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?
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.
Do you already have a signed contract with the buyer? If so, it should already be spelled out.
terriks - "Assuming I might have to find a new buyer"
This is a question about what to do in the future.
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.
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!