topic Re: How soon before closing do you get the clear to close? in Mortgage Loans

How soon before closing do you get the clear to close?

Anonymous — Sun, 04 Oct 2009 23:55:07 GMT

I have not been happy with my realtor, basically at all, and can't envision using him again, but I was told by my lender that you typically get the clear to close about a week before the closing date. My realtor told me that wasn't true when it is a longer closing.

For example I went under contract on August 29th when I asked for an October 15th closing we set September 28th for a mortgage committment letter date. However, at the seller's request, closing was set for November 2nd, but the mortgage committment letter date was not changed.

At this point I'm just trying to find out if my realtor is right or not. I am completly fed up with this buying a house thing. The seller is unreasonable, I don't think my realtor was that good, he never really gave me advice, showed me homes with standing water and mold all over the place, which FHA would never approve, and scared me that the sellers would outright cancel the contract because my attorney asked for an extension of the attorney review.

So now he's telling me that with a longer closing you should have the clear to close weeks before the actual closing date, and that my lender is wrong. Is my realtor? I would appreciate hearing from anyone whose got any kind of experience buying a home and getting a clear to close or being a loan officer and giving a clear to close.

At this point, I just want to be in the house, but I'm just curious if you guys think the realtor's right.

Thank you!!!!

Message Edited by woopah on 10-04-2009 04:55 PM

Re: How soon before closing do you get the clear to close?

Anonymous — Mon, 05 Oct 2009 02:48:43 GMT

We were given the clear to close about a week before closing. Our lender told us regardless of closing date (we were alternating between 9/15 & 9/30) we would have the clear a week before closing. We wanted 9/15 and were told we'd have the clear to close the week of 9/5. The sellers wanted 9/30 and we were told we'd have a clear to close the week of 9/26. I'd have to think the realtor is wrong and you only get a clear to close within a week or so of the closing date.

We ended up closing 9/14 and had the clear to close 9/4. Our lender also told us it's not uncommon to get the clear to close the day before closing.

Re: How soon before closing do you get the clear to close?

Anonymous — Mon, 05 Oct 2009 15:16:36 GMT

Re: How soon before closing do you get the clear to close?

Anonymous — Mon, 05 Oct 2009 15:26:20 GMT

I received my mortgage commitment letter on 9/4, Clear to Close on 9/29 & Closed on 10/1. I knew the LO had to do a final verbal verification of employment no more than 5 days before closing, so we would not receive the CTC before then. Good luck hope everything works out!

Re: How soon before closing do you get the clear to close?

Anonymous — Wed, 07 Oct 2009 23:39:08 GMT

I got mine a week before also. It is my understanding that to some degree, the files are prioritized by their "due" date so if your closing is weeks out, it can slip further down the pile. Good luck!