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Question about Appraisals & Mortgage Commitments
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laurabora
LIF Adult
Member since 4/07 2712 total posts
Name:
Laura
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Question about Appraisals & Mortgage Commitments
We went into contract to sell our house in early March. The buyer's mortgage bank has yet to even do an appraisal, let alone a mortgage commitment. Apparently the buyers have now switched banks because their first bank was moving too slow, but this was over a week ago and I still haven't heard anything.
I've placed, oh, a million calls to my lawyer and realtor, who assure me everything will work out. But I can't help feeling anxious about how long it's taking.
Anyone have some experience with this or some insights to offer?
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Posted 4/19/10 10:11 AM  |
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Prudential Douglas Elliman Real Estate
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Cheeks24
Living a dream
Member since 1/08 8589 total posts
Name:
Cheeks
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Re: Question about Appraisals & Mortgage Commitments
I don't think it should be that much longer now. 
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| Posted 4/19/10 11:11 AM |
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Salason
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Member since 6/05 9878 total posts
Name:
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Re: Question about Appraisals & Mortgage Commitments
If they switched a week ago, I'd think you'd hear something soon. What's the closing date target in the contract?
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| Posted 4/19/10 11:28 AM |
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laurabora
LIF Adult
Member since 4/07 2712 total posts
Name:
Laura
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Re: Question about Appraisals & Mortgage Commitments
Posted by Salason
If they switched a week ago, I'd think you'd hear something soon. What's the closing date target in the contract?
June 1st. I just feel like I can't really pack until they have a mortgage commitment in case it falls through, but then I'm going to be under the gun to pack in less a month's time if I wait for it!
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| Posted 4/19/10 12:24 PM |
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Salason
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Member since 6/05 9878 total posts
Name:
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Re: Question about Appraisals & Mortgage Commitments
Posted by laurabora
Posted by Salason
If they switched a week ago, I'd think you'd hear something soon. What's the closing date target in the contract?
June 1st. I just feel like I can't really pack until they have a mortgage commitment in case it falls through, but then I'm going to be under the gun to pack in less a month's time if I wait for it!
I would try not to stress too much yet. You could always push the closing back to July 1 if you cant get everything done because they're holding you up. If you dont hear anything this week, I'd start putting the pressure on them...
Message edited 4/19/2010 12:43:10 PM.
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| Posted 4/19/10 12:40 PM |
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laurabora
LIF Adult
Member since 4/07 2712 total posts
Name:
Laura
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Re: Question about Appraisals & Mortgage Commitments
Thanks
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| Posted 4/19/10 1:38 PM |
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