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. 

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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

Comments 16 New Comment

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Rainer
19,775
Tony DeLuke
ABR, GRI, SFR
Markley Realty

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
Rainer
151,319
Fred Chamberlin
Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant
Guild Mortgage Co - Oak Harbor WA

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
Rainmaker
592,509
Lisa Hill
Daytona Beach Real Estate
Florida Property Experts

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
Rainmaker
362,135
Susie Blackmon
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
Ambassador
1,389,992
Tammy Lankford
Your Lake Sinclair Expert (706-485-9668)
Lane Realty

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 08:45 PM
Anonymous
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Rainmaker
453,932

Midori Miller

Homes In Fort Lauderdale, Real Estate Training - R
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