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.
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.
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.
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.
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?
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.
