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Recently my husband and I put a downpayment on a house. It's an estate quick sale and we only have 2 weeks to close. We are down to only about a week before the estate agent is going to drop our contract because we have yet to receive a close date from the bank. We are waiting on their appraisal and we have done all the paperwork and can go no further until the bank appraises the house and sets the close date. If we do not close by July 17, we lose our contract on the house, and our deposit. Can the bank do this or are they responsible to honor the time sensitiveness of this situation? I'm frustrated.
who prepared the contract for you? why did you only have 2 weeks to close? that's a very short time frame for a lender to get the appraisal and other processes completed. if you had a contingency for financing, you should get your deposit back if the financing can't be obtained. it really depends on how the contract is written. if you don't have a realtor helping you, you should get a lawyer to see if you can get an extension for the closing date. good luck!
Two weeks is a really short period of time to close on a home, especially if there is a loan involved. Were you pre-approved for your loan (not just pre-qualified)? If you had completed your app and other docs prior to making your offer on the home, things can actually move very quickly. However, there are HUGE differences between the efficiency of lenders. Most realtors know who can get the job done quickly. On the other hand, most of us can tell horror stories about deals almost falling through because of a slow loan processor. This seems to be the case especially when the loan processing is done out of state rather than locally. Also, a local lender knows which appraisers they can call when they need an appraisal done ASAP.
Definitely have your agent see what they can do to get your deal closed in time. Depending on how responsive the lender is, this may still be do-able. Hopefully your agent has got you covered for making sure you would receive a full refund of your earnest money deposit in the event that you cannot receive funding fast enough.
Alots of the answers to your dilema is dependent upon what state you are in.
In Florida 2 weeks would be more than enough time to get a home from contract to closing. This of course means you are relying on the lender to get everything done though.
Was there a clause in the contract stating when you needed to have the loan commitment?
You may want to go over the head of who ever you have been dealing with for your loan and let them know what the situation is.
You have a week left so there is still time but don't just wait for the lender to call you get after them and make them move.
Yeah, in Florida, that's plenty of time and I would be on the title company and the bank. If you aren't in Florida, then get with an attorney as suggested above (and possibly even if you are).
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