Approved For A Loan? You Better Close As Quickly As You Can!

Services for Real Estate Pros with Talk 2 Midori, LLC BK645709

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 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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closing a loan
you better close quickly
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Chip Jefferson
Gibbs Realty and Auction Company - Columbia, SC

I am telling all my approved buyers this same thing. Money is still tight even with this stimulus package. Rates are also climbing to higher levels than they have been.

Oct 18, 2008 11:51 PM #1
Harold "Hal" Place
A1 Connection Realty, Inc. - Sun City Center, FL

Morning Midori,

Fortunitly most of our buyers pay cash for their properties, however there are some that don't. Those that have financed usually are A + and are able to process and close within a four week period.

You are correct though, with today's ever changing market, qualifying criteria can change daily and hold up the process for days and in some cases kill the deal.

Oct 18, 2008 11:55 PM #2
Ann Cummings
RE/MAX Shoreline - NH and Maine - Portsmouth, NH
Portsmouth NH Real Estate Preferrable Agent

Hi Midori - great advice, and I'm telling my buyer clients the same thing. Money is out there for the borrowing, but the guidelines seem to be ever-changing and at the drop of a hat another 'requirement' pops up, in addition to another appraisal, etc.


Oct 18, 2008 11:56 PM #3
Kris Wales
Keller Williams Realty - Lakeside Market Center - Macomb, MI
Real Estate Blog & Homes for Sale search site, Macomb County MI

Midori, Friday I heard the news "approved" from a mortgage lender and am still holding my breath til closing (a few weeks away)  Even with the A+ buyers things go wrong and a product gets pulled.  Wise wise advice.

Oct 19, 2008 12:05 AM #4
Barry Bridges
Barry Bridges Weichert Realtors Bridges & Co. - Smith Mountain Lake, VA
Lake professional

It is a little more difficult but just be prepared and be ready at a moments notice. When more info is requested jump on it immediately. It really is not that difficult if you react quickly.

This is a great time to buy. I have been busier in the last month than I have been in the last year.

Oct 19, 2008 12:08 AM #5
Don Rogers
Keller Williams Realty Chesterfield - O'Fallon, MO
Realtor, Broker, CDPE, GRI, OnullFallon MO & St Charles County MO homes

Good morning Midori,

I think there is no sure closing until the check has been given to the seller at the closing table and that is the way it is going to be for a long time to come.  We will all be holding our breath until the crisis is over.

Have a GREAT day.

Oct 19, 2008 12:10 AM #6
Missy Caulk
Missy Caulk TEAM - Ann Arbor, MI
Savvy Realtor - Ann Arbor Real Estate

Midori, you are right seems I get lender updates all the time, at least weekly. We were pushing to get some first time home buyers settled in before the FHA guidelines changed. Some did and some didn't.

Oct 19, 2008 12:33 AM #7
Neal Bloom
eXp Realty - Weston, FL
Realtor CRS-Weston FL Real Estate

Just like when you can lock in a rate...the they should lock in's all just a bunch of crap...why bother getting someones hope up just to give them bad news at the end...I'm so sick of the poor excuses.

Oct 19, 2008 12:48 AM #8
Cynthia Tilghman, Realtor® Onslow County NC Home Specialist
Kingsbridge Realty, Inc - Hubert, NC

Yes, a client of mine learned this the hard way!  I agree with Neal, it just does not seem fair to make a promise and then change the rules.

Oct 19, 2008 01:32 AM #9
Ron Wysocarski
Wyse Home Team Realty - Port Orange, FL
CEO, Pricing Specialist

You make an excellent point. It is critical to have a strong communication line with your lending partner. While we try to anticipate as many of the land mines as possible, it seems that almost every deal has something that comes from out of the blue. Reacting fast is the key...before they "find" something else.

Oct 19, 2008 01:50 AM #10
Christina Moock
Cutler Real Estate - Canton, OH
REALTOR - Cutler Real Estate

We never know what to expect anymore.  I feel as if everyday is my first day of real estate.

Oct 19, 2008 04:55 AM #11
Tony DeLuke
Markley Realty - Cuyahoga Falls, OH


   I agree. The sooner to closer the more likely that it will. Great points in today's environment!


Oct 19, 2008 07:11 AM #12
Fred Chamberlin
Guild Mortgage Co - Oak Harbor WA - Oak Harbor, WA
Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant

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.

Oct 19, 2008 07:31 AM #13
Lisa Hill
Florida Property Experts - Daytona Beach, FL
Daytona Beach Real Estate

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!

Oct 19, 2008 01:14 PM #14
Susie Blackmon
Ocala, FL
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!

Oct 19, 2008 09:08 PM #15
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

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.

Oct 21, 2008 01:43 PM #16
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