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Old 03-16-2013, 10:54 AM   #16
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Buying home question


Just be certain not to remove your conditions of purchase before they have been fully satisfied. This icludes your financing approvals. You may lose your deposit otherwise. The speed of approvals depend on many factors and can be very quick or take a month or more.
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Old 03-17-2013, 10:29 AM   #17
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So is a "loan commitment" within 5 days of signing the P&S Agreement undo-able?
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Old 03-17-2013, 10:59 AM   #18
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No..sort of.

In your agreement, clause 14c says you have 5 days to deliver a loan commitment letter. If you fail to do that, the Seller MAY terminate the agreement. The Seller notifys you in writing and you have a further 3 days to provide a letter failing which the deal is terminated and the deposit is returned in full. (MAy being the word in question) It is a horribly written clause.

BUT

clause D could be a problem. In that clause you gave permission for the lender and the Seller to communicate directly. If you choose to tell the seller you couldn't get the financing so the deal is terminated (you get your $ back) they may know you are lying if the bank has told them differently already

FURTHER

clause E states that you have 2 days from non acceptance (terminating the contract) to notify the Seller in writing that you have terminated or it will be considered a default and you will not get your deposit back.

I have my Mort broker on speed dial. I can call him anytime I choose. See if you can call him today and ask him to not give the financing on this one. Then he or you can will tell the Seller you just don't qualify.

Out of fairness to the guy who thinks his house is sold ( and who also thinks he just saved a bundle in Realtor fees) get this mess cleaned up ASAP

BTW..get yourself a Realtor. If you see a FSBO you want a good Realtor will be able to convince the Seller to co-operate. As a Buyer DO NOT let anybody talk you into paying some of the commission. Especially if its a Buyers market where you are.
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Old 03-17-2013, 01:48 PM   #19
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Do not know if this has already been stated, but it can take upwards 45 days for everything to be said and done. Banks are not rushing into holding title on properties, like they were during the Clinton & Bush administrations.
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Old 03-17-2013, 01:53 PM   #20
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Originally Posted by creeper View Post
I find it very odd that your bank is handling all those things.

1) There should be no reason that the apparaiser can't meet that commitment. A Realtor would get on their case if there was a delay so first thing Monday morning phone them and make sure they arrange a day/time.

2) You get to choose your own lawyer and inspector as well. You are paying for them.

Since when is a bank in the business of selling houses. They sell mortgage products. It seems to me that should be the end of their involvement.

It wouldn't hurt to call another mortgage Broker today just for a conversation. You never know, you may be able to negotiate a better rate anyway.
Some banks are that way. They are protecting their asset. Also due to the fact that most banks are holding title on foreclosed properties, they would also be the seller. You would be surprised what banks are doing, unlike in the 70's.
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Old 03-17-2013, 02:55 PM   #21
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Some banks are that way. They are protecting their asset. Also due to the fact that most banks are holding title on foreclosed properties, they would also be the seller. You would be surprised what banks are doing, unlike in the 70's.
I can only answer questions based on my Canadian experience.

However, I can read so I don't feel unqualified to help the op with basic questions.

The Canadian economy and housing market didn't take the hit that other countries did, so all of that is rare here.

Still is and has been for many years a booming Sellers market. Mostly ..except the end of 08/09 when it leveled out a bit.
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