would like to ask, if after a commitment letter from a mortgage company, what liability to they have to have everything prepared for a home closing. In my case, the company, referred to by my credit union at work, has not have everything ready and I have now missed two home closings. Are they liable for any damages and what damages if so. What is the liability of the closing layer to make sure the home is closed on time. In my case the mortgage company referred me to the closing layer. Do they have a joint liability?
It depends….on several circumstances.
How long did you give them to close?
How far in advance did YOU give them everything that they need?
Then there are things that cannot be controlled:
1. Title work…this is beyond the control of the closing agent.
2. The payoff from the seller’s mortgage companies…this is beyond anyone’s control on how long it takes them to get it.
3. The appraisal…this is somewhat tricky….if it takes to long they will re-assign it…however, I have never seen a home closing get delayed b/c of a late appraisal.
Were there other problems? Did the title work have issues? Did the appraisal reveal zoning problems, flood zone, did you get your hazard insurance on time?
There are many factors to consider.
I don’t know where in the heck that Sassy works (my guess is nowhere in the industry), but MOST closings do occur on time.
Depends on what was missing. Did the seller fail to submit paperwork requested. Did the buyer or his lawyer fail to get it together. 90% of closing never occur as scheduled due to one party failing to get the paperwork in on time. You need to find out who was at fault before suing.
References :
You will need to show actual negligence on the part of the lender versus as posted above one party failing to have the proper paper work submitted on time, or incomplete paper work, or more info requested by the underwriter all these factors would not equate to negligence claim
Always have the right to consult a lawyer to review all the facts
References :
It depends….on several circumstances.
How long did you give them to close?
How far in advance did YOU give them everything that they need?
Then there are things that cannot be controlled:
1. Title work…this is beyond the control of the closing agent.
2. The payoff from the seller’s mortgage companies…this is beyond anyone’s control on how long it takes them to get it.
3. The appraisal…this is somewhat tricky….if it takes to long they will re-assign it…however, I have never seen a home closing get delayed b/c of a late appraisal.
Were there other problems? Did the title work have issues? Did the appraisal reveal zoning problems, flood zone, did you get your hazard insurance on time?
There are many factors to consider.
I don’t know where in the heck that Sassy works (my guess is nowhere in the industry), but MOST closings do occur on time.
References :