Has anyone ever heard of a bank that says that they can guarantee a home loan closing within 72 hour
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We have been in a real estate dispute (please read my other ?s i posted for more info) with a buyer on our residential property. We live in FL, she was supposed to close on or before 9-29 per the contract. We gave her a one week extension to no avail. The extension ended yesterday. Throughout this whole process we were told she had a commitment letter from her lender, and we were just waiting on them to release the packet to the title company. Yesterday we found out that she LIED to the lender and told them it was going to be a residential prop. (its going to be a rental property). Now the bank says she has commited mortgage fraud. I am assuming they wont loan her money now. So she wants until Tuesday to go to another bank, which she says guarantees to have you closed in 72 hours. Do you believe this? What legal action could we take against her? P>S> the buyer was going to be the Selling Agent + her mom. We had to drop the selling agents name off because of her credit.
Has anyone ever heard of a bank that says that they can guarantee a home loan closing within 72 hours?Reading your other questions, I feel for you. I am a licensed real estate broker and have checked with some mortgage brokers I know. The consensus is that an escrow can close in 72 hrs if all the paper work is in order all the way around, including financing.
In your situation it appears that financing is not in order. Very, very few underwriters are willing to guarantee a closing in 72 hours unless they have already dealt with the individuals involved and know their specifics.
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