I have found a couple of homes I really do like. However, my mortgage company has advised me to clear some items off before the loan can be processed. These will probably only take me about 30-60 days My problem is, the moment I find a house I like, it's gets snatched up.
Is it possible to put a contract on a home with closing in 90 days? or more?
2007-07-19 07:01:40 · 4 answers · asked by summerlandcollies 2 in Business & Finance ➔ Renting & Real Estate
The two particular houses I am interested in are either just rehab projects or corporate owned. They are both empty.
2007-07-19 07:14:53 · update #1
Yes it is very possible. One thing is: The seller has to agree. You may want to put an incentive on the offer. Usually sellers won't wait that long.
If they do agree, they may put a contingency, where as if someone comes along and has a decent offer, you will be put on the back burner.
Standard in California is 45 days, so I don't imagine how the market is right now a seller, would mind adding an additional 15 days. Remember when you sign off on your deposit contingency, if your loan falls out, your Good Faith Deposit goes to the seller.
If I were you, I would wait until you did whatever your trying to do to your credit. Homes will be there. Don't let a broker tell you different because they want you to do a loan with them.
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2007-07-19 07:16:52 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Sellers who will accept a ninety day closing time frame are very rare. Reason? If they accept your contract, they must be off the market for that time period. If on day 88, you change your mind (or die or something else), they have been off the market for three months, and now have to start all over.
What you need to do is quit looking while you clean up whatever it is you are cleaning up.
2007-07-19 09:15:25 · answer #2 · answered by acermill 7 · 0⤊ 0⤋
Did you try to ask that question to your mortgage company? Or maybe try to get a second opinion? My boyfriend deals with loans of this sort all of the time. If you'd like Im sure you could ask him, my email address is K_M_Tamaski@yahoo.com if you'd like you could give me your number and i could have him call you? And im sure he could help answer any question you mighy have reguarding your loan type.
2007-07-19 07:24:34 · answer #3 · answered by straykat 2 · 0⤊ 0⤋
Yes, only if the seller agrees.
Tough in most instances.
2007-07-19 07:10:41 · answer #4 · answered by ed 7 · 0⤊ 0⤋