Mississippi Real Estate Continuing Education Courses - MISSISSIPPI Approved School: RealEstateCE.com
MS 4.0 hours Valuation, Marketing, and Listings - Course Syllabus
4.0 Elective Hours
You, as the real estate professional, and your client, may encounter many issues during the escrow process that could delay closing. Some of these are, the appraisal and inspections and loan underwriting and approval.
A lender will almost always require an appraisal to insure the value of the property is sufficient collateral for the loan. If the appraised value is less than the sales price, in order to save the deal the licensee might suggest that the borrower ask their lender about increasing their down payment, or asking the seller to reduce the price of the home to meet the lower appraisal.
After the information on a loan application has been verified, the value of the property has been confirmed and the title search has been completed, the loan is now ready to be underwritten. The underwriter will review all of the information, analyze the credit worthiness of the borrower and render a decision on whether to grant the loan. The major function of the underwriter is to assess the risk of the borrower.
This course will help prepare you to deal with the many issues that occur during the escrow process and help you identify the typical problems that may arise between contract and closing.