Quick Due Diligence Lesson:
We are selling a piece of property, negotiated to a reasonable price, received verbal conformation that the buyer was pre-approved so we proceeded to complete the contract, made it through house inspection closing was postponed a week due to title search issue. On track until our lawyer got a call that she was never pre-approved, she had co-signed with her boy-friend on another property and could not get approved; now she is co-signing with her son and we are awaiting the outcome...
Lesson Learned: Never take a verbal from the other lawyer, ask for the pre-approval letter prior to signing contract.
We are selling a piece of property, negotiated to a reasonable price, received verbal conformation that the buyer was pre-approved so we proceeded to complete the contract, made it through house inspection closing was postponed a week due to title search issue. On track until our lawyer got a call that she was never pre-approved, she had co-signed with her boy-friend on another property and could not get approved; now she is co-signing with her son and we are awaiting the outcome...
Lesson Learned: Never take a verbal from the other lawyer, ask for the pre-approval letter prior to signing contract.
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