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Old 06-17-2012, 07:20 AM
 
2 posts, read 2,484 times
Reputation: 10

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I sold my condo in Mobile (purchase agreement signed early April), and the buyer has dragged this transaction out well past the original closing date (mid May) because he was slow providing necessary documentation to mortgage company. The appraisal went well, and, as of last Wednesday (June 13), the buyer's conventional loan is finally in underwriting. Our latest closing date is June 25. Has anyone in the Mobile area been in this situation recently (a week from closing date and buyer's loan still in underwriting)? How long does underwriting take with mortgage companies around here? I will NOT sign another extension. Thanks for your help.
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Old 06-17-2012, 12:34 PM
 
872 posts, read 1,856,423 times
Reputation: 441
Yep, had that issue when I purchased and when I re-fi'd. In UW all the way up until the day of closing on the purchase. I had to push the bank because they were giving me the ol', 'we may have to push closing from Friday to Monday'. I had to get a bit upset with them and make lots of phone calls to make sure they didn't delay me...already had a moving truck set up for delivery and they wanted a two-week notice to reschedule.

Don't NOT sign an extension...make the buyer purchase extension days via a contract adendum.
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Old 06-23-2012, 01:28 PM
 
2 posts, read 2,484 times
Reputation: 10
Default Still Waiting to Close

Underwriter at local mortgage broker approved buyer's loan mid-week, then it went to loan servicer for approval.....this is hell
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Old 06-30-2012, 10:25 AM
 
386 posts, read 1,217,051 times
Reputation: 267
Welcome to real estate in 2012! Banks are going to make a buyer go through hoops to buy any home today. No more free money to anyone!
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