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Watever143
LIF Adult
Member since 12/10 1537 total posts
Name:
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please explain on or about date
Can someone explain to me what that means....what would cause it to be different
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Posted 10/10/13 1:22 PM  |
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JenMarie
One day at a time
Member since 11/07 7397 total posts
Name:
Jennifer
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please explain on or about date
Everything and anything. How quickly your bank moves. How quickly you get paperwork to the bank. If everything goes smoothly with the appraisal. Are there any CO issues? Scheduling. There are SO many things that can affect closing dates.
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| Posted 10/10/13 1:51 PM |
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JDubs
different, not less
Member since 7/09 13160 total posts
Name:
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Re: please explain on or about date
ITA with the above. In our case our on/about was supposed to be May 30th, we didn't end up closing for another month (and that was only because we put a clause in the contract that we had to close by June 30th, otherwise I am sure it would have been later) because the sellers kept holding up the process with outstanding CO's. We ended up closing with a CO for the fence still not resolved but had money put in escrow. In addition, the sellers stayed in the house for 4 days after closing.
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| Posted 10/10/13 1:56 PM |
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chilltocam
LIF Adult
Member since 11/11 9141 total posts
Name:
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please explain on or about date
The contract has an "on or about" closing date but in reality, either side has 30 days beyond that date to actually close (and it can even go beyond that, but it is generally accepted that both sides have 30 days beyond the on or about date to actually close.)
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| Posted 10/10/13 2:08 PM |
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Watever143
LIF Adult
Member since 12/10 1537 total posts
Name:
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please explain on or about date
Thanks....i know nuttin really will hold me from closing lol....she doesnt have a home to move to is the problem....she is one person looking for a condo or coop in staten island so I hope she finds something. She will also be the cause of scheduling bc if the appraisel got to come this lady take like 3 days after you ask her to answer lol. The bank is a private mortgage broker so I dont think I will have a problem with them. The guy keeps telling me I am ok on my half.
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| Posted 10/10/13 2:23 PM |
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Watever143
LIF Adult
Member since 12/10 1537 total posts
Name:
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please explain on or about date
whats a CO?
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| Posted 10/10/13 2:24 PM |
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jams92
Member since 1/12 6105 total posts
Name:
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Re: please explain on or about date
Posted by Watever143
whats a CO?
it is a certificate of occupancy - i think a quick definition is -
The Certificate is a requirement by your local township. It is required to close title. Buyer's usually get a home inspection, but the certificate also gives them assurance that the home has been inspected by the township.
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| Posted 10/10/13 2:43 PM |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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Re: please explain on or about date
Posted by Watever143
Thanks....i know nuttin really will hold me from closing lol....she doesnt have a home to move to is the problem....she is one person looking for a condo or coop in staten island so I hope she finds something. She will also be the cause of scheduling bc if the appraisel got to come this lady take like 3 days after you ask her to answer lol. The bank is a private mortgage broker so I dont think I will have a problem with them. The guy keeps telling me I am ok on my half.
A mortgage broker is not the same thing as a bank. The broker is just the go between from you and the bank and they make a commission on your loan.
The bank will dictate when you close no one else really. Yes the seller and delay things but the bank will ask for a million and one papers and sometimes the same thing 3 or 4 times.
An on or about date is NEVER a real date. It 's a date put in the contract so there is a date for everyone to shoot for. It can go 30 days past that and even then can go past that 30 days.
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| Posted 10/10/13 2:49 PM |
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Watever143
LIF Adult
Member since 12/10 1537 total posts
Name:
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please explain on or about date
what kind of paperwork do you think they will still need from me?? maybe i can get things together for them lol
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| Posted 10/10/13 3:58 PM |
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MrsG823
Just call me Mommy.
Member since 1/11 5570 total posts
Name:
S
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Re: please explain on or about date
Posted by Watever143
what kind of paperwork do you think they will still need from me?? maybe i can get things together for them lol
You would be amazed what types of things the bank may ask for--aside from bank statements and tax returns our bank asked for explanations of deposits and withdrawals, letters for monetary gifts we received, letters from our accountant, proof of closed accounts, etc.
My on or about date was 2/28 and we closed on 4/4. The entire delay was a result of my incompetent mortgage processor. My mortgage broker was awesome and really went above and beyond for us but in the end the bank has total control. Even after we got our clear to close we had to wait for the bank's attorney to set our closing date.
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| Posted 10/10/13 7:59 PM |
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evrythng4areason
And then there were 4
Member since 1/10 5224 total posts
Name:
Kayla
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please explain on or about date
They can ask for literally anything. The bank made DH write a letter that not only would I be living in the house, but that he would be proposing to me as well.
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| Posted 10/10/13 9:24 PM |
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BargainMama
LIF Adult
Member since 5/09 15660 total posts
Name:
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please explain on or about date
I used to handle real estate closings in the law firm I worked for. I can tell you that not a single one ever closed on the on/about date. Not a one! Always something with the banks.
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| Posted 10/10/13 9:27 PM |
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FirstMate
My lil cowboy
Member since 10/10 7790 total posts
Name:
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Re: please explain on or about date
Closings never happen on the date in the contract, ever. If it does, go play lotto because your chances of winning that are equal to closing on a closing date.
In addition to the bank holding things up, many times its the attorneys as well. A mutually convenient time has to be scheduled with 3 attorneys. That's not easy. In fact, I usually work out the date with the attorneys and then inform my client when it is and then the clients can make whatever arrangements they need to make to be there.
As far as documentation you need, just keep up to date pay stubs and bank statements handy.
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| Posted 10/11/13 11:11 AM |
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Katareen
5,000 Posts!
Member since 4/10 7180 total posts
Name:
Katherine
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Re: please explain on or about date
Posted by evrythng4areason
They can ask for literally anything. The bank made DH write a letter that not only would I be living in the house, but that he would be proposing to me as well.
What?? And what would that prove--you could've said no! Lol!
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| Posted 10/17/13 10:24 PM |
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