Financing in Taylors>Question Details

Kelsey, Home Buyer in Stamford, CT

BofA says they do not issue 'clear to close' letters EVER. My seller won't set a closing date without one. Catch 22!!

Asked by Kelsey, Stamford, CT Tue Nov 23, 2010

I am putting 40% down, great credit, no issues, etc,.BofA has issued a conditional approval letter (albeit with no conditions). Because the letter specifically says it is 'conditional' and that it is not a 'commitment' my seller will not accept it and agree to a closing date. The real problem is that the seller inserted a clause into the agreement that says he wants 30 days after the mortgage contingency is released so he can sell all his furniture. His fear is of ending up with an empty house to sell. I work for BofA and have gone 8 layers up the chain and they still insist they do not provide a 'clear to close' letter and that this letter is the highest form of approval they have. Any remaining docs can only be produced once we have a date but we can't get the date until the seller is comfortable. This is ridiculous!! Has anyone seen a clear to close issued so far in advance?

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Andrew Luett’s answer
Hi Kelsey,

I'm so sorry you're going through that with Bank of America. I've actually closed several purchases this year for borrowers who ultimatley couldn't get a loan from BofA. They are notorious for delaying/not fully approving loans.

Please feel free to contact me directly, I'd be happy to help. We are able to lend in CT and provide a clear-to-close mortgage commitment on every purchase transaction.


0 votes Thank Flag Link Tue Nov 23, 2010
You work for BofA, and so you know this probably cannot be done. Did anyone there explain to you why? I think your agent needs to get into serious talks with the listing agent to make sure the sellers and listing agent understand your situation, and make whatever amendments or clarifications to the contract to allow the sale to go to closing. Why would they risk losing a good buyer over something like this? If you feel your agent is not able to negotiate this successfully, maybe you can tactfully suggest he or she get their broker involved. This is one example of the type of situation that good real estate agents (and their brokers) should use their experience and training to a) avoid, b) resolve - and why we encourage buyers and sellers to use a Realtor. Neither agent makes money unless the deal goes through - make them work for their money!
0 votes Thank Flag Link Tue Nov 23, 2010
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