Know This First
Your Financing &
Appraisal Deadline
Appraisal Deadline
This is one of the most important dates in your entire contract. Understanding what it protects, and what happens if it passes, is critical.
What This Deadline Means
Your Last Day to Cancel & Keep Your Earnest Money
This is the last day you can cancel the contract based on financing or appraisal issues and still protect your earnest money. After this deadline passes, your earnest money becomes non-refundable if you back out for financing reasons.
Time is of the essence in Utah. All REPC deadlines are 5:00 PM Mountain Time on the stated date. Extensions must be agreed to in writing, they don't happen automatically.
Time is of the essence in Utah. All REPC deadlines are 5:00 PM Mountain Time on the stated date. Extensions must be agreed to in writing, they don't happen automatically.
Your Financing & Appraisal Deadline is listed in your contract dates. If you're unsure what yours is, text Kelsie right now, this date is too important to guess.
Behind the Scenes
What Your Lender
Is Doing Right Now
Is Doing Right Now
Even when things feel quiet on your end, your lender is actively working through a sequence of steps to get your loan approved. Here's exactly what's happening:
1
Loan application submitted
Already done before your offer was accepted. This kicked off the entire lending process.
2
Appraisal ordered
An independent appraiser visits the property to confirm its market value. Your lender orders this from a blind pool, neither you nor I choose the appraiser.
3
Underwriting review
The underwriter reviews your full financial picture. Respond to any lender document requests immediately, delays here ripple through everything.
4
Conditional approval
You may receive this first. It means underwriting needs a few more items before issuing full approval. Don't panic, this is very common.
5
Clear to Close (CTC)
The finish line for your financing. Your loan is fully approved and you're cleared to schedule settlement.
This is what we're working towardUnderstanding the Appraisal
What Is the
Appraisal?
Appraisal?
The appraisal is an independent assessment of the property's market value, ordered by your lender, not by you or me. Your lender will only lend based on the appraised value, not the purchase price. Here's what can happen:
Appraisal Comes In At or Above Purchase Price
Best case scenario. Financing moves forward without issue and we continue toward closing as planned.
Appraisal Comes In Low
Your lender will only lend on the appraised amount. You'll need to negotiate a price reduction, pay the difference out of pocket, or cancel within the appraisal deadline. We'll work through this together if it happens.
A low appraisal isn't the end of the world, it's a negotiation opportunity. If this happens, call Kelsie immediately. We have options.
This Is Critical
What Not to Do
Right Now
Right Now
This is the phase where buyers accidentally derail their own loans. Now is not the time for big financial moves. Your lender will re-check your credit and financials before closing, anything that changes your financial picture can put your loan at risk.
Do not open new lines of credit, no new credit cards, car loans, or financing of any kind
Do not make large purchases, furniture, appliances, cars, even if you're excited to furnish your new home
Do not change employers or go self-employed, employment stability is a key part of your loan approval
Do not move large sums of money between accounts without documenting the reason first with your lender
Do not slow-walk lender document requests, respond to everything immediately, even if it feels repetitive
When in doubt, call your lender before doing anything financial. A 5-minute phone call can save your entire transaction.
"I know this phase can feel like a lot of waiting and not much doing. But your job right now is simple: respond to your lender fast, don't make any big financial moves, and trust the process. I'm watching every step and I'll flag anything that needs your attention. You're in good hands."
Kelsie Jimenez · 801.420.2284
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Know Your Deadline
Confirm your Financing & Appraisal Deadline with Kelsie
5:00 PM Mountain Time on that date, no exceptions
Work with Your Lender
Respond to all lender document requests immediately
Review appraisal results with Kelsie when they arrive
Receive Clear to Close (CTC) from your lender
Full loan approval, you're cleared to close
Protect Your Loan
No new credit cards, loans, or lines of credit
No large purchases (furniture, appliances, cars)
No job changes or going self-employed
No large transfers between bank accounts without lender approval