Home Buying in Perris>Question Details

Teresa, Home Buyer in Perris, CA

Hi, We are scheduled to close escrow on 02/24/2009 and we have not received the termite clearance. I am

Asked by Teresa, Perris, CA Fri Feb 20, 2009

being told the the termite work is going to be completed 02/21/09. My lender is telling me that this is holding up signing of loan docs? But he also does not have underwritters approval of something called the conditions. Can someone tell me the process of all of this??? I am so confused. I asked my Realtor she is new and she is going to ask her broker but I need answers now. Please help!

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Why was the terminte not completed with inspection ? Paul is correct off his statements you can forward terminate report via an email attachment. Many time paperwork is always arriving just about dead line date be patient you should be fine keep following up with your loan officer
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0 votes Thank Flag Link Fri Feb 20, 2009
If the work is being finished on 02/21/09, the documentation should be available to the lender in time to close. Someone might have to expedite the movement of paperwork (as in driving to the office of the termite treatment vendor and picking it up). There usually are additional conditions to be satisfied immediately prior to closing, such as approving the HUD-1 Settlement Statement. Therefore, Underwriting is expecting to do a last-minute review of the case. Adding the termite documentation should not be a problem.

If it is any consolation, be aware that practically EVERY real estate transaction has at least one last-moment issue which pops up. As long as everyone stays cool and factual, most are resolved with a minimum of delay to Settlement.

-Paul-
0 votes Thank Flag Link Fri Feb 20, 2009
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