lending: Last Minute Term Changes Could Effect Closing Date! - 03/25/16 01:49 AM
It happens…buyer and seller re-negotiate the sales price or add credits after inspections have been completed.
Just a year ago, we would address these changes on an addendum, send to the escrow office and lender (hopefully before the loan docs have been prepared) and we were good to go!
Now, every change must be approved by the buyer FIRST before loan docs can be ordered. Here is the tricky part. They must be allowed 3 days (Sundays and holidays excluded) from receipt of the Closing Disclosure (CD) to review the change before anything can happen.
This is a result of a new lending law … (4 comments)

 
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Diana Turnbloom

The Leading Expert in TC Services & Education

Martinez, CA

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Escrowcoord.com

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