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Old 08-03-2010, 06:20 PM
Location: Troy, Il
764 posts, read 1,294,295 times
Reputation: 527


My bank is running late on the loan commitment letter. The due date was today and they are still verrifying employment and waiting on the appraisal. Turns out my lender went on vacation a week ago, and didnt tell us, and his assistant is almost worthless. So, what are the chances that the sellers will pull the plug two weeks before closing. Legally they would have no problem since this is a deadline in our contract.
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Old 08-03-2010, 06:44 PM
Location: Perry South, Pittsburgh, PA
475 posts, read 352,486 times
Reputation: 188
Talk to them?
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Old 08-03-2010, 07:04 PM
Location: NJ
17,579 posts, read 34,344,938 times
Reputation: 15897
That's horrible they don't even have the appraisal yet. What exactly does your contract say? Some will grant an automatic extension.
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Old 08-03-2010, 08:45 PM
Location: Tempe, Arizona
4,511 posts, read 10,629,939 times
Reputation: 2168
You (or your agent if you have one) should explain the situation to the sellers and formally request an extension (usually by contract addendum). If they really want to sell and understand it is out of your control, I don't see why they would not agree to it.

Last edited by rjrcm; 08-03-2010 at 09:13 PM..
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Old 08-03-2010, 09:07 PM
Location: Columbia, SC
8,018 posts, read 15,759,739 times
Reputation: 5055
Mortgage lenders should be required to take a class on real estate contracts and the importance of meeting deadlines. Many of today's problems getting to closing revolves around lender failure in timeliness.
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Old 09-17-2012, 06:46 PM
1,029 posts, read 1,327,105 times
Reputation: 2078
I've seen a few people say their commitment letter was due on a certain date. Where are they getting the date from? Does the lender say it will be given by a certain date?
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