I am a first time home seller and we accepted an offer for 3% down conventional loan through Ulster County Savings bank (a local lender in the Hudson Valley).
Contracts were executed on 12/22. It is now 2/4 and we still don’t have a mortgage commitment from the buyer.
The title came back mid last week clean and clean municipal and house appraised at full value.
We had christmas eve, christmas day, NYE, New Years day, MLK day and a snowday that could cause delays.
Is it normal this time of year, with a local lender, to not have a mortgage commitment 43 days of being in contract?
Commitment Letter from my buyer Question
byu/Salty_Cut_2714 inRealEstate
Posted by Salty_Cut_2714
4 Comments
Nope. Your agent should be in contact with their lender to see what the hold up is.
probably a credit problem, tell them to go with a broker
How long did you allow them to get a commitment in the contract?
That’s way too long even with holidays – most lenders should have commitment letter within 30 days max. Ulster County Savings is decent but 43 days is pushing it, especially since appraisal came back clean already
I’d have your realtor contact buyer’s agent today to get status update from the lender. Could be they’re just slow or there might be issue with buyer’s finances they haven’t disclosed