Top 3 Mortgage Delays everyday, what are they?

When Mortgage delays come from your lender. Here we go:
#1-INSPECTION-Buyers have 10 days to conduct an home inspection by hiring an licensed home inspector to inspect the home, unless the buyer chooses to shorten the home inspection, which can happen in a HOT MARKET, if the buyer really wants the home. The bottom line is that the Home Inspection report by a licensed professional inspector of the home is for the buyers to be aware of the condition of the home and if any health or safety concerns may need to be addressed. Also, the buyers have the right for additional 5 days to inspect the home following the 10 Day inspection if, there is reason to inspect the home further, with contractors specialized in areas noted by the home inspector after the 10 day period. And, after the inspection period, If the Lender becomes aware that the home needs repair to the home they may request that repairs be done before closing.
#2-LOAN APPROVAL/FINANCING-It is always a good rule a thumb to shop around for a reputable lender before financing your new home. Make sure your getting the best rate on your mortgage loan. However, sometimes you can shop around, get the best rate and things come up during the process. One minute your approved for a VA loan, next it may be FHA and next it could be Conventional, who knows!? The bottom line is be prepared, and do not get down when things go down, if you are working with a reputable REALTOR®️ Your REALTOR®️ will help you negotiate thru the process, and you may be a week before closing when closing may not happen and you may be delayed by a day, few days, a week, two weeks maybe several weeks, all depends on what is going on with the conditions of the home and loan process.
#3-APPRAISAL-As soon as the negotiations for inspection is done, and buyer and sellers reach mutual agreement, the lender will then order an Appraisal. The Appraisal can go one or four ways (possibly more I do not know at this time but of these four) , One Appraisal is approved, Yay! Your on the road to closing. Number Two, The Appraisal finds things that need repair in the home and may determine the purchase price on a conditional basis which means making some or all of the repairs that the appraiser calls out, in order for the home to appraise at the purchase price. Number Three, If Seller won’t make the repairs requested by the appraiser but, is willing to pay for repairs after closing, there’s a thing called escrow holdback, at this point all’s you can do is pray and hope your lenders underwriter will accepts your negotiations between buyer and seller. Number Four, Low Appraisal worse case scenario, now buyer and seller will need to negotiate who will pay the difference.
Lastly, Remember: Weather, Holidays, Sickness ect. Life happens and sometimes closing is just delayed.
Cheers to Happy Homes!
If you or someone you know is looking for a REALTOR®️ In your area I would be happy help you, contact me at:
Kathleen Heady REALTOR®️
KW South Sound
Kathleen@Thelivewellgroup.com
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Tags: appraisal, delays, home, inspection, lenders, lending, mortgage, Real Estate