You've just sold your home and now you're in underwriting. What does that mean? When you're selling your home and both the buyer and the seller have agreed to an offer the next step is for the entire transaction to be handed over to an Underwriter. Many times people will ask who is this underwriter and what do they do?
Basically an underwriter is someone who looks over the entire transaction to make sure nothing was forgotten and that everything is squared away so the house can betransfered cleanly from seller to buyer. They make sure that everything in the files has been accounted for and that all the "t's" are crossed and all the "i's" are dotted. An Underwriter is there for the benefit of everyone from the bank, to the seller and the buyer.
They make sure that the appraisal on the home is correct, that the loan's evaluation ratio is right, that the buyer is willing and able to pay the loan and that they've obtained financing. They also make sure that the home doesn't have any liens or code violations, and finally to make sure that when escrow is closed that the buyer takes full title of the house.
The underwriting process does not take that long and before you know it escrow will be closed and the house will be handed over to the buyer from the seller.