Approved For A Loan? You Better Close As Quickly As You Can!

By
Real Estate Agent with Better Homes Realty - BH Referral Associates

Last week I was supposed to close on a contract.....Hooray!  Well it seems there were a few delays...I can't blame the buyer...or the selling agent..or the loan officer.....there is no point in blaming..

The reality is...

Approved for a loan?  You better close quickly because guidelines seem to be changing every day! While the loan was approved...a few conditions popped up...not extraordinary conditions but conditions you would not expect for an A + borrower.  Conditions that would require everyone to sit and wait...

Not good especially when trying to close on a short sale. Times have changed...loans have changed..and so has the criteria to obtaining and closing a loan.

Approved for a loan?

Take my advice and close as quickly as you can..otherwise you may in fact..remain a tenant!  Interested in buying Daytona Beach real estate?

Midori Miller and her team service all of Flagler and Volusia county which includes: Oak Hill, New Smyrna Beach, Edgewater, Ponce Inlet, Port Orange, Daytona Beach, South Daytona, Daytona Beach Shores, Holly Hill, Ormond Beach, Ormond by the Sea, Flagler Beach, Palm Coast and all surrounding areas. 

VIEW MLS LISTINGS NOW!      CONTACT MIDORI MILLER        SUBSCRIBE TO THIS BLOG!

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Home Buying
Location:
Florida Volusia County Daytona Beach
Groups:
All Things Florida
Mortgages
Realtors®
Short Sale REALTORS®
The Ninety-ninth Percentile
Tags:
closing a loan
you better close quickly
guidelines change
more closing conditions
daytona beach florida real estate
midori miller

Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the tag to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the lock to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Show All Comments
Rainer
320,761
Chip Jefferson
Gibbs Realty and Auction Company - Columbia, SC

I am telling all my approved buyers this same thing. Money is still tight even with this stimulus package. Rates are also climbing to higher levels than they have been.

October 19, 2008 06:51 AM #1
Rainer
139,370
Harold "Hal" Place
A1 Connection Realty, Inc. - Sun City Center, FL

Morning Midori,

Fortunitly most of our buyers pay cash for their properties, however there are some that don't. Those that have financed usually are A + and are able to process and close within a four week period.

You are correct though, with today's ever changing market, qualifying criteria can change daily and hold up the process for days and in some cases kill the deal.

October 19, 2008 06:55 AM #2
Rainmaker
334,914
Ann Cummings
RE/MAX By The Bay - NH and Maine - Portsmouth, NH
Portsmouth NH Homes - Service With a Smile!

Hi Midori - great advice, and I'm telling my buyer clients the same thing. Money is out there for the borrowing, but the guidelines seem to be ever-changing and at the drop of a hat another 'requirement' pops up, in addition to another appraisal, etc.

Ann

October 19, 2008 06:56 AM #3
Rainer
339,851
Kris Wales
Keller Williams Realty - Lakeside Market Center - Macomb, MI
Real Estate Blog & Homes for Sale search site, Macomb County MI

Midori, Friday I heard the news "approved" from a mortgage lender and am still holding my breath til closing (a few weeks away)  Even with the A+ buyers things go wrong and a product gets pulled.  Wise wise advice.

October 19, 2008 07:05 AM #4
Rainer
15,942
Barry Bridges
Barry Bridges Weichert Realtors Bridges & Co. - Smith Mountain Lake, VA

It is a little more difficult but just be prepared and be ready at a moments notice. When more info is requested jump on it immediately. It really is not that difficult if you react quickly.

This is a great time to buy. I have been busier in the last month than I have been in the last year.

October 19, 2008 07:08 AM #5
Rainmaker
630,067
Don Rogers
Keller Williams Realty Chesterfield - O'Fallon, MO
Realtor, Broker, CDPE, GRI, OnullFallon MO & St Charles County MO homes

Good morning Midori,

I think there is no sure closing until the check has been given to the seller at the closing table and that is the way it is going to be for a long time to come.  We will all be holding our breath until the crisis is over.

Have a GREAT day.

October 19, 2008 07:10 AM #6
Ambassador
895,326
Missy Caulk
Missy Caulk TEAM - Ann Arbor, MI
Realtor - Ann Arbor Real Estate

Midori, you are right seems I get lender updates all the time, at least weekly. We were pushing to get some first time home buyers settled in before the FHA guidelines changed. Some did and some didn't.

October 19, 2008 07:33 AM #7
Rainmaker
574,610
Neal Bloom
Keller Williams Properties, Weston FL - Weston, FL
Realtor CRS-Weston FL Real Estate

Just like when you can lock in a rate...the they should lock in guidelines..it's all just a bunch of crap...why bother getting someones hope up just to give them bad news at the end...I'm so sick of the poor excuses.

October 19, 2008 07:48 AM #8
Anonymous
Anonymous
Anonymous

Midori,
Yes, a client of mine learned this the hard way!  I agree with Neal, it just does not seem fair to make a promise and then change the rules.

October 19, 2008 08:32 AM #9
Rainmaker
67,428
Ron Wysocarski
The Wyse Home Team / The Wyse Condo Team - Port Orange, FL
Real Estate Agent - Pricing Specialist, Daytona Beach Florida

You make an excellent point. It is critical to have a strong communication line with your lending partner. While we try to anticipate as many of the land mines as possible, it seems that almost every deal has something that comes from out of the blue. Reacting fast is the key...before they "find" something else.

October 19, 2008 08:50 AM #10
Rainmaker
52,674
Christina Moock
Cutler Real Estate - Canton, OH
REALTOR - Cutler Real Estate

We never know what to expect anymore.  I feel as if everyday is my first day of real estate.

October 19, 2008 11:55 AM #11
Rainer
19,775
Tony DeLuke
Markley Realty - Cuyahoga Falls, OH
ABR, GRI, SFR

Midori,

   I agree. The sooner to closer the more likely that it will. Great points in today's environment!

 

October 19, 2008 02:11 PM #12
Rainer
152,569
Fred Chamberlin
Guild Mortgage Co - Oak Harbor WA - Oak Harbor, WA
Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant

Midori, when I approve someone for a loan, it is good for at least two hours. If you can't close in that length of time, oh well. LOL

If someone is unconditionally approved, the change in guidelines shouldn't change from approval to closing. Conditional approvals are a different situation.

October 19, 2008 02:31 PM #13
Rainmaker
592,533
Lisa Hill
Florida Property Experts - Daytona Beach, FL
Daytona Beach Real Estate

I've been SO blessed! My last 3 were so smooth... with the clients anyway. (One of the agents was the only problem.) Oh, and my last one was cash. Woot! Gotta love cash!

October 19, 2008 08:14 PM #14
Rainmaker
362,135
Susie Blackmon
Ocala, FL
Ocala, Horses, Western Wear, Horse Farms, Marketing

Hi Midori, my last closing wasn't problematic, so to speak, but good heavens, the lender was paranoid!

October 20, 2008 04:08 AM #15
Ambassador
1,505,263
Tammy Lankford
Lane Realty - Eatonton, GA
Your Lake Sinclair Expert (706-485-9668)

We've had several this year where a loan officer told us they were approved and given up commitment letters.  The approval came via automated underwriting.  They WERE NOT approved.  An actual underwriter had not signed off.  We closed in one instance and not in another.

October 21, 2008 08:43 PM #16
Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the lamp to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Show All Comments
Rainmaker
457,959

Midori Miller

Homes In Fort Lauderdale, Real Estate Training - R
Ask Me Anything!
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the world to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Additional Information