote
Member since 6/06 35 total posts
Name:
Kerry
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Re: questions about closing
Okay just talked to my lawyers secretary. They have letter of commitment. They are asking for more info. from my buyer. The lawyer will call me tomorrow. How much longer?
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| Posted 7/6/06 11:56 AM |
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kaklesmay
Love my baby boy!
Member since 9/05 1151 total posts
Name:
Kim
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Re: questions
They would just need to run title if they havent already and then set a closing date w/ everyone.
I guess it depends on what add'l info it is they need from the buyer.
Good luck
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| Posted 7/6/06 12:44 PM |
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