Attorney Information and Lender Tasks

As we are going through the home inspection process, the listing agent or seller’s attorney will be generating the Draft Purchase and Sale (P&S). This document may be changed, or a repair addendum added, depending on negotiations made between you and the seller after home inspection.

Also, by this time, you should have submitted your formal application for financing to your lender so they can be working on their part of the process. The lender will assign a closing attorney for your purchase to work on the bank’s behalf. The closing attorney may agree to review the Purchase and Sale on your behalf for a fee.

Once the Purchase and Sale has been agreed upon by both sides, it will be time for both you and sellers to sign the Purchase and Sale, and you will submit your second deposit, which may be either a bank check or DepositLink. Your lender will also order the appraisal for the property and advise what other documents they need from you and steps you’ll need to take to secure your financing. Make sure to follow up with any lender requests quickly ! We will work closely with your lender during this time and keep track of important dates along the way.

• No new inquiries on your credit report. Don’t apply for new credit cards, car loans, etc.

• Do not incur more debt.

• Don’t finance anything such as a new car or new furniture.

• No late payments on any accounts.

• Do not pay off collections or charge off accounts.

• Do not consolidate your debt into one or two credit cards or close credit cards.

• Do not dispute any item on your credit report.

• No large deposits other than payroll.

• All deposits other than payroll must be documented and accounted for.

• Do not make any large cash purchases which result in lowering verified bank balances.

• No increases in balances on credit cards or lines of credit which would increase your minimum monthly payment.

• Do not change jobs without notifying your loan officer.

• If commission, bonus, or overtime income decreases notify your lender.

A NEW CREDIT REPORT WILL BE ORDERED PRIOR TO CLOSING!

Should the second credit report reveal a decrease in your credit scores, the rate and/or costs involved may change or could result in your loan being declined.