2006-12-21 15:10:06 · 8 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
At times, loan approval takes a long time due to information needed before it can be approved like: an appraisal must be done and report submitted; if the appraisal turns up any problems, these must be resolved (mold, code violations, etc.); termite inspection done and if not clear, the problem must be fixed; title insurance ordered and gotten for both parties; legal paperwork ordered and finished (deed, etc.); and so many other things. Now add in mistakes, people unavailable for signatures, etc., arranging movers, cleaners, there might be two sales involved so the buyer of one home might have to sell and close his/her home to have the funds to complete the purchase of the home...and so much more, you get the idea.
2006-12-21 16:02:25 · answer #1 · answered by SUSAN K 3 · 0⤊ 0⤋
My friend's house took three months for everything to finalize. The people who were buying the house had bad credit. They had to get a first and second loan to qualify. Then the future woman got sick and she was in the hospital, she could not sign any papers. The new people had to cancel their moving company three times. My friend had to pay the mortgage payments for the three additional months.
2006-12-21 23:30:51 · answer #2 · answered by D S 4 · 0⤊ 0⤋
maybe it's the buyer or seller's preference. for example, maybe the seller doesn't leave his old job for another 2 months. he won't want to close in 30 days and spend the money on temp housing. for buyers, maybe they have an apartment lease that doesn't end for another few months.
2006-12-21 23:22:38 · answer #3 · answered by answers for people! 2 · 0⤊ 0⤋
There could be any number of reasons. Previous owner, financing, scheduling with the title company, back taxes, appraisals, inspections, etc, etc, etc.
Slainte,
-D
2006-12-21 23:12:30 · answer #4 · answered by chicagodan1974 4 · 1⤊ 0⤋
A cloudy title OR lazy *** loan officers and underwriters.
2006-12-23 01:00:54 · answer #5 · answered by d b 3 · 0⤊ 0⤋
Rusty hinges.
2006-12-21 23:17:27 · answer #6 · answered by CP 4 · 0⤊ 0⤋
because that is the escrow timetable that was agreed upon by the buyer and seller.
2006-12-21 23:50:05 · answer #7 · answered by octopussy 3 · 0⤊ 0⤋
You tell us. What are the issues your having? help us out a little...
2006-12-22 13:04:29 · answer #8 · answered by Anonymous · 0⤊ 0⤋