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I was wondering if a buyer comes in requesting a 15 days escrow on a conventional loan, is that possible? Their agent and lender says it can be done because: the buyer just got out of an escrow that he was fully approved through underwriter but the house did not pass pest inspection. Both parties could not reach an agreement. They are saying that all that are needed are the appraisal and inspection results.
It's certainly possible. I have a client who we got fully pre-approved on conventional, the underwriter only takes 1 day to review conditions... so we're submitting and should have the appraisal ordered tomorrow, back within a week, and close the following week. Just can't have any holdups is all.
@ShanetheMortgageMan wrote:It's certainly possible. I have a client who we got fully pre-approved on conventional, the underwriter only takes 1 day to review conditions... so we're submitting and should have the appraisal ordered tomorrow, back within a week, and close the following week. Just can't have any holdups is all.
Thanks Shane! I'm hoping all goes well. I'm confident in the inspections since we just had home, sewer, and roof pass less than a month ago. The only new one may be pest if they request one and I'm not too worried about it. The last appraisal came in at $6k less than list price which we informed the buyer but they still bid at $5k less than list price (>$1k diff) but it's been over a month so that may change or they will pick up the diff/lower the price. Whichever way, that's not a big issue. However, as I've discovered in the last few months, there are still so many things that can go wrong! I'm more concerned about loan processing timelines that I may not be thinking about. But that should all be in the clear at this point?