If your mortgage pre approval commitment expires you will have to apply for the mortgage again . The maximum that a pre approval can last is 90 days.

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The "time being of the essence" deadline set by our lawyer ( which was extended from original dec 17th tboe) for jan 7th is coming fast. buyers still don't have a mortgage commitment. we are going up to the house (14 hr. drive!) to check on the house. we will be staying at a hotel. if they are ready to close we'll do the walk through then also. if they don't have a commitment letter we don't feel comfortable having them come for the walk through. we will do so only with an ok from our lawyer. would this be right? they want another extension to get a commitment! we say no.our lawyer is prepared to close on the 7th. is it possible they can get a commitment and close on the 7th? we will give an extension only if they have a letter of commitment by the 7th. we plan on leaving at this point on the 6th and only return if they are clear to close as soon as possible. will this be ok? we don't think they can possibly close on the 7th.

It sounds like they are having problems getting the loan. Your agent should call the lender directly and talk with them about the issues that are holding up the loan. In regards to the drive. If you don't want to drive, I would wait until the loan is approved by underwriting with all conditions met. I assume that the walk-thru is JUST!!! to make sure that the house is STILL!!! the way it was. I HOPE!!! that this is NOT!!! the actual home inspection with a home inspector. If you do drive, I would do the walk-thru, even if it doesn't settle. This way, if you need to go back home, you can give the lawyer power of Atty and have them sign the papers. FOr the seller, there is very little for you to do at settlement. You really don't have to be there.

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Ok i'm 100% sure i want the iphone 4g but doing some research about the newly released phone has gotten me much confused. my mom has a cellphone with at&t and this is going to be my first cellphone. but according to gizmodo "here's how it breaks down: $200 and $300 for 16gb and 32gb model, respectively. this is true only if you're a new customer, your contract is over, or—and this was unexpected—your contract is set to end at any time in 2010, meaning some can take the dive six months early, and effectively shorten their total commitment to at&t by up to six months (as opposed to waiting half a year for their contracts to expire before upgrading.)" what exactly does this mean to me a person who is going to get a new phone, but parents already have phones and plans with at&t

Nothing. All it means is that AT&T has loosened the upgrade eligibility rules for existing customers. If your parents' contracts expire by the end of the year, they would be eligible for an upgrade to the iPhone 4. BTW, it's not "newly released." It will be released on June 24th.

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The full details of the situation follow the first paragraph the time being of the essence extension deadline expires jan 7.we do not have a firm mortgage commitment in writing from the buyers from a lender yetthat is 6 banking days from now! also, if buyers want to do walk through they were given the option in contract to do it 48 hours before.that only gives us 4 days to get ready.we live out of state and need a full day for traveling. we will need time to get lodging, get paperwork from the bank in order like the payoff for our mortgage.we will need to have the tax adjustments,and fuel and other stuff essential to closing made available.the more i go over this in my mind the less likely closing seems to be able to happen! we want to know asap as to whether they are ready to close.their agent has only said"it looks very promising for them".how long does it take for a bank to approve a mortgage?they applied to this bank over a week ago.they have been at this for over 2 months! can we demand to get a mortgage commitment in writing by tomorrow? ***the following is the question asked prior with full details will we be entitled to the buyer's deposit? we are in contract to sell our home. the buyer's had a mortgage commitment contingency clause. the clause specifically stated that they had to get a mortgage within 30 days of contract signing. it also stated that they had to let the sellers know whether or not they obtained the mortgage within the 30 days or the contingency would be waived and the contract would be binding. if they gave notice that they couldn't they or the seller could cancel without penalty. they did not give notice and we found out they did get a mortgage but they didn't like the terms. also, because they didn't notify us they didn't allow us the option of canceling. they got another mortgage but again did not like the terms. our lawyers sent a time being of the essence letter. their attorney was upset. we then offered them an extension of the time being of the essence. now their lawyer is again upset cause they wanted an extension of the contingency. he is threatening on challenging this so they won't give up their deposit. it sounds to us that they have no intention of trying to get another mortgage because they just can't get the amount and rate that is acceptable to them. we heard through a reliable source that they have no credit history and are having concerns with the monthly payments that they will have. we don't want their deposit but instead really want to close on the house. however, after all is said and done we have paid an extra month's mortgage taxes, maintenance, fuel electric etc on this house. ( we have been moved out for over a year) there were also verbal promises of closing within the 30 days and that they were "good for the money" . we,again, gave them an extension for closing to get a mortgage but they are upset. it seems they wanted another mortgage commitment contingency! sounds like their now trying to get out of the contract without penalty? we will not be the ones to default. their lawyer told our layer they will challenge the extended time being of the essence . what a mess! we're hoping it won't come to that and we will close on the house. they have to understand that the market is killing sellers everyday. the longer our house is tied up in this contract the more chance we will not be able to sell at this price when they finally cancel! are we entitled to the deposit at least?

"Time is of the essence" means exactly that. If one of the parties to a contract with that stipulation cannot perform the terms by that date, then that party is in breach of contract. The remedy is breach of contract damages, which in your case is the deposit (presuming your contract states that the deposit is "liquidated damages.") (BTW, "Time is of the essence" only has an effect if it is in the original contract. It is meaningless in an after-the-fact letter.) If I were in your shoes, I would say enough is enough with these deadline extensions. I would say that if buyers want another extension, then they must pay $X for that option. But, that's just me. Suggest it to your lawyer. Verbal promises are pretty much meaningless. Get it in writing. Also, if they got a mortgage, then they met the financing contingency, which means they cannot back out on that basis. Unless, of course, the financing contingency laid out specific terms for the financing, and the buyers were not able to get a mortgage within those terms.

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Our home is in contract. the buyers have yet to get a mortgage commitment and they have let the mortgage contingency clause expire. today was suppose to be closing as they were sent a time being of the essence clause. we have extended the time being of the essence. we are now being told that they don't get the mortgage they want (they do have a mortgage commitment but at a high rate and now say they can't afford the payments.they have refused to accept it) we should lease the house to them. we really don't want to get involved with this type of transaction. also they would only be giving a 5% down payment. we really don't understand how a lease works. something just isn't right with this whole deal! we really just want to close .

Tell them their offer is unacceptable and give them what you consider a reasonable amount of time to vacate. You never intended to lease and doing so under these conditions is only asking for trouble. Letting them Occupy the house was a big mistake not to be repeated. It can take up to 3 months to evict them if they refuse to comply and in the meantime enjoy freeloading without paying rent. You really need to consult your attorney about this situation.