Anant Deoras here @Properties. In this video we're going to be talking about, we're at the homestretch folks. You've gone through attorney, an inspection review, you've made it out, the appraisal was approved. And now you're in the period of basically the meat of the loan contingency, until we get to closing. Step #12 loan commitment date is part of a 13 part video series on buying a Chicago home.
So what's going to be happening? You're lender may ask you for some additional documents. Lenders typically has a team, so there's a loan processor, he may have a loan assistant, so you may have several people getting a hold of you, so really what I recommend to my buyers here is you got, I know there's a lot of stuff going on, you have your work, you may have your family, you may have your friends, but be on top of it. And me, as a kind of project manager, managing the lender, the seller's attorney, the listing agent, your attorney, you know, I'll also be on top of it and help you with that. So if a lender can't get a hold of you, I may reach out to you, make sure you get the information that they need. So to make sure the closing is as stress free as possible. That's very difficult to say, there is going to be a little amount of stress but we're going draw this to alleviate that stress as much as possible. So that's really going to be the meat of getting those documents. Don't go out and buy a boat, okay? But be responsive, answer any of the final lender questions that you may have. From my perspective, I may be doing any final due diligence getting you some association information, if you wanted to reach out and talk about any moving fees, and possibly potentially schedule your move in, you know, we're not closing yet, but you can get those questions kind of proactively answered while you have a little time. So that's kind of the period, right out of the attorney review, before closing, that middle area, that's the loan contingency, your property will not be approved until the loan is approved. And typically anywhere from five to seven days. Depending on how we structure the contract, right? You're going to have a contingency date and that contingency date you must have a loan approval. A lot of times that doesn't happen for various reasons, we can always ask for an extension, but typically, usually five to seven days before closing that's that big major milestone. By that contingency date your loan needs to be approved, your lender will submit it, assuming that underwriting approves your loan, and that will be sent to all the parties on the listing side and the buyers side. I hope you find this video beneficial to you. If you have any questions at all, Thank you.