Thoughts and tips for navigating today's real estate finance market.

• In a competitive bidding situation, if there is a pending sale that is going to support your appraisal for an aggressive property price – try to time the appraisal process. Your best comparable property has to have closed as of the day of the appraisal inspection; you could actually miss the best comp by a day and hurt your transaction.
• Lenders are limited on how they manage appraisals and may not be able to do anything about a comparable listing that closed after the appraisal appointment.  In some cases a new appraisal can be ordered at additional cost in order to utilize a comp that closed post the appointment.
• IF your P&S negotiation takes longer than expected, please remember to lengthen the other dates for performance in the contract before signing so that all involved
  have time to get the required work completed, eliminating the need for
  extensions.
• It’s vacation season! Be sure to check with buyers and sellers on dates for performance. Be sure that you arrange coverage for the appraisal appointment if you are going to be away so that costly delays don’t impact your sale.
• The mortgage process is painstaking. Buyers, sellers, attorneys, appraisers and all involved in real estate transactions take time off in the summer. Keep this in mind when setting dates and expectations.
• Avoid the end of the month for your closings, if possible. Everyone wants to close the last few days of the month in order to avoid pre-paid interest payments. However, because the end of the month is so heavily scheduled you may not get the best service. If possible, encourage your buyers and sellers to avoid closing the last few days of the month or the entire last week if possible.

As always, don't hesitate to reach out to us with your loan related questions or concerns! 781-719-4664 or visit www.fairwayne.com