Profile picture for Ramiro1964

what does it mean when a loan is in second review?

  • March 25 2009 - Leander
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (1)

In today's market don't be surprised if a loan goes into third and fourth reviews.  Customarily it would mean that after receiving an initial loan approval with stipulations, once the new stipulations were satisfied, the loan officer would again review the conditions of the loan and , in some cases, reassess the appraisal. Lenders are skeptical about the first appraisal because of the activity in the short sale and foreclosure market.  I recently had a deal reviewed for the appraisal and because there was a foreclosure sale three days before closing, the lender would not move forward unless the seller reduced the price or the buyer put more money into the deal.
  • March 26 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.