rckkrgrd

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.

johnsorious

So is a "loan commitment" within 5 days of signing the P&S Agreement undo-able?

creeper

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.

gregzoll

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.

gregzoll

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.

creeper

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.