Knowledebase Tag: Lender
- Can I charge a fee to provide a broker price opinion or comparative market analysis to an owner, buyer, or lender?
- If a property was foreclosed upon by a lender and the lender listed the property for sale, must the lender (new owner) comply with the rules?
- What must a buyer do to terminate the contract if the property does not satisfy the buyer’s lender’s underwriting requirements for the loan?
- Can the lack of the lender’s underwriting approval of the property still result in the termination of the contract even though the time has already passed for the buyer to give notice to terminate the contract under the Third Party Financing Addendum?
- By presenting a second offer to a lender prior to the lender making a decision on a first contract, is the listing broker compromising his fiduciary duty to the seller because the seller’s negotiating position with the lender has been damaged?
- Doesn’t presenting the second offer to the lender in this manner place the lender’s interests above those of the seller?
- I’m a broker with a sales contract that’s been executed by the buyer and my seller. The sale is subject to the lender’s approval. Was the contract effective at execution, or will it be effective when the seller obtains lender approval?
- Are the seller and listing broker obligated to submit the second offer or back-up contract to the lender though the lender has not yet accepted or declined the first contract?
- Should the second offer not be accepted by the seller until the lender has an opportunity to either accept or reject the first contract?
- My seller client is ready to close, but the buyer’s lender won’t have the loan processed in time for tomorrow’s closing. What can my client do?
