My sister and her boyfriend signed the contract to buy a new home on September 21st. They were pre-approved in August for $225,000, the sale price was $188,000, and the house has been finished and move-in-ready for months.
The lender keeps pushing the closing date back, they initially told them it could get done within a few weeks, it's now been been well over 5 weeks.
2007-10-31 12:27:07 · 5 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Some of the problems are just paperwork related. Many companies have had layoffs and there are just fewer people doing the work. I would contact the lender and ask what the issue is. Perhaps it is a very simple explanation. It always seems to take forever when you are waiting for something wonderful to happen. Consider what the poor sellers are feeling...Also, call the agent and ask.
2007-10-31 12:33:57 · answer #1 · answered by Christiane 3 · 0⤊ 0⤋
When lenders start moving back closing dates its usually a red flag. If they were pre approved in august, the terms could be harder to meet not, and they do not qualify. I am not saying this is the case, but 9 out of 10 times I see this they are stalling because they cant get it done. I would tell them to ask the lender to just shoot them straight and let them know now where they stand
2007-10-31 19:53:44 · answer #2 · answered by frankie b 5 · 0⤊ 0⤋
It took me two weeks. They need to pin down the lender and ask what the holdup is. Even with the banks looking more closely at finances of the buyers, it shouldn't be dragged out too long.
Could be there's missing paperwork, or they need an answer on something with the credit report... but they should be able to give you a really good reason why it's being delayed, when asked.
2007-10-31 19:36:30 · answer #3 · answered by Elaine M 7 · 0⤊ 0⤋
Anywhere from 30-60 days is normal. The bulk of the time is needed by the lender for paperwork, appraisals, and title search. With the rash of foreclosures these days, and lenders being investigated and checked over every little thing, that is probably the reason why it is taking longer than they initially thought.
2007-10-31 19:36:14 · answer #4 · answered by Brian G 6 · 0⤊ 0⤋
Some times it takes from 40 to sixty days . Depends of the bank . how soon they release the money to the seller, but you should check with your realtor he or she should know. well just be patient . you're already on the way it will happen .good luck..
2007-10-31 19:42:27 · answer #5 · answered by charlie 1 · 0⤊ 0⤋