WORKING TOGETHER TO COMPLETE THE CLOSING

In order to complete our closing in a professional manner, we must work together.  If we have a problem, don't point fingers, simply work together to resolve the problem.  Communication is key. The lender must have all the information regarding the buyer to make a decision as to the loaning of funds. The lender will weight the following items: • Loan-to-Value Ratio. • Debt-to-Income Ratio. • Value of collateral, (appraisal) Credit Report. • Verification of Employment. • Verification of funds for down payment & closing costs. The title company needs to know when to order the location survey. The lender will usually not allow the transaction to close without seeing a copy of this item. A loan package is ordered from the lender so that the buyer may sign his documents. This may take anywhere from 24 to 72 hours depending on the lender involved.  The documents will normally come dated and some national lenders require that they file on that day or documents must be redrawn.  If a closing is scheduled and signed in one month, but the actual filing of the documents cannot occur until the following month, it may be necessary to obtain new documents, re-sign the buyer, and recalculate the money needed to close. The lender will require a copy of any Point of Sale that may be required in your area.  A copy must also be furnished to the escrow officer.  When communicating with the lender regarding the buyer's loan approval, make sure you are aware of any conditions or contingencies that may exist. Most important is to know who your escrow agent is and make sure he/she has your contract and all addendums. Also make sure he/she is aware of any earnest money deposits and/or realtor commissions to be paid. We hope this brief outline has helped you in understanding what we do and how everyone's cooperation plays an important part in executing a smooth transaction. Communication is the key.  Good Luck!