A.D. Cantelmo Property Management
Our Business is Property Management in Orange County California
STAY FOCUSED ON THE PRIZE
Once You get through the first ten
days of a Real Estate transaction and nothing has dissuaded you from buying the
home, the home inspection did not scare you and the appraisal came in where you
needed it to come in, now you need to stay focused on the end game.
I always tell people that the first
ten days are the most difficult in a Real Estate transaction, but even though
you get through those 10 days, you can’t relax.
You need to stay on your Lender
and get that final approval, so when you are asked to waive your loan
contingency, you can do so with little reluctance. The pressure is on, because the
seller wants the assurance that if you back out, they at least have your
deposit to count on to cover the cost of the time their property has been off
the market, and as a listing agent, you should never do anything until the Loan
contingency is removed. You should never do any Termite work, or any repairs
until you are sure you can cover the cost with the buyers deposit in case the
deal falls through. Also as a seller, you don’t want to start your move until
the Loan contingency is removed.
At this point in the transaction, everything
is waiting for this approval.
Once you get that approval, it’s not
quite clear sailing as far as the loan goes. It is amazing that once a Home Buyer
gets the word that their loan has been approved; they go out and buy a new car.
This can and has been a fatal mistake. The Lender has a tendency to run credit
right before they fund a loan and if you have taken on more debt that will
often take you out of the loan package that you have been approved for. This is
a disaster and can not only destroy the transaction but you most likely will lose your deposit.
In my business of Property Management
in Anaheim Ca. I always tell my buyers, to stay focused on the prize and not to
even think about buying anything on credit until the Home has been not only
funded, but recorded. Use your time during the last days of the Escrow period
wisely and start to prepare for your move, but don’t go shopping. The last
thing you want to do is have a new couch, but no where to put it.
A.D. Cantelmo Property Management Specializes in Property
Management in Orange County Ca.