Generally, the last hurdle to overcome is the bank commitment. It is always good to have the commitment as early as possible but one week before the scheduled closing is not unusual. The mortgage underwriters have to gather all the information about the purchase and take a close look at the applicant’s ability to pay. They will also send a licensed appraiser to the property to determine the actual value. If the appraisal for the property is approximately the same as the price the buyer has offered, there is no problem. However, if the appraised value is significantly lower than the price offered, the bank will most likely decide not to commit to that price. The buyers themselves will most likely have to increase their down payment by the difference in order to continue with the transaction. Again, this is where the negotiating process comes into play. Many factors, too numerous to mention, also come into play here. Suffice it to say that lenders will not move hastily at this time. They want to be sure the mortgage will be paid. Once the bank commits to the mortgage, the closing can take place.