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. He told me that Wells Fargo has targeted June 11th (this Friday) as a date for having in hand all buyer's lending documents (bank appraisal, seller's bank approval, etc.) in order to assure being able to get me $$$ to close escrow by June 30th. He said that Wells Fargo and other major lenders are all in that same situation in trying to process new loans.
In my case, I am still awaiting Bank of America's approval, but in order to meet Wells Fargo (my lender's) date of Friday, will have to take a risk in paying for a full Wells Fargo apprai$al on Tuesday (short of $500) in order to make sure that the appraisal is back by Friday. Obviously there are no guarantees and I could stand to lose the appraisal money if Bank of America does not accept my offer this week. For me, this means moving mountains tomorrow on the Bank of America side, via the seller's agent, and doing whatever I can on my end to flush out the BoA acceptance. Congratulations on your acceptance. It gives me greater hope that mine could be in progress.
Good luck. Meanwhile I have written my Congress person, State Senators, and the Prez, asking for an extension of the 6/30 deadline for the numerous first time home buyers who earned the $8K credit by entering binding contracts on/before April 30th but are at the mercy of losing credit by banks inability tor complete the escrow close by 6/30. I am not giving up on buying my little house and I do need the $8K to get rid of the non-mortgage paying termites . =)
Julie R. said:. He told me that Wells Fargo has targeted June 11th (this Friday) as a date for having in hand all buyer's lending documents (bank appraisal, seller's bank approval, etc.) in order to assure being able to get me $$$ to close escrow by June 30th. He said that Wells Fargo and other major lenders are all in that same situation in trying to process new loans.
In my case, I am still awaiting Bank of America's approval, but in order to meet Wells Fargo (my lender's) date of Friday, will have to take a risk in paying for a full Wells Fargo apprai$al on Tuesday (short of $500) in order to make sure that the appraisal is back by Friday. Obviously there are no guarantees and I could stand to lose the appraisal money if Bank of America does not accept my offer this week. For me, this means moving mountains tomorrow on the Bank of America side, via the seller's agent, and doing whatever I can on my end to flush out the BoA acceptance. Congratulations on your acceptance. It gives me greater hope that mine could be in progress.
Good luck. Meanwhile I have written my Congress person, State Senators, and the Prez, asking for an extension of the 6/30 deadline for the numerous first time home buyers who earned the $8K credit by entering binding contracts on/before April 30th but are at the mercy of losing credit by banks inability tor complete the escrow close by 6/30. I am not giving up on buying my little house and I do need the $8K to get rid of the non-mortgage paying termites . =)
I wanted to do the appraisal before getting the approval from BOA and the person who is doing the home loans for me told me that only a lending institution can do an appraisal and can be done only after the final contract/approval is made???
Listing agent needs to request extension from the negotiator. I received extension twice so far on different properties one 14 days, the other one 8 days. Good luck!
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