Recently,
in the competitive San Francisco market, a client that was pre-approved
for a loan to buy a condominium, made an offer with a very short escrow:
we were to close in 5 days! The loan had been pre- approved so we just
needed to get the information on the property to the lender for final
approval. But as we went for that, the lender informed us that their loan
program would only allow condominiums in buildings of eight stories or
less; ours had nine! We could probably get an exception from the investor,
but that would take 10 days, which we didn't have. So we took our already
complete loan package to a different lender and got it approved, and closed
only one day behind schedule.
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