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How Long Should I Give A Buyer To Get A Commitment
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Posted by
LoveInTheHouse (
My Page) on
Sun, Jun 19, 11 at 23:02
| 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? |
Follow-Up Postings:
RE: How Long Should I Give A Buyer To Get A Commitment
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| 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. |
RE: How Long Should I Give A Buyer To Get A Commitment
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| Do you already have a signed contract with the buyer? If so, it should already be spelled out. |
RE: How Long Should I Give A Buyer To Get A Commitment
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| terriks - "Assuming I might have to find a new buyer" This is a question about what to do in the future. |
RE: How Long Should I Give A Buyer To Get A Commitment
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| 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. |
RE: How Long Should I Give A Buyer To Get A Commitment
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| 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! |
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