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Buying a house is the biggest purchase and investment that you will make in your entire life. It is not something that is meant to be taken lightly; however, sometimes, for whatever reason, your real estate agent will force you into a short-term approval. These types of waiver dates provide you with only a day or two to secure your financing, do a property appraisal, and get a home inspection. If your real estate forces you into one of these agreements, then you are behind schedule the minute you sign the papers.

The Process of Getting your Mortgage Approved

The first thing you should have is a covenant approval. If you do not have a covenant approval, then you need to contact your mortgage specialist immediately to get them to start working on your mortgage. Get a full list of all the documents you need to collect, and setup the time that the appraisal will be completed. Next, contact a property inspector to assign a time for the inspection to be completed.
Even if you do everything exactly how it should be done, the bank may be way behind schedule causing your approval to be days or weeks late.
When completing a mortgage application, you cannot assume that a bank will drop everything that they are doing to look after you. Instead, expect and anticipate that it may not be completed on time, and you may have to push back the waiver date.
Unfortunately, if you are trying to get the lowest possible interest rate, then the bank your doing your application with will be incredibly busy, and will have a difficult time getting your mortgage approved.

How to Avoid the Quick Close?

To avoid the quick close, the first thing that you must understand is that this is not the last house for sale, and if they are unwilling to negotiate, then you won’t be getting the best possible deal. When speaking with your real estate agent, advise him that you are unwilling to make certain sacrifices in order to close on the property. The most important sacrifice that you are unwilling to budge on is the timeframe that you have to complete your financing, inspection, and appraisal of the property. If your real estate agent is unwilling to settle with your terms, then you should be looking for a different real estate agent.

The second way to avoid the quick close is by choosing low demand properties. Low demand properties have been listed for more than 30 days. Usually on these properties, you can negotiate a better deal, have a longer closing, and have a longer time to waive the condition of financing. By choosing these less demanded properties, it will not only save you money, but it will also save you the stress when closing.

Before deciding on placing an offer in on a location, make sure that you know and understand exactly what you are getting into. Do the affordability calculations beforehand. Have the professionals on your team before you make an offer, and always maintain full control of the process. Do not let anyone who is working for you push you around.

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