How Long Should I Give A Buyer To Get A Commitment

LoveInTheHouseJune 19, 2011

Assuming I might have to find a new buyer, and I want to close as fast as possible, how long should I give him to get a mortgage commitment from his bank? How long does the bank need for that?

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maurenemm

In our contract to buy, it is specified that we have 7 days to formally apply for a loan. And, we have 25 days (from the date the contract is ratified) to have formal loan approval and remove the financing contingency.

I would think that you wouldn't want to do anything less than 25 days. 25 days I think is very standard around here.

    Bookmark   June 20, 2011 at 8:45AM
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terriks

Do you already have a signed contract with the buyer? If so, it should already be spelled out.

    Bookmark   June 20, 2011 at 11:57AM
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greg_2010

terriks - "Assuming I might have to find a new buyer"

This is a question about what to do in the future.

    Bookmark   June 20, 2011 at 3:43PM
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terriks

Sorry, I was confused. I thought that the OP meant how long should the current buyer have to get a loan commitment before trying to get another buyer. Carry on.

    Bookmark   June 20, 2011 at 3:59PM
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LoveInTheHouse

Yeah, it looks like I might be losing my current buyer because of his mortgage problems and I want to be even more on top of things next time. Thanks!

    Bookmark   June 20, 2011 at 9:27PM
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