Helping Lender Close On Time: Complete/Clean Contracts & Addenda a Must
We often remind Realtors, Escrow Officers and Borrowers that “everyone has to be on board” if we are going to close on time, especially if we’re closing in 15 days.
Realtors are often unaware, however, that they are sometimes the biggest impediment to closing on time.
For starters, we need escrow information, basic contract terms and commission info ASAP, so we can get started immediately with our necessary disclosures, updated loan submission and appraisal order.
But – most important of all – we also need a complete, fully executed contract, with all forms and addenda.
For FHA Loans, in particular, we need: (1) An FHA/VA Real Estate Cert, signed by all parties; and (2) a Lead Paint Disclosure, if the home was built prior to 1978.
For Oakland Properties, we need a Sewer Lateral addendum or Cert. of Compliance.
Lastly – major repair items cannot show up on any contract addenda (that we receive) OR on Settlement Statements (from escrow, that we always see). If major repair items show up, they will have to be completed prior to close.
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 01524255, NMLS# 310167