Legal Question in Real Estate Law in California
terms, definition, and insight
My sister and I are selling our deceased father's home. The buyer says the house is now at the underwriter stage and that the lender is a prominate bank. There have been several attempts evidently to find a lender-she says no one has wanted to take it on because we are selling the house as is. What does being at the underwriters mean-how close (if at all) are my sister and I to receive money from the sale?
1 Answer from Attorneys
Re: terms, definition, and insight
It sounds as though your buyer has not qualified for the loan, for whatever reason. The usual reason is credit risk. Being at the "underwriter" simply means that the lender is trying to decide whether or not to make the loan--it is not likely that the problem is the "as is" aspect, and more likely that the buyer is trying to negotiate down the price with you by complaining that the property is the problem which is delaying the transaction. If you do not have a real estate agent, you should consider getting one. Also, if your paperwork provided for a deadline for the buyer to perform (i.e., get the loan) and the time has come and gone, then you should terminate the transaction and try to sell to someone else.
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