Frequently Asked Questions

FAQ

What is direct credit transaction?

Direct credit is a form of payment transfer where funds are directly credited to the recipient's bank account, typically initiated by the payer through electronic payment methods.

What is the difference between direct credit and transfer?

The main difference The biggest difference between a direct credit transfer and a direct debit transfer is that the former is initiated by the account holder and the latter is initiated by the recipient.

Is direct credit a deposit?

Think of the difference this way also: a Direct Debit is automated electronic withdrawal; a Direct Credit is an automated electronic deposit.

Is direct credit same as direct deposit?

A direct deposit (or direct credit), in banking, is a deposit of money by a payer directly into a payee's bank account.

What is an example of a direct credit?

Example of a Direct Credit Suppose a company named ABC Corp has 100 employees. On payday, instead of issuing physical checks or cash to each employee, ABC Corp uses a direct credit system. This means the company will electronically transfer the salary directly into each employee's bank account.

What caused the housing crisis in Hawaii?

Longstanding Problems Multifamily homes are only allowed on 0.3% of land in the state. Hawaii has the lowest property taxes in the nation, which makes the state enticing to property investors who can often outbid local families.

Is it smart to buy a house in Hawaii?

Hawaii real estate has proven time and time again to be a very fruitful investment. whether you're planting roots or buying an investment property you can expect your home value to appreciate. Homes in Hawaii are somewhat insulated from a lot of what happens in mainland housing markets.

How many people is a successful open house?

Unsurprisingly, some said that having even one serious buyer is enough to make an open house worthwhile. Meanwhile, others reported getting more than 50 attendees, with a few boasting attendance of up to 100 in one instance.

What are the benefits of open houses?

One of the primary benefits of an open house is the increased exposure it provides for your property. By allowing a wide range of prospective buyers to visit your home, you can attract more potential buyers than through individual inspections.

What is the most popular time for open houses?

As for the best time of day to host an open house, industry experts agree that open houses are best held during the afternoon. To get even more specific, the optimal time slot for your open house will be an afternoon, say 1 PM-4 PM, during the weekend rather than on weekdays.

What is debt liquidation?

The act of determining the cash value of some debt or damage. The parties involved essentially reduce their legal conflict or outstanding debts to a dollar amount. Debts and damages can be liquidated in various ways: By an agreement before any dispute arises, by an agreement after a dispute arises, or by litigation.

Does liquidation mean closing?

Liquidation generally refers to the process of selling off a company's inventory, typically at a big discount, to generate cash. In most cases, a liquidation sale is a precursor to a business closing. Once all the assets have been sold, the business is shut down.

What does it mean to liquidate a loan?

A liquidated loan means any loan that has been used to finance assets, where the money borrowed is repaid by the cash flow acquired by the sale of that asset. Ideally, a self liquidating loan should essentially pay for itself.

What is the liquidation value of debt?

Liquidation value refers to the worth of a firm when the assets of the firm are sold. In other words, liquidation value refers to the estimated amounted of money received when its assets are sold and its debts paid. This value is often stated on a per share basis.

Where is the safest place to hide money in your home?

Here are the Top 10 secret hiding places for money we've found:

• The Tank. There's plenty of room in the toilet's water tank for a jar or some other watertight container stuffed with cash or jewelry.
• The Freezer.
• The Pantry.
• The Bookshelves.
• Under the Floorboards.
• Old Suitcases.
• Closets.
• Bureaus.

Is it smart to hide cash at home?

Experts are generally in agreement that you shouldn't keep too much cash in any hiding place — even a safe. “From my experience, it is not advisable to keep large amounts of cash at home,” said Gary Hemming, an owner at ABC Finance. “This is because it is not secure and can be easily stolen.

How do I hide my settlement money?

Asset protection trusts are types of trusts that allow you to hold funds for your benefit, but it keeps them shielded from your financial enemies; especially plaintiffs of a lawsuit. So, when someone sues you, the assets belong to the trust instead of you. You can use them, but your creditor cannot.

Can you hide money in a trust?

Trusts do not hide your assets from the IRS or government. The trust does hide assets in the sense that it gives you increased privacy from nosy people and from having to post ownership information online.

Where do thieves look for money in your house?

Hiding things under the mattress is one of the oldest tricks in the book, so a burglar will check for anything of value, such as jewelry, firearms, prescriptions, and extra cash. The mattress in the master bedroom is particularly vulnerable because that room is likely where they will find the most items of value.

What is the purpose of a liquidation sale?

In most cases, a liquidation sale is a precursor to a business closing. Once all the assets have been sold, the business is shut down. In the accounting world, liquidation refers to the process of selling all of a company's assets to generate cash to pay off creditors, or anyone the company owes money to.

What does liquidation sale mean?

Liquidation Sale means any going out of business, liquidation or store closing sale of a particular Merchant conducted by a Liquidator with respect to (a) the Retail Inventory or (b) any sales or dispositions of Other Assets, in each case pursuant to a particular Liquidation Sales Agreement.

What is the difference between liquidation and sale?

The sale of a company's assets is a step towards business closure, before the business ceases trading, to make as much money as they can. A company's assets in a liquidation sale are the items that the company physically owns, such as: Land and property.

What is the difference between liquidation and auction?

After the larger, more expensive items sell through an orderly liquidation, the smaller pieces of equipment and other items are often sold at auction. This is an effective way to sell off assets from a commercial or industrial business after the larger items have been purchased.

What are the pros and cons of liquidation?

Advantages and Disadvantages of Liquidation

• Relatively low cost of implementation.
• Debt written off.
• Investment funds retained.
• Company closed.
• Directors conduct investigated.
• Overdrawn directors current account and guarantees called in.
• Teams and synergy of employees lost.

How many hours do most realtors work?

On average, real estate agents may work anywhere from 30 to 50 hours per week. However, during busy periods or when closing deals, agents may need to put in additional hours to meet client demands. Conversely, there may be slower periods when agents have fewer client appointments or transactions and work fewer hours.

What is the best time for real estate open house?

As for the best time of day to host an open house, industry experts agree that open houses are best held during the afternoon. To get even more specific, the optimal time slot for your open house will be an afternoon, say 1 PM-4 PM, during the weekend rather than on weekdays.

How long do most realtors last?

Something to note: in 2014, NAR reported 87% of all new agents fail after five years in the industry, with only 13% making it. Agents don't leave the industry because they made too much money.

What not to do at an open house?

Keep yourself from self-sabotaging your chance at that dream home by avoiding these 11 open-house behaviors scream that “Trouble!” to realtors.

1. Put in an offer.
2. Overshare.
3. Show too much excitement.
4. Leave your shoes on.
5. Ply the agent with too many questions.
6. Succumb to shyness.
7. Rush through.
8. Use the bathroom.

When a seller carries back secondary financing?

Seller carryback financing is basically when a seller acts as the bank or lender and carries a second mortgage on the subject property, which the buyer pays down each month along with their first mortgage. It may also be referred to as owner financing or seller financing.

What does it mean for a seller to take back a second mortgage?

A vendor take-back mortgage happens when the seller of the home extends a loan to the buyer for some portion of the sales price. The seller retains equity in the home and continues to own a percentage equal to the amount of loan until the vendor take-back mortgage is paid in full.

What is a seller second?

Briefly, it is when the seller will extend a mortgage note to the buyer and help him get to 100% financing. The seller will continue to have a security interest in the property by holding a lien position on the title, second position behind the primary lending investor.

What does it mean when the seller carries the loan?

“Seller/Owner Will Carry” or “Seller/Owner Financing” is when the owner of the property is financing the loan for the buyer to purchase the property. This means the current owner of the home owes no money on the property and becomes the lender for the home's buyer.

What is the disadvantage of seller financing?

Disadvantages Of Seller Financing Buyers still vulnerable to foreclosure if seller doesn't make mortgage payments to senior financing. No home inspection/PMI may result in buyer paying too much for the property. Higher interest rates and bigger down payment required.

Why is the Big Island so affordable?

The Big Island is cheaper than other Hawaiian islands due to its larger size, more affordable housing options, and lower population density. It's also sees far less job opportunities due to Oahu island being the state's major economic hub.

Why don t more people live on Big Island?

Many people don't live on the island due to the hazard of losing their home to an active lava flow. Or getting caught up in a hurricane or tsunami. When you live here, you take the risks of living on a volcanic island..we all do.

Why are some houses so cheap in Hawaii?

Challenging Geography and Climate. One of the main reasons why Ocean View, Hawaii is relatively cheap compared to other areas is its challenging geography and climate. What is this? The unique characteristics of this region make it less desirable for some people, resulting in lower property prices.

How to hide money from a home sale

Which island in Hawaii has the cheapest real estate?	Generally, the lowest housing costs are on the Big Island, which is considered the cheapest Hawaiian island to live on.
Which is cheaper Oahu or the Big Island?	Oahu is by far the cheapest island to visit in 2022 and is forecasted to remain well priced in 2023. For updated pricing, see our annual series on the cost of a family of four to visit Hawaii. We know you came here for the savings, so here are some quick links to keep it cheap: 1.
Can I buy a house in Texas with bad credit?	You can still buy a home even with bad credit. Even with a credit score of 500, you can qualify for a mortgage with an FHA loan. Working with one of the best mortgage companies Texas offers is the best way to learn about minimum credit scores and income qualifications for loans.
What does it mean to liquidate land?	The term “liquidate” means converting property or assets into cash or cash equivalents by selling them on the open market. Liquidation similarly refers to the process of bringing a business to an end and distributing its assets to claimants. Liquidation of assets may be either voluntary or forced.
Why is liquidation so cheap?	At a liquidation discount store like Treasurez For Less, customers are able to find discounted items purchased from either wholesale stores or warehouse stores in bulk and then resold for a fraction of the retail price.
What is another name for owner financing?	Owner financing is another name for seller financing. It is also called a purchase-money mortgage.
What are the names for seller financing?	In real estate, seller financing is also called “owner financing” or “bond-for-title.” As with other financing arrangements, seller financing also involves the buyer making monthly payments or installments (the time period may vary depending on agreed-upon terms) to the seller at an agreed-upon interest rate.
How do I talk to someone about owner financing?	Be Prepared to Propose Seller Financing You could say, for example, "My offer is full price with 20% down, seller financing for $350,000 at 6%, amortized over 30 years with a five-year balloon loan. If I don't refinance in two to three years, I will increase the rate to 7% in years four and five."
What is the difference between owner financing and seller financing?	With owner financing (also called seller financing), the seller doesn't give money to the buyer as a mortgage lender would. Instead, the seller extends enough credit to the buyer to cover the purchase price of the home, less any down payment. Then, the buyer makes regular payments until the amount is paid in full.
What are the disadvantages of owner financing?	The chief drawback for buyers lies in the higher interest incurred, and the shorter amount of time to pay the loan off. “The interest rate charged by a seller is usually much higher than a traditional mortgage lender would charge,” says McDermott.
What is the best day for a brokers open?	Understanding Broker's Open Houses Standard open houses usually are held on Sunday afternoons because most potential buyers have weekends free for house hunting. A broker's open house usually is held midweek when agents are more available than on weekends when they are occupied with showing homes to their clients.
Can you do open houses for other brokerages California?	Yes, if the listing brokerage will allow it. You will need to reach out to the listing agent to inquire. Be sure to help your brokerage out and inquire with agents in your office, about holding their listings open as well.
What is broker preview?	A broker open house, also known as a broker preview, is when a real estate agent or broker invites other real estate professionals to tour their listings without their clients. The purpose is to showcase the home to other professionals who may have interested buyers before opening the home to the general public.
How do I market myself as a real estate wholesaler?	Marketing wholesale deals is contingent on three things: providing potential buyers with informative details, informing those on your buyers list that a property is for sale, and making sure it is visible to the general public. A wholesale deal represents the easiest way to break into real estate investing.
How do I advertise wholesale deal?	4 wholesale marketing methods made easier with Faire Invite buyers to shop your line. As a wholesale entrepreneur, your number one goal is to get your products into stores. Market your products through email. Promote your brand on social media. Engage customers through print collateral.
How do I become a successful real estate wholesaling?	But you can successfully wholesale if you prepare and take the right steps. Wholesaling Real Estate: An Example. Educate Yourself. Create Your Team. Find Potential Properties. Build a Buyer's List. Draw a Purchase and Sale Contract. Assign the Contract. Coordinate the Closing.
How do you profit off property wholesale?	There are two ways to profit from a deal as a real estate wholesaler: selling a contract and executing a double closing. Wholesalers who opt for selling a contract simply match up sellers with buyers without ever owning the property and profiting from the process. This is the most common strategy in wholesaling.
How much do top real estate wholesalers make?	$82,987 Wholesale Real Estate Salary in California Annual Salary Monthly Pay Top Earners $82,987 $6,915 75th Percentile $64,300 $5,358 Average $52,249 $4,354 25th Percentile $41,500 $3,458
How do I advertise my wholesale business?	How To Advertise Your Wholesale Business (7 Methods) Attend local fairs and expos. Contact local businesses. Use social media. List your wholesale business in online directories. Use print catalogs. Utilize email marketing. Partner with affiliates.
How can I promote my business card?	Give small stacks of cards to friends, family and close contacts in the business world, and ask them to hand out a card to anyone they meet who could use your services. Friends and family can act as champions for your brand, especially for industries where personal references can make or break a business.
Are business cards a good way to advertise your business?	This is true online, but it counts in person too. Modern business cards have the power to drive customers to your website. Not only that, but they're a powerful marketing tool. Business cards help you market your business and reach new audiences.
What phrase to put on business cards?	There are several quotes and saying ideas that are back-of-the-card worthy that can give a little bit of both impressions. “There Are No Secrets to Success. “Don't Wait for the Right Opportunity: Create It.” – George Bernard Shaw. “Losers Quit When They Fail.
How to sell wholesale as a small business?	How to start a wholesale business online Decide what wholesale items to sell. Set a wholesale pricing strategy. Create a B2B ecommerce site. Accept payments for wholesale orders. Sell your wholesale products.
Can I get an FHA loan with a 500 credit score?	To qualify for an FHA loan, you'll need a credit score of at least 500. However, just because you meet the minimum credit score requirement doesn't mean you're guaranteed approval. Lenders will also consider other factors, such as your debt-to-income ratio, employment history, and the amount of your down payment.
What is the lowest credit score to buy a house?	It's recommended you have a credit score of 620 or higher when you apply for a conventional loan. If your score is below 620, lenders either won't be able to approve your loan or may be required to offer you a higher interest rate, which can result in higher monthly payments.
How do people afford fixer uppers?	Explore Fixer-Upper Loan Options With a Federal Housing Administration (FHA) 203(k) rehabilitation loan or Fannie Mae HomeStyle Renovation Mortgage, you can purchase your home and put a reserve in escrow to fund renovations. It should be noted that at this time, Rocket Mortgage® doesn't offer these options.
How to get money to flip a house with bad credit?	How to Flip a Home with No Money and Bad Credit Work With a Private Lender. When you have bad credit, a private lender could serve as a great source of funding for investors. Try a Hard Money Lender. Consider a Home Equity Loan. Try Wholesaling. Team Up With Another Flipper. Keep Your Profits With an Experienced Local Agent.
What will disqualify you from an FHA loan?	The three primary factors that can disqualify you from getting an FHA loan are a high debt-to-income ratio, poor credit, or lack of funds to cover the required down payment, monthly mortgage payments or closing costs.
What should I name my wholesale real estate business?	Commercial Real Estate Names Commercial Wholesale Brokers Commercial Office Group Warehouse Traders Market Realty Advisors Commercial Team Profit Community Commercial Realty Economy Commercial Properties Upside Avenue ExpertOffices Pride and Property
What do business owners put on their business cards?	Business Card Best Practices For starters, add your small business logo and tagline to the back side of your card. Then use the front side for your name and title, physical address (if you have a brick-and-mortar storefront), your phone number (one is almost always enough), and your email address and website.
Is Pahoa HI a good place to live?	Depends on the exact area, how you live, and what your expectations are. By mainland standards Pahoa is not high crime, but by big island standards it can be a bit colorful.
Why is land on Big Island so cheap?	Why is Real estate so much cheaper on Big Island than the rest of the Hawaiian Islands? Lack of amenities or improvements of any kind make the property less expensive. Rural Hawaii on the Big Island, for the most part, has no sidewalks, no street lights, no sewers and a whole lot of unpaved streets.
What is living in Pahoa like?	Pahoa enjoys a tropical climate, characterized by warm temperatures and high humidity throughout the year. The town experiences abundant rainfall, especially during the winter months, which contributes to its lush greenery.
Why are some houses in Hawaii so cheap?	Cheap Lots and Land Unlike other coastal areas where land scarcity drives up prices, Ocean View Hawaii has plenty of available land for development. This abundance helps keep the cost of land relatively low, attracting budget-conscious buyers who are looking to invest in their future home or property.
What is the greatest risk for the people living in Pahoa?	Property crimes are motor vehicle theft, arson, larceny, and burglary. Your chance of becoming a victim of any of these crimes in Pahoa is one in 42. Importantly, we found that Pahoa has one of the highest rates of motor vehicle theft in the nation according to our analysis of FBI crime data.
What whould a real estate wholesale business card look like	Feb 18, 2020 — A real estate wholesaler business card should be kept simple and professional, just like other types of business cards in the industry. They

• How many people usually go to an open house?
  • Based on that, it's safe to say that if over 100 people visit the Open House in a day, it's a very good turnout. A lot of this evaluation is an expectations game btw. If it's the first Open House for a new listing and fewer than 20 people show up, that's generally a disappointing turnout.
• What is the best time for a weekday open house?
  • The best time to hold an open house is typically in the mid-morning to early afternoon between 11 am to 3 pm or in the early evening between 5 pm and 7 pm. That way, home buyers can come after they finish up their errands or take care of their kids.
• What is the easiest home loan to get with bad credit?
  • If you have poor credit, consider an FHA loan, which allows for credit scores as low as 580 (or 500 if you can make a 10 percent down payment on the home). If you're eligible, a VA loan (for service members and veterans) or a USDA loan (for buyers in rural areas) might also be easier to qualify for.
• What is the easiest home loan to get approved for?
  • A Federal Housing Administration loan, or FHA loan, typically allows you to purchase a home with looser requirements — for example, you may get approved with a lower credit score or be able to get away with having a higher debt-to-income ratio. You'll typically only need to make a 3.5% down payment as well.
• Which mortgage lender is the easiest?
  • An FHA mortgage is usually the easiest home loan to get. You can qualify with a credit score as low as 580 (with a 3.5% down payment) or even 500 (with a 10% down payment). You can also usually qualify for an FHA mortgage with more debt than with a conforming mortgage.
• Can I buy a house with a 480 credit score?
  • FHA loan. FHA loans are insured by the Federal Housing Administration (FHA) and allow lenders to accept a credit score as low as 580 with a 3.5 percent down payment, or as low as 500 with a 10 percent down payment.
• What does special financing mean for a house?
  • Special financing generally takes the form of reduced fixed or adjustable interest rates for 30-year FHA, VA or Conventional loans. Other loan options may be available at different rates and terms. Funding for these special rates may be limited and therefore may run out before an offer's end date.
• What does special financing mean?
  • Special financing is a segment of the auto lending industry for borrowers with a limited or tainted credit history.
• What are the risks of seller financing?
  • Disadvantages Of Seller Financing Buyers still vulnerable to foreclosure if seller doesn't make mortgage payments to senior financing. No home inspection/PMI may result in buyer paying too much for the property. Higher interest rates and bigger down payment required.
• What are the benefits of seller financing?
  • Advantages of Seller Financing There is no waiting for the bank loan officer, underwriter, and legal department. This also means that closing costs are generally lower for a seller-financed sale, making the overall sale less expensive for the buyer.
• Is seller financing good or bad?
  • Also sometimes referred to as owner financing or purchase-money mortgages, seller financing's advantages include no minimum down payment, homeownership access for those with poor credit and fewer regulations. But these same upsides can quickly become disadvantages as well.
• What does it mean when a house is in liquidation?
  • Liquidation of real estate or assets means that they are converted to cash. Particularly as it applies to real estate, the liquidation of assets can happen for any number of reasons. The person liquidating might need to: Support a financially troubled child. Make good on a legal judgment.
• What is the meaning of estate liquidator?
  • An estate liquidator is someone who professionally appraises, prices,and sells off an estate's entire contents for the most money possible.
• Is liquidation good or bad?
  • Liquidation may be the best option for a company if it is no longer able to meet its financial obligations, if it has a large amount of debt that cannot be paid off, or if it is insolvent.
• What credit score do you need to buy real estate?
  • Credit score needed to buy a house by mortgage type

    Loan Type	Minimum Credit Score
    Conventional loans	620
    FHA loans	500 (with 10% down payment); 580 (with 3.5% down payment)
    USDA loans	640
    VA loans	The VA has no minimum limit, but lenders generally like to see at least 620

• Has anyone got a mortgage with bad credit?
  • Having bad credit does not mean you cannot get a mortgage. It could vary depending on your credit rating – as there can be a fine line between 'fair' and 'bad' credit scores. Some lenders offer mortgages designed for people with bad credit. But these can include higher interest rates and fees.
• What is the secret to a fast sale of a property real estate?
  • One of the most effective ways to sell your home fast is to price it competitively. If you price it too high, you detract prospective buyers and price out potential bidders. In addition, it may take longer to settle the negotiation process if prospective buyers want your price to come down.
• What is the hottest month for real estate?
  • Nationally, the best time to sell a house is March if you're trying to sell quickly, while the best time to maximize profit is July. Zillow recommends listing your home for sale in March, but no later than Labor Day, based on historical market trends.
• Can a trust be used to hide money?
  • Trusts do not hide your assets from the IRS or government. The trust does hide assets in the sense that it gives you increased privacy from nosy people and from having to post ownership information online.
• How do I add rent to my credit report?
  • You can also use a private rent reporting service to have payments added to your credit reports with all three credit bureaus: Experian, TransUnion and Equifax. You may need to ask your landlord to enroll with one of these services to report your information if they don't use a service already.
• What is a real estate account on a credit report?
  • Real Estate Loans, like Installment Loans, are loans with fixed amounts that you pay over time. Real Estate Loans deal specifically with mortgages, refinancing mortgages, and home equity loans.
• Does renting an apartment build credit?
  • "Paying rent can build credit if your payments are reported," says Rod Griffin, senior director of consumer education and advocacy for the credit bureau Experian. "Unfortunately, that's not the norm, as most landlord and rent management companies don't report rent payments."
• What is lack of real estate on credit?
  • Lack of real estate secured loan information This means you don't have a loan that's secured by real estate—aka, a mortgage. This one typically doesn't come up when you're applying for a mortgage, but other lenders might see it as a barrier.
• Does renting show up on credit report?
  • It's unlikely that your rent payment history appears on your credit reports, but that's not because paying your rent on time isn't important. More likely than not, it's simply because your landlord doesn't report your rent payments to the credit bureaus (Experian, TransUnion and Equifax).
• What does it mean to liquidate in real estate?
  • The term “liquidate” means converting property or assets into cash or cash equivalents by selling them on the open market. Liquidation similarly refers to the process of bringing a business to an end and distributing its assets to claimants. Liquidation of assets may be either voluntary or forced.
• How do liquidators make money?
  • How a Liquidator is paid for liquidating a company will depend on whether or not the company has any assets (Plant and equipment, Debtors, Cash, etc.) If the Company does have assets, then the Liquidator is paid from the the proceeds of whatever assets are sold or recovered.
• Why is liquidating bad?
  • Disadvantages to Liquidation Any employees will lose their jobs and so will the directors. Shareholders may have to repay illegal dividends (not paid out of profit). Overdrawn directors loan accounts will have to repaid. Suppliers and creditors will lose money.
• What is liquidation also known as?
  • Hear this out loudPauseThe assets and property of the company are redistributed. Liquidation is also sometimes referred to as winding-up or dissolution, although dissolution technically refers to the last stage of liquidation.
• How expensive is an average house in Hawaii?
  • The average Hawaii home value is $842,908, down 1.1% over the past year and goes to pending in around 19 days.
• Real estate agents who work with bad credit
  • Intuit Credit Karma offers free credit scores, reports and insights. Get the info you need to take control of your credit.
• What is the financing condition of a contract?
  • Hear this out loudPauseA financing condition is a condition to the buyer's obligation to close the acquisition that the buyer has obtained the debt financing contemplated at the date of signing the acquisition agreement, or alternative debt financing on comparable terms.
• What is a financing clause in real estate?
  • Hear this out loudPauseFinancing Contingency This provides important protection for the buyer, who can back out from the contract and reclaim their earnest money in the event they are unable to secure financing from a bank, mortgage broker, or another type of lender.
• What is a condition in real estate?
  • Hear this out loudPauseA condition is a term in a contract that has an expiration attached to it. Without the condition being removed before the expiration, the contract falls apart.
• What is a loan condition?
  • Hear this out loudPauseWhen a loan is “eligible” it will also list certain items, the lender needs to make sure are included with the file. This stage is considered a “conditional” approval and the items listed for collection are called loan conditions.
• What is an example of a condition in a contract?
  • Hear this out loudPauseAn example familiar to many is a financing contingency in a real estate contract. The condition states that the completion of the sales agreement will occur only if the buyer is able to obtain financing. Therefore, if the buyer does not obtain financing, the sale will not close.