Realtor providing sales contract

[akline]

A current client is now mandating that the purchase contract must be received from the real estate agent. Supposedly to ensure that we have the most up to date copy. I noted that in the the Fannie Mae Guidelines 04/2009, the client is suppose to provide the sales contract. Has anyone else had this problem? Do you see any other problems with the realtor being the source for the sales contract?

 

[RustNeverSleeps]

The lender certainly drags their feet. I've decided to cite the source of where I obtained the contract. That'll shake 'em up :new_smile-l:

 

[Walter Kirk]

Lenders are lazy and cheap, they know that they are supposed to provide agreements of sale, surveys if needed and all other documentation. They also are responsible for ordering the appraisal in a timely manner and not to wait until a few days before closing.

 

[Ron Runyon]

Lender is supposed to provide them yes...but they are generally slow. It is much easier to just ask the agent for it when scheduling the appraisal. Let them know that you can't complete the report until you have a complete, signed copy with all addendums. They will get it to you before you start typing the report.

 

[Lobo Fan]

I get my copies of the PA from Realtors all the time. It is better than waiting to get one from the client. Most are happy to send them over. It is also a good time to ask about concessions and other newsy items that may not be in the MLS data.

 

[JRS at OBX]

Ever had the listing agent tell me that you should be getting the contract from the buyers agent since you are "working for them?"

Ummm, no. I'm working for the lender and I would think it is in the best interest of all parties involved to get me the contract as quickly as possible since I can't move forward until I receive it. I'll be glad to start working on another file and put this one aside for now.

(That is when the fax starts buzzing....)

 

[Mile High Trout]

Better copies direct

Sure. Also the additional faxing and scanning can make for some difficult reading of these contracts.