Your Loan Is Approved, No It Isn't, Yes It Is, No It Isn't

Real Estate Agent with Keller Williams Realty Professionals MN Broker #40288835

Until a Buyer or the Buyer's Agent hears those beautiful positive words-"Clear to Close", the whole closing and actually owning the property is uncertain. Your approval prior to that may well mean- "You are approved to continue and see how this loan process works out for you" and "Maybe you can buy property".

Kathleen log cabin

Original content by Dave Halpern

Here's another reason buyers need a professional Realtor in Louisville and frankly anywhere;

Realtors understand the language the mortgage brokers and loan officers use when they give status updates.

It's amazing how many times the buyer can be told they are approved for the loan but then be told there's a problem or the underwriters need one more thing.

Here are signs the buyers are NOT approved yet for their loan:

  • "Congratulations! You're pre-approved!" That means you're not approved yet.
  • "Congratulations! You're approved! Now we're sending it to underwriting." Translation: You're not approved yet.
  • "Congratulations! You're approved with conditions." Translation: You're not approved yet.
  • "Congratulations! You're approved! We just need one more thing." Translation: You're not approved yet.
  • "Congratulations! You're approved! We're just waiting for clear to close." Translation: You're not approved yet.

The word "approved" has very little practical meaning

Your Realtor will work closely with you and your loan officer. Your Realtor will understand what the real status is. Your Realtor will help manage the roller coaster of updates. If needed, your Realtor will put the right pressure on the loan officer to get things done and to reveal what's really going on with your loan.


For relentless real estate representation in Louisville, Kentucky, Call Dave Halpern, Realtor (502) 664-7827


Keller Williams Realty Louisville East




Dave Halpern, Realtor

The Dave Halpern Real Estate Group

Keller Williams Realty Louisville East

(502) 664-7827



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Comments (3)

Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

I don't even let sellers begin to pack until we've clearned the "conditional" phase and then it's ONLY if I know what the conditions are and buyers don't always share and nor do loan officers.... it depends if it's house/appraisal related or buyer related if I say "go" on the "do we start packing?" question.

Nov 28, 2017 06:16 AM
Alex Rubin
Douglas Elliman - Long Beach, NY
Who You Work With Matters

That's a very good point!

Nov 28, 2017 08:14 AM
Dave Halpern
Dave Halpern Real Estate Agent, Inc., Louisville, KY (502) 664-7827 - Louisville, KY
Louisville Short Sale Expert

Kathleen Lordbock thanks for the re-blog. Unfortunately, we've all been on the receiving end of faux approvals.

Nov 30, 2017 01:04 PM