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Mortgage Commitment wording

Posted by Susan E. Wood on January 22, 2010 at 4:33pm in Short Sale Discussions

Does anybody know of any good mortgage wording that should be used to protect the buyer? what about the mortgage commitment date (e.g. approved, but what if only good for 45 days, and short sale doesn't get done by then?)

Thanks!

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Replies

Stephen B. McWilliam February 6, 2010 at 1:01pm

I wouldn't suggest that the Buyer go so far as to obtain a mortgage commitment prior to an approval. Could prove to be a big waste of time.
Kathy Toth January 24, 2010 at 2:09am

We have an addendum from CDPE that says everything is contingent on buyer, and sellers lender, and sellers approval of sellers lender terms. If buyer does not close in the 45 days above, an extension should be requested from sellers lender/s. We just had one that had a December tax bill come in and lessen the amount shllers lender would receive and sellers lender said NO. So the buyer has a choice to pay more or not. If not, we have to move on to buyer next. ouch.

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