Page 23 - August 2024 Issue Web.pdf

Your agent will tell you that to give a seller more assurance

of your financial ability to go to closing and the seller
getting paid that you should get an actual loan “approval.”

The fewer the conditions of a loan approval the more likely
the transaction will take place. A clean loan approval prior

to acceptance and ratification of a contract should only

be conditioned on a ratified contract of sale, satisfactory
appraisal of the subject property, and acceptable title
examination.
A loan approval requires the lender to collect certain
documentation such as paystubs, W-2’s or tax returns if
self employed, bank statements, and a mortgage credit

report. This documentation is submitted and reviewed by

an underwriter to confirm that documentation is in place as
required by and automated underwriting system.
Once the mortgage is approved, your contract, accompanied

by a loan approval, makes your offer the same as if you were
paying cash.
Buying a home and using the services of a realtor is changing
in ways that we have never seen before. There will be

growing pains as the industry adapts to this new process.
Real estate agents will be doing everything possible to make
sure they are complying. Some will adjust and continue to be
successful. I am afraid that some will find the new process

frustrating and too onerous and make the decision to get out
of the business.

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