First of all, I know we’re all theoretically adults here but it must be said: There’s no room for whining, complaining and general grousing. To get a deal done in less than 30 days it is all-hands-on-deck. You need to clear your calendar, be accessible, return calls immediately, and have exactly what is asked for when it’s asked for. There is no margin, there is no tomorrow. We’ve got a lot of moving parts and they all have “stuff” they need to be fed to be kept moving. Literally, if something stalls due to missing pages of a bank statement for example, this line of dominoes is going down. I don’t think I know how to be any clearer.
A mortgage loan requires substantiation of so many seemingly random bits of proof; but they are ultimately synchronized to meet an objective. Having the data that keeps the flow of detailed communication is not intended to put a buyer through the wringer – it is so they come out on the other side of a deal with the loan product that suits their means.
While these policies typically protect the exterior from outside walls to roof to common areas…just make sure you’re not going to get stuck with a repair bill for an exception for which you assume you are covered, just because you think you have insurance coverage by the homeowners association.
At the risk of sounding ominous, there are variables in any transaction (appraisal, inspection process, title stuff) that can blow up a deal; but these are things that you really can’t control.
What you can control is making sure the picture you are presenting to your Florida mortgage lender is forthright so the pre-approval holds all the weight that it can.
At this point, our industry has become an exercise in vigilance and maybe that’s not the worst thing. You just have to make sure that you hire the very best Realtor, mortgage lender, and home inspector possible so you know they are staying current on the stuff that changes daily to ensure that you’re equipped for every eventuality.
At the end of the day, this is no “fill in the blanks, sign here, and submit industry”…we’ve become a “you’ll-shoot-yourself-in-the-foot-unless-you-learn-how-to-stay-a-couple-of-steps-ahead-of-absolutely-everything” kind of industry!