Closing transactions, especially purchase transactions during this tax season, may be nothing short of chaotic!
A very clear pattern I am seeing in this low-inventory, mega-multiple-offer environment is the winning bidder typically agrees to a short, 30-day escrow. In front of that, buyers are agreeing to very tight contingency timelines for signing off on property inspections, appraisals and loan approvals.
Often, final loan approval requires authenticating tax returns submitted to your lender. To do that, you need to sign and submit to the Internal Revenue Service a consent form named 4506-T.
The purpose is to detect and prevent income fraud on mortgage applications.