The negotiating is over and an agreement to buy/sell a piece of property seems set? What are the last minute issues around your real estate settlement?
Has the loan commitment been received?
Even if the buyer has a loan commitment, the current loan climate makes us as agents for buyers and sellers cautious until the final underwriting has taken place. It is possible that a transaction with a loan commitment could still fall apart. What is a loan commitment?
The lender has received an application from the borrower and has done a credit check, evaluated income and debt ratios, and has received an appraisal report showing the value of the property will secure the amount of money for the borrower ’s transaction.
There are often last minute questions and requests from lenders-even after the appraisal and commitment. It is in the final underwriting or reviewing of all of the loan application documents that sometimes causes delay. The lenders look long and hard before making loans today. What is your defense? Work with good people; agents and lenders, and ask lots of questions.
