Please register to participate in our discussions with 2 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.
We had an offer on a home we are planning on purchasing in Acworth GA. The bank countered and we accepted their counter. We had 2 days to sign all their addendum's and send our earnest money.They verbally accepted on the 21st of July and we were told once they had our cashiers check then we would get a signed contract. They got the check 2 days after their verbal.. We have had our inspection and are still waiting on a signed contract. My real estate agent has been asking the sellers agent for a copy of the contract. We still have not received one. Our agent contacted her broker..Her broker informed us that because we are dealing with a bank in their addendum it says that a verbal is an agreement and due diligence began once they verbally accepted...no prob...we had the inspection..then she goes on to say that we might not get a signed contract until a few days before or on the day of closing??
My mortgage company is asking for a signed contract before they will order the appraisal. The appraisal is part of the due diligence process as is financing..
How can we do this if the mortgage company has not got the fully executed contract..
Can someone please advise?? The brokers advice seems ridiculous..How can anybody close on a house when applying for financing if they have to wait for a signed contract?? Time is ticking and we will lose our deposit if we do not get this appraisal done..
Is she correct???Any help would be appreciated!!
It states that once they receive our earnest check they furnish a signed contract...
Not sure how we are supposed to get it from them... but no where does it say that it will be closing before we get one.. We knew that once they accepted our due diligence period started but it also states no contract will be signed until they receive certified funds..which they acknowledged
receiving 2 days later...
the mortgage companies surely are correct in wanting a fully executed contract..
Do you have any suggestions?? We are on hold at the moment as an appraisal can not be ordered until the mortgage co get the contract...
It's not unusual for banks to be slow getting the contract back, hopefully you will get it soon. However, I'd still be pushing the listing agent to get in touch with the bank asset manager for an update.
She has been calling but they are not responding..We are getting close to the appraisal deadline. Before the mortgage company can order it they want a signed contract..
I just asked her to send in an extension for appraisal and financing...so that we are not in jeopardy of losing our deposit..
I guess there is not much else she can do but if we want to close by our deadline the Mortgage company is asking for it and obviously are going to need it..
Thanks!!
Yes there are some banks that are super slow. I have had it take three weeks to get an executed contract, but I have never had a lender not continue to move forward in those conditions on an REO. They just make getting the executed contract a condition of docs.
Do you have an attorney? Mine was worth every penny in handling this kind of thing when we bought our Fannie Mae REO in June. Total cost for the whole thing was $450 and it was money well spent.
Ok that's good to know... I will check with my lender...
Thanks
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 register to participate in our discussions with 2 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.
