This doesn’t even take into account the surprises that both buyers and sellers get when the appraisal comes back. I mentioned how something like flood zones can surprise both buyers and sellers, but it happens the other way as well. One appraiser I know saw a house that had a wine cellar hidden behind a false door in the basement. Inside were about three dozen bottles of very old wine, valued at thousands of dollars each. The buyer and the seller then had to decide who got the wine and whether that should factor into the home’s price!
Like I said, the appraisal step is a wild ride.
UNDERWRITING: LOAN UNDERWRITING CONDITIONS
Addressing all underwriting conditions is a crucial part of getting a loan to the closing phase. The borrower must provide everything to the lender that the underwriting department requires. It is not uncommon at this stage to have the underwriter come back with requests for information that up until that point the borrower never knew they had to hand over. This is what happened to the real estate agent in Florida whose deal took 10 extra days when it was discovered crucial information was missing from the loan application. This is yet another reason why a terrific loan officer is necessary for a successful mortgage. You want someone who will shepherd your buyer to answer all necessary questions as quickly as possible, so you can keep the loan moving forward. Everyone wants to stay on track for the closing date that everybody is aiming for.
CLOSING: CLEAR TO CLOSE
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