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Updated over 6 years ago on . Most recent reply

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David de Luna
  • Rental Property Investor
  • NorCal
222
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399
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Lift Lending Contingency on a CONDITIONAL approval?

David de Luna
  • Rental Property Investor
  • NorCal
Posted

My final contingency left is lending. We are past the deadline by a day to do so but seller and seller agent are calm, confident I'm doing the deal. My agent is pressing me to sign off on the contingency, but my approval is conditional and I haven't event seen the conditions yet and appraisal isn't done either, which is one lender condition. I'm leery about signing off and something goes sideways and I lose my earnest money. $10,530 isn't exactly chump change. What would you do?

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Chris Mason
  • Lender
  • California
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Chris Mason
  • Lender
  • California
ModeratorReplied
Originally posted by @David de Luna:

My final contingency left is lending. We are past the deadline by a day to do so but seller and seller agent are calm, confident I'm doing the deal. My agent is pressing me to sign off on the contingency, but my approval is conditional and I haven't event seen the conditions yet and appraisal isn't done either, which is one lender condition. I'm leery about signing off and something goes sideways and I lose my earnest money. $10,530 isn't exactly chump change. What would you do?

 Normal to sign off on this contingency once you have seen the conditions and are confident you can get them all. Why haven't you seen the conditions yet? That's normally a same-day conversation with you and the LO.

  • Chris Mason
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