REVIEWING A BUYER PURCHASE AGREEMENT TO THE SELLER

When reviewing a purchase agreement it is critical to evaluate the time line the Buyer would like to have to get their mortgage commitment. If the Buyer is requesting more than 30 days to get a commitment it could cost the Seller money and time to actually close the sale. Most lenders can close within 30 days if the Buyer has already supplied the lender with all the documentation that is requested and needed by the lender. If the Buyer has not do their part in securing a mortgage BEFORE they approach a Seller, the Buyer is not a performable Buyer. A pre-approval from a lender is not proof that the Buyer has supplied the lender with all the documentation needed. Investigation into the Buyers financing with their lender in critical. It could take the Sellers home off the market for 30-60 days before actually knowing if the Buyer can actually close.