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Absolutley not! I taylor it to the normal processing time of my Lender for the type of loan they are going to apply for. If I believe their will be multiple offers I say in my cover letter that closing times are flexible for the buyers.
Yes it is a concern so I will add a little bit of extra time but not too much because we have lenders that will take every extra day we give them and not try to close earlier.
In a busy market, a shorter escrow is sometimes necessary in order to be competitive, but it has to be a date the lender thinks we can hit.
I speak with the lender and ask what timeline is completely realistic. I think that small step can set expectations and avoid having to solve problems later on.
No, John, though I will factor in the time needed for a loan approval and the desires of both parties as to a mutually acceptable date.
Best to consult with the lender that pre approved the buyer when setting these dates.
I recommend getting as close to what the Seller wants as possible
I mainly work with buyers that are preapproved....not pre qualified. So that isn't a problem and gives me an edge. I'm also in close contact with the lender.
I usually ask the loan officer how much time is needed and also take into account my buyer's time line.
I try and make a closing date that is beneficial to my clients. Closer to the end of the month the better for their closing costs. But if they want an earlier one...that is what we shoot for. I don't have any issue with underwriters getting my loans done. My lendeer knows that if they can't do it I wil fins someone that will so I dont' have any issues.
I usually check with the listing agent John Meussner about what seller is looking forward to - and if that works well with the buyers, that becomes the closing date.