Oh crap

Our co op buyer got his mortgage commitment in less than 2 weeks

Glad it went through but we havent found a place yet. We could be homeless as early as next month

Re: Oh crap

This is what DW calls a "yay, boo moment"....

Re: Oh crap

What is the "on or about" date for closing in the contract? The date in the contract controls, so if you negotiated an on or about date of Sept 15, for example, you could close up to 30 days after which would put you in to October (even if the buyer is ready to close earlier). So you may have more time than you think, depending on what timeline was negotiated at the outset.

Also, does your buyer have board approval yet? I sell a lot of co-ops, and I know some boards like to have a mortgage commitment before they set up an interview, and many co-op boards don't meet in August (because it's vacation time). So that may buy you some time.

Where are you looking to go? Are you lookiing to rent something, or are you hoping to buy something immediately?

Re: Oh crap

Tks for your reply, Christine. Love reading your responses here. Good to know we have 30 more days from closing date on contract which is 9/10.

Yes, our co op also need the commitment before submitting paperwork for interview. I called them and they told me that the earliest interview would probably be in Sept but could be up to 3 months. They meet monthly but dont have a set date/time for each meeting. Our mgmt here is really good so i dont think this will take up to 3 months for the interview.

We dont really want to rent so we may move in with my inlaws if we dont find anything soon.

Message edited 8/9/2012 12:45:12 AM.

Re: Oh crap

either find a short term rental or move in with family.