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 October 12, 2007

Buyers Warned to be Patient with Mortgage Lenders
These days, Mortgage lenders are taking more time the usual to get all necessary documents in order to process a loan request.
M. Anthony Carr, real estate expert, urges buyers and real estate professionals to choose a closing date that is at least 6-8 weeks out from acceptance of a contract. Early closing would take place at an earlier date if all necessary documents and inspections are completed- if both parties agree.

Buyers may expect higher closing costs for earlier settlement timeframes. Buyers may also need to come up with additional cash if a closing is delayed and a hotel stay or storage of belongings becomes necessary. Buyers are furthermore advised to not cancel their utilities until a closing date is confirmed.

Buyers should be in constant communication with their agent and lender to remain informed as to the progress of their escrow and loan processing.

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