Re: How long does it take to close? (…long) - Posted by Stew (NE)
Posted by Stew (NE) on May 14, 2000 at 24:25:05:
Ed is a much more experienced investor than I, but I have been around business in general for a while and he is right, tell the truth (as best as you know it to be). However, it won’t do you any good to “assign blame now” just learn from it. I have learned that emotions run high when money is involved. Step back and look at the facts of the case.
Have you signed a purchase agreement that states what date that the closing has to occur?
(If it is at least 30 to 60 days, you are probably OK)
Impression don’t count for a lot, Ask the seller now, Before he accepts your offer, when did he or she expect for closing to occur. And then shut-up and listen. If he tells you earlier that 30 days. Ask him when doe he really need to have his money (Shut-up again) Find out what that need is (Leaving town, sick relative needs plane tickets, etc) Whatever the actual need is find a way to fill it.
If the seller finds out that you were preapproved for more… How would he? Are you going to tell him? Your lender won’t tell him? There are no documents that I know of that will tell the buyer that you have been pre-approved for whatever.
I had my mortgage broker make out 4 preapproved letters with 4 different values. So depending on which price range I am shopping in I can pull out the one that matches my offer. I don’t say that this is ALL the money in the world that I can borrow. (Did you say that?) I make my offer and say that I have been preapproved for this offer I am making. This also helps me stick to the price that I have done my homework on. When we investors shop for our own homes, it’s hard not to let emotions sway you. Good luck and remember there is always another home around the corner that is “perfect for you”