In today's market the Seller needs to be prepared for delays in the approval process of the approval of the loan for buyers. No matter how good a buyers credit is, now matter how fast they get the documents to the lender, it seems that the lender will continue to ask for more and more. The more they ask for the longer it takes them to look at the file and approve the loan.
For buyers they get frustrated everyday that the loan officer is asking them for more documentation, they think this is the last thing, and they keep asking for more. I always let my buyer know this is coming, and to keep calm, and don't get frustrated. I also let them know that it's not the loan officer it is the underwriter who approves the loan who looks at the file and makes sure that the buyer is qualified for the loan.
They look at the deposits that are made into the buyers account and where is the deposits coming from? For instance if you make a $500.00 deposit every week from a part-time job and you did not tell your loan officer about the job, you will have to prove where those deposits are coming from by providing pay stubs from that job, even if you are not using that income to qualify for the loan.
This is just one example....
For sellers they may have to extend the contract for a few days and they may get a little nervous but it usually always works out and the closing takes place.