The noloan letter can usually be sent by fax to the seller's attorney
if this has been agreed. Make sure you get a fax receipt for the
transmission. If the contract specifies you can cancel a purchase if
you have not contracted to sell your present home by a particular day
or if you have failed to close on your old home by a specified day a
notice to seller is required if this applies to your purchase. Make a
copy of every notice you send.
If you are concerned that your purchase might be in a flood plain that
requires you to buy flood insurance, or might overflow and ruin all
your property, ask your loan officer to order the flood search
immediately and send you and your lawyer the results. If the cost for
flood insurance would prevent you from loan qualification, this might
allow you to get out of the contract.
IF YOUR PRESENT HOUSE IS FOR SALEYou should have a rider in your contract to buy that it is canceled if
IMMEDIATE BUYER ACTIONMake sure that the money that you will need at closing is in a bank or
If you or any co-borrower has a spouse that is outside the United
States or otherwise cannot attend the closing, that person will have
to sign and notarize a power of attorney and waiver of homestead that
must be returned to the lender well before the closing. If this
applies, let your attorney know immediately.
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