All Forum Posts by: Ross Greene

Might be best to call your local lender. Some lenders can do things others cant. No straight answer to this question. Call a few of them.  Can you get a job in similar or same field? 

@Jean G. Basically if you were to say Financing contingency to be removed after day 20 or day 25 you would have UP TO day 25 to cancel if you cant get financed. You just need to make sure you have a really good lender to do this. I trust my lender completely who usually gets me a full underwritten loan and clear to close within 18-22 days. Thus when I put after day 25 financing contingency to be removed it makes my clients offer look very appealing to the seller, but we already were good to close by day 20.  

Just a little trick I use to get my clients offers accepted over others yet it really doesn't add much risk anyway. Removing the financing contingency still allows the, inspection, appraisal, financing (for up to 25 days). HOA docs contingency, etc. etc.

One idea you could have done is maybe keep the contingencies such as the financing contingency, but remove it after a certain time period? For example : Financing contingency to be removed on day 20 upon acceptance.  Or something similar. This will give you 20 days to MAKE SURE there is no hiccups with your financing and will also give the sellers some comfortability that you wont cancel at the very end of a 30 or 45 day escrow. 

Realistically you can get pre-approved within 42-78 hours depending how backed up underwriters are and how quickly you get them all the documents they need. If it takes more than 5 days for a full pre-approval I would move on to a new lender. 

Why is it a "dreadfully slow" process to get approved FHA?

@Mike H.

  Awesome Post! Super Motivating!! 

@Randy E.  

@Dmitri L.

Thank you for your awesome Responses. Randy I guess I assumed that a Refi would be such a big jump in your mortgage it would eat your cash flow but I guess you are right.  Love your answers. 

@Rocky V.

 Maybe I am missing something obvious but I dont quite understand what you said? 

Beautiful Home! That is awesome! What a cool story!