Is the "holdover clause" for 60 days after contract expires valid?

If you have a commitment from the lender, then they cannot just change their mind unless they found something wrong with your application (i.e. undisclosed credits, wrong information on income source, different source of down payment as what was presented initially) . If you do not have a written commitment from the lender and you only have a verbal commitment, it may be difficult to bring them to court. The way we do pre-approval is like getting a real mortgage - submit all relevant documents up front and get the lender give us a mortgage commitment good for x-days . This assumes that your financial condition would be the same or better when the mortgage application with a property is submitted.

If you are in vancouver I can help you. I work with lots of lender and will find the right lender that will give you a loan. Email me at: lindatruong@live.ca

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I made an offer on a bank owned property. they accepted. my lender is fbc mortgages and i'm fed up with my incompetent agent. i've never even met him and he's made so many mistakes already. when we made the offer on the house the seller wanted updated proof of funds and a pre-approval letter from a lender. they accepted our offer and sent over addendums and those were signed... i still haven't received the signed papers back. but would the seller care if i suddenly changed lenders? i'd be going to a more reputable lender, it would only be better for the seller's security. i think if i submit it within 3 days i can do it right? heres what my contract says: buyer agrees to submit to seller at time of acceptance of contract a letter of prequalification from a direct endorsement lender, based on a review of income, debt, assets, and credit report, stating a reasonable belief that the buyer is expected to qualify for the financing as proposed in the contract, if the buyer is unable/unwilling to submit this letter at time of acceptance of contract, then at the option of the seller, this contract shall terminate. buyer agrees to submit a complete loan application with lender required information for loan qualification within 3 days of seller's acceptance of this offer, buyer agrees to use buyer's best efforts to obtain financing under the terms and conditions outlined in this contract. if buyer does not submit the required information in the above time frame, buyer is in default of this contract. buyer hereby authorizes lender to provide loan status updates to seller, and seller's and buyer's brokers. am i obligated to fbc? can i sneak a cfe application in real quick? what about if i told the fbc guy to lock in my rate? i didn't sign anything other than the initial loan application a few weeks back. he sent me some papers to sign but i haven't done anything yet.

The seller doesn't care, as long as you come up with the money by the closing date specified in the contract. If you believe another lender can close by that time, then go with another lender. Just be diligent about it. You are still required to make a good faith effort to obtain financing. Submitting a loan application in the next day or two is "good faith." Waiting until three days before closing would not be good faith. But, be fair to the FBC guy. If you don't want to go with FBC, then let him know.

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Hi i need timely advice. i am under contract to buy a home. after a lot of negotiating with hard balling sellers i accepted the home inspection contigency. (the roof is illegally installed so they gave money towards it) i had food poisoning and was running a 104 temp when i was dealing with them. i realised that because of 2 of the 4 bedrooms are not heated and are in an attic that they can't be called bedrooms. the comps change dramatically with this house only considered a 2 bedroom. :( now its too late to use home inspection as get out clause. and the re agent is related to the sellers so her attitude is that i should just buy it and sell it immediately if im not happy. my mortgage lender may have just ordered an appraisal. is there anyway i can ask my mortgage person to turn me down ? im putting down 50%, so is it impossible for my mortgage person to say i was denied ?should i tell them the new facts ? im really freaking out here. any help incredibly appreciated

Wow, I'd hate to be the agent representing the sellers. Our opinions: Tell your lender the story and watch what happens. Don't ask the lender to do anything but tell them to act in their best interest. Did you get a seller's property condition disclosure prior to the inspection? Was the inspector provided with such a disclosure? In any event you really do need to do some detailed research on what can and can not be done not just according to the feds but according to your state laws. Here are some links to get you started: LAWS: http://www.libraries.psu.edu/socialsciences/legal/st_stat.htm State’s Laws passed in 2004: http://www.legis.state.pa.us/WU01/LI/LI/CL/ACT/20040.HTM State bar Association: http://www.pabar.org/ You should go to our educational research page and research what the feds and other government agencies say about all that. http://www.realestateformnm.com/ResearchLink.html Buena Suerte

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We have had our home on the market for about 2.5 months now and have a buyer. we have accepted an offer from them but no contracts have been exchanged and we have not heard back from their mortgage lenders surveyor yet etc (they are first time buyers). there is now a possibility we may not need to move and just wondered if it would be possible to pull out at this stage and take our home off the market. if so would we be liable to pay any fees? the only thing we have signed with the ea is a sole agency agreement which lasts for 16 weeks (so still have a little while left on this yet). as far as i can see it says nothing about paying fees if you change your mind and take your house off the market... what is standard practice in a situation like this?

Well yes, you can pull out of the deal but has the buyer lost any fees to date? They won't be too pleased with you as they have acted ( so far ) in good faith and you have simply changed your mind. As for the selling agents, well they have successfully introduced a buyer although of course, their billing wouldn't take place until completion of the sale. You really need to ask the agent this very question on the understanding that the change of heart has occured , possibly through no fault of your own? Commission is sacrosanct to estate agents and is normally paid from sale proceeds, so perhaps they will make no charge in that case ( except a gnashing of very expensive teeth ! ). Good luck ...