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Has anyone ever heard of a bank that says that they can guarantee a home loan closing within 72 hours? |
We have been in a real estate dispute (please read my other ?s i posted for more info) with a buyer on our residential property. We live in FL, she was supposed to close on or before 9-29 per the contract. We gave her a one week extension to no avail. The extension ended yesterday. Throughout this whole process we were told she had a commitment letter from her lender, and we were just waiting on them to release the packet to the title company. Yesterday we found out that she LIED to the lender and told them it was going to be a residential prop. (its going to be a rental property). Now the bank says she has commited mortgage fraud. I am assuming they wont loan her money now. So she wants until Tuesday to go to another bank, which she says guarantees to have you closed in 72 hours. Do you believe this? What legal action could we take against her? P>S> the buyer was going to be the Selling Agent + her mom. We had to drop the selling agents name off because of her credit. Reading your other questions, I feel for you. I am a licensed real estate broker and have checked with some mortgage brokers I know. The consensus is that an escrow can close in 72 hrs if all the paper work is in order all the way around, including financing. In your situation it appears that financing is not in order. Very, very few underwriters are willing to guarantee a closing in 72 hours unless they have already dealt with the individuals involved and know their specifics. Personally, I would have your agent cancel the deal and look for another buyer. Unless you are wanting to sell now and are willing to continue working with this buyer. It seems to me that they are trying to force the deal together and its not working. Best of luck. May you have a successful closing (with this buyer or another) Oh WOW. You have alot of issues here and my heart goes out to you. I also live in Florida and have NEVER seen or heard of any Banks here that can close in 72 hours guaranteed. You should talk with a real estate Attny some do offer free consults. Legal action is your choice, but it may end up costing you more than you would end up getting. Good Luck Owner of 23 properties and have sold more than 10. So I guess its called personal experience to be honest with you, yes it is possible to close with another lender in 72 hours. all her paper work is in place, her mortgage company need to make couple changes on some documents, but i will say - it is possible. |
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