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Old 02-25-2009, 07:48 PM
Location: central, between Pepe's Tacos and Roberto's
2,086 posts, read 6,103,794 times
Reputation: 952


Originally Posted by jctx View Post
Is an approval letter what you get after it goes through processing? Or is it another way of saying preapproval letter?
Honestly at this point I couldn't really say. I can't make sense of how the lender you are working with structures the timelines on their deals. Also semantics may vary. Some may call the preapproval letter a prequal letter (they are 2 different things though). The approval letter may be referring to a commitment letter, in which case you would be well past preapproval. Honestly, your LO needs to be explaining these things to you and relaying what stage of the process you are in. I find this LO's lack of communication to be inexcusable.

That being said, my clients receive their preapproval letter after they have been preapproved, which happens before the loan goes to processing. They actually receive it before they make an offer on a home.
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Old 02-25-2009, 10:17 PM
596 posts, read 2,498,134 times
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Ok thanks. I stayed away from any prequalification etc because I knew that was useless. I was just curious because the r.e.agent said there wasnt anything left to do but get the approval letter. So I wanted to make sure I didnt miss a step.

So we decided not to get a Radon inspection because we dont have an issue with that here. No one has ever tested positive within a huge radius, and the ground makeup is not congruent with radon emission. It was $100 extra (even though I could get a kit myself for $15) and it added time to the process by about a week. So I'm skipping it - unless anyone thinks this is a bad move for a reason I am not thinking of.

We got the inspection appointment set up, and I also ordered an additional heating & air conditioning inspection because the unit is old. The regular home inspector said that he can only tell me if it functions as it is intended - which means he turns both on, and observes for a 15 degree increase or decrease in temp. So with an additional inspection from the h&a/c people, they can tell me if its about to be defunct or not.

The septic inspection is our bone of contention. Its about $200 for pumping it and inspecting it. All this adds up. We have a 1 yr warranty with the home, and after that, if it all falls apart its on us. But we are being nickled and dimed to death right now and we had to call it off somewhere and I think this is something we're not getting inspected. If the regular home inspector thinks there might be an issue with it, we'll call in the septic people to investigate at that time.

Thanks a ton for all your help.
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Old 02-26-2009, 04:47 PM
87 posts, read 348,096 times
Reputation: 35
Before you commit alot of money, I would take the opportunity to do as many inspections as possible so that you dont end up in a bad position a few years from now. The $200 for the septic tank inspection may be worth it because if something is found, you can have the buyer take care of it now or negotiate the purchase price down etc. Finding out later doesnt really help you. The radon insepection can be skipped but check to make sure your LO or town doesnt require it.
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Old 02-26-2009, 05:56 PM
596 posts, read 2,498,134 times
Reputation: 201
You're right, Fant. I guess the inspection is worth it if they can find anything now that I might be able to get them to take care of, or get them to come down on the price because of...

I guess I'll give them a call in the morning. Thanks. Have you guys heard of any stores where septic tanks are concerned? I know nothing about them.
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Old 02-26-2009, 07:38 PM
Location: Wake Forest, NC
835 posts, read 3,532,998 times
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Yes, from what I hear the grass is always greener over them.
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Old 02-26-2009, 07:52 PM
596 posts, read 2,498,134 times
Reputation: 201
LOL, but is the grass greener on the other side of them?
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