we put an offer in…the sellers accepted….but the sellers can’t close until the summer. Why would their agent want to know where we are with our mortgage (we were pre-approved) when we have plenty of time to apply given that we can’t lock into a rate from now until the summer (without paying for extensions that is). They want the details of our mortgage in order to move on going to contract. am I missing something?
Mrs. dleeny
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Re: help...trying to get to contract!
why would a seller put their house on the market now and not want to close for several months? like you said, you can't lock in a rate without paying for an extension, try and negotiate that with the seller. see if they will pay for the interest rate extension.
snowprincess805
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Re: help...trying to get to contract!
you might do better with closing now with rates good and having the sellers rent from you till the summer - not uncommon
kaklesmay
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Re: help...trying to get to contract!
They may just want the comfortability that you have approval before going into contract, spending the next few months in contract, and it falling through at the last minute because you couldnt get financing.
Then they would have to start marketing it all over and wasted all that time.
Im guessing...
csorisi
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Re: help...trying to get to contract!
The agent wants to know so that they can ensure that this will go forward & that they will get their commission. They will continue to call till those contracts are signed mine did.
LIbride77
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Re: help...trying to get to contract!
yeah you guys were right.
I can't believe how stressful this whole thing is! there are so many people involved and they all tell you what they think is the best way to handle this or that situation. just makes you second guess yourself. ugh!
csorisi
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Re: help...trying to get to contract!
It is very hectic before the contracts are signed I felt that people were calling me everyday. I would see if the sellers wanted to pay you rent or even your mortgage payments so that you can lock in a rate. The reason I say this is because rates are going up daily in some cases & you want to get the best rate. If you lock in a rate now it could be good for 60 or 90 days depending on the bank. In the end the sellers may only have to pay 1 month to you. Definitely discuss this with your lawyer and or mortgage broker/bank to see how long you can lock in without paying for it.
EJSD2006
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Re: help...trying to get to contract!
Posted by csorisi
The agent wants to know so that they can ensure that this will go forward & that they will get their commission. They will continue to call till those contracts are signed mine did.
as a real estate agent, i would have to agree. we stay on top of things to make sure that all of our hard work pays off in the end. if it was you, wouldn't you do the same thing? however, your realtor should be talking to your attorneys and not constantly bombarding you with questions. that's what you pay attorneys for, let them talk to each other.
with regard to your mortgage, your realtor (unless they are new at this) knows that your mortgage commitment is only good for 30 days and then you have to pay for extension fees. did you provide her with an approval letter? if not, that's probably what she's looking for.
