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I'm in the process of selling my home and it has been a long drawn out process. My house is scheduled to close in 5 weeks and my buyer finally got a Contingency Approval For a Mortgage Commitment. It states that after after has been addressed and everything that they asked has been taken care of, they will have a final review to see if the buyer's mortgage commitment has been approved. I have a few questions and I'm hoping that someone has experienced this themselves. 1. Normally how long does this process take, I don't want to get to close to my closing date and find out that this isn't going to happen. 2. What are my rights as a seller as to when I can kill this deal if weeks go by and I hear nothing. My agent is a dual agent, so it is in his best interest for everyone to sit tight and hopefully everything works out. I already purchased another home that I will be moving into around a week before I am scheduled to close on my home. I don't want to wait around too long and find out days before my closing that my buyers still don't have a final approval for their mortgage. If I know this isn't going to work out, I will put my house back on the market rather then wasting valuable time.
I'm in the process of selling my home and it has been a long drawn out process. My house is scheduled to close in 5 weeks and my buyer finally got a Contingency Approval For a Mortgage Commitment. It states that after after has been addressed and everything that they asked has been taken care of, they will have a final review to see if the buyer's mortgage commitment has been approved. I have a few questions and I'm hoping that someone has experienced this themselves. 1. Normally how long does this process take, I don't want to get to close to my closing date and find out that this isn't going to happen. 2. What are my rights as a seller as to when I can kill this deal if weeks go by and I hear nothing. My agent is a dual agent, so it is in his best interest for everyone to sit tight and hopefully everything works out. I already purchased another home that I will be moving into around a week before I am scheduled to close on my home. I don't want to wait around too long and find out days before my closing that my buyers still don't have a final approval for their mortgage. If I know this isn't going to work out, I will put my house back on the market rather then wasting valuable time.
Thanks,
Mike
I hate to comment in threads where I'm really of no help, but I must say, having a real estate represent buyer and seller is not a good idea and quite frankly, it should be illegal IMO.
Hi I agree with your comment but unfortunately it's reality. I would like to get opinions of people who have a first hand experience with my situation. I want to get feedback from people who aren't directly involved.
I'm in the process of selling my home and it has been a long drawn out process. My house is scheduled to close in 5 weeks and my buyer finally got a Contingency Approval For a Mortgage Commitment. It states that after after has been addressed and everything that they asked has been taken care of, they will have a final review to see if the buyer's mortgage commitment has been approved. I have a few questions and I'm hoping that someone has experienced this themselves. 1. Normally how long does this process take, I don't want to get to close to my closing date and find out that this isn't going to happen. 2. What are my rights as a seller as to when I can kill this deal if weeks go by and I hear nothing. My agent is a dual agent, so it is in his best interest for everyone to sit tight and hopefully everything works out. I already purchased another home that I will be moving into around a week before I am scheduled to close on my home. I don't want to wait around too long and find out days before my closing that my buyers still don't have a final approval for their mortgage. If I know this isn't going to work out, I will put my house back on the market rather then wasting valuable time.
Thanks,
Mike
What does your contract say? I would suggest speaking with your lawyer as it all comes down to whats on the contract you signed. It should be spelled out in that document.
I'm in the process of selling my home and it has been a long drawn out process. My house is scheduled to close in 5 weeks and my buyer finally got a Contingency Approval For a Mortgage Commitment. It states that after after has been addressed and everything that they asked has been taken care of, they will have a final review to see if the buyer's mortgage commitment has been approved. I have a few questions and I'm hoping that someone has experienced this themselves. 1. Normally how long does this process take, I don't want to get to close to my closing date and find out that this isn't going to happen. 2. What are my rights as a seller as to when I can kill this deal if weeks go by and I hear nothing. My agent is a dual agent, so it is in his best interest for everyone to sit tight and hopefully everything works out. I already purchased another home that I will be moving into around a week before I am scheduled to close on my home. I don't want to wait around too long and find out days before my closing that my buyers still don't have a final approval for their mortgage. If I know this isn't going to work out, I will put my house back on the market rather then wasting valuable time.
Thanks,
Mike
I am going through this all as a buyer now. I would talk to your lawyer. I had a pre approval and then once we agreed on items seller would take care of I got the mortgage commitment. my understanding was as long as I didn't do anything crazy once I was preapproved id be good to go on the commitment. The dual agent thing isn't ideal but technically the agent is more loyal to you since you hired him. I'd run this all by your lawyer.
it depends on what their contingency is. a conditional mortgage commitment is not a real commit yet - better than nothing but like the name suggests, comes with conditions. your contract most likely has verbage about commitment dates and extensions. your lawyer may have changed the language in the contract during attorney review. talk with your lawyer.
2) It is perfectly fine to have dual agents - they are nothing but a telephone between buyer/seller and will not add any other value. For all those questions / concerns, you need to talk to your real estate attorney - he is the one that will protect you and give real advise. Not the real estate agent.
3) Final mortgage approval is always last minute from my experience - days before the closing. I was still uploading documents for final approval literally the night before for one of my closings. Most cases it's not fault of the buyer but the lender/underwriter who has a long drawn out processes and incompetent people.
4) Check the conditions listed for the buyer mortgage commitment - is it pending insurance documents, address change evidence etc.. those are fine and 99.99% will be resolved. But if it's pending income (W2, tax returns, etc..) that's a red flag as if buyer cant produce those yet, the loan is not guaranteed - ask your attorney(not re agent) to talk to buyer attorney on reasons why those key documents still have not been provided.
The dual agent thing isn't ideal but technically the agent is more loyal to you since you hired him.
Technically, no. The dual agent is legally loyal to neither party and can get into real trouble if they start advising after they become the dual agent.
3) Final mortgage approval is always last minute from my experience - days before the closing. I was still uploading documents for final approval literally the night before for one of my closings. Most cases it's not fault of the buyer but the lender/underwriter who has a long drawn out processes and incompetent people.
This!! I'm on the buyer side, and my mortgage guy is taking his sweet time on things. Closing is in a week and we STILL don't have the final commitment. He had all the "conditions" satisfied weeks ago as far as I'm concerned. According to our lawyer we're still good so I would assume the same is for you. It can be nerve wracking as the seller but apparently it's pretty common.
There's an understatement. My experience says the underwriter always says things are fine until the morning of closing and then they need "one file" that they didn't see that you sent weeks ago.
Everything we sent I then saved to OneDrive so I could grab it and email it from my phone within a minute, I didn't want them to blame me for taking it too long to send it (again).
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