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#23424 - 05/17/05 10:02 AM Bid Accepted in NJ
Anonymous
Unregistered


Now what?

According to my attorney he has a copy of the contract. I feel so nervous, but I am not sure what I am nervous about. What makes a real estate deal fall through? I am pre-approved for a loan, and I have clean up many things I owed but no letters have shown up proving this yet, could that make the deal fall through??

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#23425 - 05/17/05 01:55 PM Re: Bid Accepted in NJ
Kthor Offline
Member

Registered: 05/16/05
Posts: 100
Loc: CA- East Bay
If your credit looks good then you should be fine, just don't buy a car or anything big until you have the home on record (meaning home is yours)
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#23426 - 05/17/05 06:59 PM Re: Bid Accepted in NJ
Greg Phillips Offline
Mortgage Professional
Veteran Member

Registered: 01/26/05
Posts: 1372
Loc: Lancaster, Ohio
Ok here are some good questions to ask you.

1) Did you receive a package of loan disclosures explaining loan terms, rates, and estimated fees?

2) To obtain this pre-approval did you supply income documentation? Or was your loan a stated income loan? (not likely with your household income)

3) Do you know your loan terms, payment, do you know about locking your rate, do you know if your loan is an arm or a fixed rate?

More than happy to answer questions and give you a non-biased opinion suited to your needs. Email or call me if you need to ask questions or just run things by me that do not look right or do not make sense.
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