The commitment will expire when the oldest document expires. Lenders keep commitments current by refreshing documentation every 90 to 120 days. It's the borrower's responsibility to ensure they stay approved (I.E. Don't rack up a bunch of credit or do anything to damage your credit or get fired from your job, etc) until the sale is final. Most new construction is done in the manner mentioned. The builder is spending a lot of money to finish your home the way you want it, they want to know if they should cut bait after 45 days or if you're going to cash them out. This is also way you're required to put down a usually significant deposit to ensure you don't back out of the contract after the builder has put ten's of thousands of dollars into building "your" home.
Your lock will only expire if you don't get a lock for the appropriate amount of time. You can elect to lock for the entire duration of construction or stay floating until later down the road. Ultimately it's your responsibility to tell the lender when to lock you (you and your lender will discuss how that process is done and how you'll stay on top of the information you need to make an informed decision. Keep in mind, when you do a long term lock like this, lenders will ALWAYS require you to pay up to (possibly more) 1% of your loan amount as a deposit so you don't hop to the next lender everytime the market improves by 0.125%. Like stocks, you can't un-sell them once you pul the trigger. That being said, most lenders now offer a one-time float down option incase rates improve, then you can take advantage of the better rates.
At the end of the day, find a competent loan officer who can explain your options to you and set your expectations properly.... more
You can contact an buyers agent that understand the process and access to the information or check the public records in the court house or contact a service like realt trac or foreclosure.com. It depends on what you want and what you will do with the information when you receive it.
If you are going to purchase a pre-foreclosure property and do not know the process, you need to get a buyers agent that knows the process. I have seen people make big mistakes and for no reason because the buyers agent will not cost you anything. The seller will be paying the cost for you being educated and assisted.
Good Luck
Keith Manson
First WeberGroup
Certified Distressed Property Expert
Greenfield, Wisconsin... more
Hi Janetta,
You could go to the Brookhaven Town: 1 Independence Hill Dr, Farmingville, NY (631-451-TOWN) directly and find out the detail. If you can get the plan from the builder, bring to the town in Planning Dept or call that this ph# and they will direct you.
Do you have a Buyer Agent who is working for you? If you need any help please call or email me. I work in this area and I am very familiar with. I can help you find the house you are looking for. Good Luck..... more
We as Realtors are not permitted by law to answer any school questions; you may want to check with each district directly or you can look at MLSLI.com under schools or Newsday.com, under Real Estate, under neighborhood.... more
Chris Murphy,
You say "The fact of the matter is that no area is above the fundamentals of economics. Home prices must come into alignment with income levels." That's just not true. I can cite numerous examples of real estate markets all over the world that have in the past defied the fundamentals and the alignment with income levels to levels beyond belief. You have an admirable grasp of some quite complex issues, but you are missing some elements of the bigger picture, hence your conclusions are flawed IMHO. Theory is all well and good, but it doesn't beat experience where the rubber meets the road. To that extent, rely on Carol Bromm's response below, she is working her sector of the market, all day, every day. I would add to that real estate is never going to be worth nothing. Unlike stocks and bonds, you are investing in real property - which is land, bricks and mortar, where the cost of construction is also a factor in market value, o what someone is willing to pay for it. I wish you well, but a little knowledge is a dangerous thing... more