I am selling my house and there is a buyer who is very interested in buying it. The problem is that her fiancé is in the military and is in Iraq. He gave her the go-ahead to start the process of purchasing it so she is trying to obtain financing. It’s been about two weeks now. If she truly is serious about buying my house and is trying to get the financing sorted out, does the process take longer if her fiancé is also going to be on the loan application and he is halfway across the world?
2007-03-13 04:12:13 · 5 answers · asked by mecyoung 2 in Business & Finance ➔ Renting & Real Estate
I am a mortgage broker, and I just had a loan like this a year ago. It will take you longer to get all of this done, especially if he is doing a VA loan. Most companies will allow emailed docs for preliminary paperwork, and fax copies when they are returned. As for closing, he should be allowed to sign them over there. He just needs to have them sent to the American Embassy because he will need it to be notarized at the American Embassy since it is a United States transaction.
But still if the parties involved are experenced, you should still be able to get the loan done in 2-3 weeks if conventional, 4 weeks for VA/FHA. Hope this helps!
2007-03-13 05:49:42 · answer #1 · answered by Robbie G 2 · 1⤊ 0⤋
is work for a title company and have had to deal with this before when doing closings. Yes, it does take longer. Sometimes the bank will allow a Power of Attorney for the fiance to sign, other times they will require original signatures. We we have dealt with people in the service before, documents had to be sent to a JAG office and then the person had to go to the office and fill out the forms. It took some time. However, I would talk to this woman and find out what her bank will require, and have her talk to her fiance and find out what the military will require. If they want to sign a contract, I would make it conditional on getting the financing and closing within a certain amount of time, and reserve the right to sell it to someone else if they come up with the cash before the sale.
2007-03-13 05:29:00 · answer #2 · answered by Kathleen M 4 · 0⤊ 0⤋
She should have a limited power of attorney so she can act for him. The form could state specifically to obtain a loan and purchase your home. Otherwise you could end up with a problem. What does your realator say?
2007-03-13 04:17:43 · answer #3 · answered by professorc 7 · 1⤊ 0⤋
If at all possible, she should talk to a real estate lawyer. It may be possible to have the form faxed to Iraq, her fiance sign it, then faxed back to her.
2007-03-13 04:28:12 · answer #4 · answered by Tina 1 · 0⤊ 0⤋
Professor C is right, but its a Realtor, not reala-ter, yeesh
2007-03-13 06:16:05 · answer #5 · answered by Mark P. 5 · 0⤊ 0⤋