penalty clauses: Writing Offers on REO’s - 05/07/09 02:40 AM
1. First and foremost, come prepared with a pre-approval letter from your lender (not a pre-qual). Some banks will require that you be pre-approved by their lender, although you are not obligated to use that lender.
2. If your lender has requested documentation from you, get it to them immediately. If the bank counters with a shorter loan contingency removal, you’ll have less time to get the package submitted to the underwriter.
3. Have funds available and immediately verifiable for your down-payment.
4. Price is not the only factor to be considered, but the other terms of your contract can … (2 comments)

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