topic Re: Foreclosed 60 Day Closing Date in Mortgage Loans

Foreclosed 60 Day Closing Date

Anonymous — Thu, 05 Nov 2009 21:28:01 GMT

Our offer was accepted on a foreclosed house. The bank came told us that the closing date will be on or before 60 days. Is this normal, and if it is why? Is it possible for them close in 30 days? Thank you for reading.

Re: Foreclosed 60 Day Closing Date

Anonymous — Thu, 05 Nov 2009 22:07:48 GMT

I'ld also like to note that we are putting 20% down and are going conventional loan. What's the hold on the bank?

Re: Foreclosed 60 Day Closing Date

Anonymous — Thu, 05 Nov 2009 22:20:46 GMT

I bought a foreclosed home too. offer accepted 02 Oct. My file is with the underwriter now, expected cloing date is 12th Nov.

I am financing with the same bank that owns the property now, so it will be quicker, and they are giving me appraisal/credit report/survey free.

they also told me that they will charge me $50 per day if i close after Nov 12.

So i hope they wont delay my loan process, but LO doesnt seem to care about that though.

Re: Foreclosed 60 Day Closing Date

Anonymous — Fri, 06 Nov 2009 18:51:33 GMT

Do you have a Lawyer? Realtor? They should be able to answer that different banks do things different ways

Re: Foreclosed 60 Day Closing Date

DallasLoanGuy — Fri, 06 Nov 2009 18:55:18 GMT

@Anonymous wrote:
What's the hold on the bank?

i think noone wants to sign off on anything. it makes the process grueling

ask your realtor. as different banks handle these deals differently