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What happens after the contract-
Yay! You have a contract on your house! You are moving!
Slow down, not so fast- there are some "what if's" that can happen. It is this apparent down time that confuses both buyers and sellers- and they all come back to the Realtor, who is like a quarterback. Or if you like business analogies more than sports ones, the project manager.
 
What is going on? Why is there 4 weeks before closing? Why do we need to extend the contract? This came up on a recent (ongoing) transaction of mine, in which I represent the seller. Below is what I explained to her:
 
The steps the lender takes, once they have the signed sales agreement:
1. processing- gathering all of the bits and pieces- jobs, bank statements, rental history, credit, appraisal. Ordering titlework. 2. Underwriting- reviewing all of those bits and pieces, and finding something wrong and making people explain all of it, for the 3rd time. 3. USDA- reviewing everything, and making sure the processing and underwriting didn't miss something. It seems like they always catch something- or backed up themselves, due to the shear number of applications they receive. 4. Back to bank for closing dept- ... more

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