Lender requirements are often the reason why a contract can become not only frustrating but time consuming. Without going into detail with numerous things that can come up to satisfy a lender to issue final loan approval, I’ll just say it’s a lot more than the average Seller could ever anticipate. Unless you are a full time, seasoned agent, you may encounter a lot of requests that are new to you and not that easily attained on short notice. And to make matters even more complicated, they generally are requests showing up at the last minute and someone has to attend them almost immediately to ensure a successful closing on time.
Sellers often times think the title company will attend to matters of these kind. Not only is this not true about lender issues, they also won’t attend to any issues that can arise as a result of the title search. The Seller or the Buyer will need to take care of any concerns by the lender or the title company.