Lender-Speak, Translated What they said: ‘the check’s in the mail.’ Translation: ‘I’m late paying the bills.’ What they said: ‘The dog ate my homework.’ Translation: ‘I didn’t do the assignment.’ What they said: ‘I have been holding off on submitting the file until we are within 60 days of closing (for both the rate lock and because the...Read More
What Are They Really Worth? Put it this way: the picture of toilet paper should give you a hint. First, some background. In Minnesota, the first things that typically lead off any offer to purchase residential real estate are the Buyer’s earnest money check, and a pre-approval letter from a lender (unless the Buyer is...Read More
“No News is Good News” In an initial public offering (“IPO”), the interval between when a company files its paperwork with the SEC and the SEC approves it, is known as a “quiet period.” What’s the equivalent in residential real estate? The interval between when the lender’s appraiser submits their report, and the lender completes...Read More
