My wife and I have made an offer on a house, that was accepted by the Seller. We signed a Purchase & Sales agreement over the weekend. A condition in the agreement is that we apply for a mortgage within 5 days.

The Seller is out of town, and hasn't yet signed the agreement (it is now Wednesday). My question is: when do the 5-days start ticking...after we sign the agreement or after the Seller signs the agreement?

Our concern is that we will apply for a mortgage (and pay the fees), and something will happen that will cause the Seller to not sign the agreement, and we will be out a couple hundred dollars.

Thanks very much.

Why are you paying "fees" just to apply for a mortgage?

You have no contract until the seller signs it. At that point, your five days will begin.

You shouldn't have to pay any fees to apply for a mortgage. You can get pre-qualified and get the ball-rolling even before you find a house. I am able to do loans in Rhode Island, if you need my help just let me know.

Kelly Hall
khall@1stmetro.net

We are pre-qualified through a lender. You've answered my question re: when the contract becomes official. Thanks for the feedback!