U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
Please register to participate in our discussions with 1.5 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Jump to a detailed profile or search
site with Google Custom Search

Search Forums  (Advanced)
Business Search - 14 Million verified businesses
Search for:  near: 
 
 
Old 08-03-2010, 06:20 PM
 
Location: Troy, Il
764 posts, read 806,140 times
Reputation: 521
Question Loan commitment letter?

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.
Quick reply to this message

 
Old 08-03-2010, 06:44 PM
 
Location: Perry South, Pittsburgh, PA
475 posts, read 94,652 times
Reputation: 188
Talk to them?
Quick reply to this message
 
Old 08-03-2010, 07:04 PM
 
Location: NJ
17,580 posts, read 18,148,870 times
Reputation: 15318
That's horrible they don't even have the appraisal yet. What exactly does your contract say? Some will grant an automatic extension.
Quick reply to this message
 
Old 08-03-2010, 08:45 PM
 
Location: Tempe, Arizona
4,511 posts, read 6,793,289 times
Reputation: 2093
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..
Quick reply to this message
 
Old 08-03-2010, 09:07 PM
 
Location: Columbia, SC
6,903 posts, read 10,197,554 times
Reputation: 3451
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.
Quick reply to this message
 
Old 09-17-2012, 06:46 PM
 
856 posts, read 447,150 times
Reputation: 1289
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?
Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


 
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:
Over $79,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate

All times are GMT -6.

2005-2014, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25 - Top