When you make an offer on a Tulsa, OK home, and it’s accepted by the seller, the clock starts ticking, and there’s only so much time available to get everything done so you can close on your new home on time. As Dan Newberry of TTCU explained on our latest episode of The Future of Real Estate, this is a vital piece of the process for home buyers to understand.
The most recent state contracts for Oklahoma home mortgages provides a 5-day window for lenders to have everything in order for the closing process, including the scheduling of an appraisal. This 5-day time limit was put in place to help both buyers and sellers be assured of the funding process, that a home buyer will in fact be able to purchase the home they have made an offer on.
This is great news, but home buyers need to remain diligent in their part of the process as much as they should be in choosing a lender to work with. As a Tulsa home buyer, as soon as you have an agreed upon offer signed by the seller, you’ll want to contact your lender immediately to get the ball rolling on the process.
You’ll also want to have a lender who understands the time sensitive nature of this type of transaction. A lender with built-in practices and processes to keep the 5-day time table attainable will be key to helping you avoid losing your earnest deposit. The way TTCU understands the new real estate contracts for Oklahoma, this is a real possibility which home buyers may now face. If the 5-day period isn’t met, a buyer can lose their earnest money to the seller.
One way to help lessen the possibility of delays is to get full pre-approval from your lender before you make an offer. Having the documentation in hand which shows how much of a mortgage you are approved for will make a big difference in how quickly the process of getting your funding in order can happen. TTCU offers loan approval options, when you’re ready to buy a home in the Tulsa or Green Country region, visit www.ttcu.com to start the discussion of mortgage options.
For real estate questions, contact The Baskin Real Estate Specialists of eXp Realty at 918-732-9732 or darrylbaskin.com