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so what comes after bank appraisal?
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KS13
Life is good.
Member since 6/10 1203 total posts
Name:
K
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so what comes after bank appraisal?
Just wondering..
We are about to get the signed contracts over to our bank. We already have the loan commitment paperwork to our atty.
Once our bank broker gets the contract they can send someone for the appraisal..what comes after that?
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Posted 3/24/11 3:42 PM  |
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Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
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Re: so what comes after bank appraisal?
Once the appraisal is done, the appraiser submits a report to the bank (usually a day or two later), it's reviewed by underwriting, and then you will get your mortgage commitment. Once you get the mortgage commitment, you typically have 30 days to close the deal.
Once you have the mortgage commitment, you closing can be scheduled (assuming the bank gives the clear to close, there are no outstanding CO issues or anything). Then your agent will schedule a final walk through of the house right before the closing (usually morning of, if the closing is in the afternoon, or the night before for a morning closing).
Good luck!
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| Posted 3/24/11 3:51 PM |
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KS13
Life is good.
Member since 6/10 1203 total posts
Name:
K
|
Re: so what comes after bank appraisal?
Posted by Century 21 Dallow - Christine Braun
Once the appraisal is done, the appraiser submits a report to the bank (usually a day or two later), it's reviewed by underwriting, and then you will get your mortgage commitment. Once you get the mortgage commitment, you typically have 30 days to close the deal.
Once you have the mortgage commitment, you closing can be scheduled (assuming the bank gives the clear to close, there are no outstanding CO issues or anything). Then your agent will schedule a final walk through of the house right before the closing (usually morning of, if the closing is in the afternoon, or the night before for a morning closing).
Good luck!
I already got my loan commitment, which my broker said of course said was contingent upon the contract (we already gave him copy of contract which had only our signatures on it- waiting for sellers which I have been told should be any day now) and the bank appraisal. Is it odd that I already got my loan commitment even though he doesn't have a fully singed contract or a bank appraisal report?
If so, what would be the reason for him expediting everything?
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| Posted 3/24/11 4:00 PM |
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