The world of real estate is ever-changing. Lending regulations are changing all the time; there are cases where a buyer was pre-approved at the beginning of their house search but get denied when they finally want to write an offer. It is important to double check a pre-approval letter to make sure it is up-to-date.
In this market we find that lenders care more about the buyers credit rating than ever before. But it is also important to note is the ability of a home to be financed. In the past if the value of the home was agreed upon by the bank, then things looked good. Now, however we find that underwriters place significant important on the condition of the property, not wanting to finance homes with pre-existing problems. For example, if the appraiser notes a wet basement on the appraisal report, the lender may require that waterproofing be done prior to closing.
There are other maintenance issues that can be taken care of before listing the property. A REALTOR can point these out to ensure the seller has a smoother transaction.
The list of potential hurdles goes on. We often tell clients that getting the purchase offer is actually the easiest part despite the fact that this is a difficult market. There are so many things that transpire after that point- home inspection, bank appraisal, etc.that need to be negotiated.
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