How long does it take for BOC Guarantee Company to redeem the building?

After the bank issued a letter of commitment, the guarantee company issued an application letter to the bank to apply for the cancellation of the foreclosure. It takes 1-2 working days to pay the foreclosure money to the guarantee company, and the guarantee company will go to the bank you mortgaged to redeem the house. It usually takes 7 days from the time the guarantee company receives the foreclosure payment to the time it gets the bonus!

Redemption process of guarantee company

1. The buyers and sellers of real estate reach a transaction and sign a sales agreement;

2. The buyers and sellers of real estate choose a loan bank, the seller applies for a second-hand mortgage loan from the bank, the buyer applies for a second-hand mortgage loan from the bank, submits the information required by the bank, and goes through the down payment supervision procedures at the same time;

3. If the bank intends to issue a second-hand mortgage loan to the buyer after preliminary examination, it shall issue a second-hand mortgage loan commitment letter;

4. The buyers and sellers of real estate apply to the financing guarantee company for mortgage loan guarantee, sign the guarantee documents and submit the required materials to the financing guarantee company;

5. After the investigation and approval of the financing guarantee company, the buyers and sellers of real estate shall go to the notary office for full authorization notarization;

6. The seller or buyer of real estate shall pay the guarantee fee and handling fee to the guarantee company;

7. After the guarantee is approved, the financing guarantee company signs a guarantee contract with the bank;

8. After the approval of the bank, the bank lends money;

9. The handling personnel of the financing guarantee company shall go through the formalities of foreclosure, licensing, cancellation of mortgage registration and transfer registration;

10. After the certificate is issued, the financing guarantee company assists the bank to handle the mortgage registration procedures;

1 1. After the mortgage registration is completed, the guarantee liability of the financing guarantee company is released.