Lift Lending Contingency on a CONDITIONAL approval?

3 Replies

My final contingency left is lending. We are past the deadline by a day to do so but seller and seller agent are calm, confident I'm doing the deal. My agent is pressing me to sign off on the contingency, but my approval is conditional and I haven't event seen the conditions yet and appraisal isn't done either, which is one lender condition. I'm leery about signing off and something goes sideways and I lose my earnest money. $10,530 isn't exactly chump change. What would you do?

Originally posted by @David de Luna :

My final contingency left is lending. We are past the deadline by a day to do so but seller and seller agent are calm, confident I'm doing the deal. My agent is pressing me to sign off on the contingency, but my approval is conditional and I haven't event seen the conditions yet and appraisal isn't done either, which is one lender condition. I'm leery about signing off and something goes sideways and I lose my earnest money. $10,530 isn't exactly chump change. What would you do?

 Normal to sign off on this contingency once you have seen the conditions and are confident you can get them all. Why haven't you seen the conditions yet? That's normally a same-day conversation with you and the LO.

@David de Luna

I agree with Chris, Why haven't they given you the conditions. They could be "Copy of drivers license" or they could be "Borrower to provide 4 gallons of milk from a virgin goat". Without the appraisal being completed, I am guessing that is a condition and one I personally wouldn't write off on. Of course I do not know your contracts and am just making general statements that would be true in my area with my contracts.

I was just approved this morning. Agent is rather anal, super-on-top-of-everything. A blessing and sometimes a slight annoyance. ;-) Thank you for your counsel.