Has anyone ever heard of a bank that says they guarantee a home loan closing within 72 hours of course?

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We have a real estate dispute (please read my other? If written for more information) with a buyer on our residential real estate. We live in Florida, it was suspected that close of 9.29 per contract. We gave him an extension of a week without success. The extension ended yesterday. Throughout this process, we were told she had a letter of commitment from the lender, and we expected to wait for the release package to the company. Yesterday we discovered that they lied to the lender and told them it would be a residential property. (It would be nice to rent). Now the bank says it has committed mortgage fraud. I guess they tend to buy the loan of their money. He plans on Tuesday to another bank that says they will guarantee closed within 72 hours. Do you believe that? What we can take legal action against them? P> S> the buyer wanted to be the sales agent for more than their mother. We had to abandon the selling agents as name, because his credit.

  1. Reply
    April 29, 2011 at 11:44 pm

    Oh WOW. You have alot of issues here and my heart goes out to you. I also live in Florida and have NEVER seen or heard of any Banks here that can close in 72 hours guaranteed. You should talk with a real estate Attny some do offer free consults. Legal action is your choice, but it may end up costing you more than you would end up getting. Good Luck

  2. Reply
    April 30, 2011 at 12:00 am

    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.

    Personally, I would have your agent cancel the deal and look for another buyer. Unless you are wanting to sell now and are willing to continue working with this buyer. It seems to me that they are trying to force the deal together and its not working.

    Best of luck. May you have a successful closing (with this buyer or another)

  3. Reply
    April 30, 2011 at 12:37 am

    to be honest with you, yes it is possible to close with another lender in 72 hours. all her paper work is in place, her mortgage company need to make couple changes on some documents, but i will say – it is possible.

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