Many people ask us, "What is an LSR?" We could answer lipolysis stimulated lipoprotein receptor, however, we think most people are referring to a real estate addendum called a Loan Status Report.
Simply stated, the Loan Status Report (LSR) is a standardized pre-approval letter a lender provides for purchasing residential real estate in Arizona. Prior to the creation of the Loan Status Report lenders would supply a pre-qualification letter that varied in content and quality of information. The LSR provides a form for information deemed important to both buyers and sellers of residential real estate.
Some ask if having an LSR is mandatory when financing the purchase of residential real estate in Arizona. It is only mandatory if one is using the ADRE Purchase Contract to write and submit your offer. Since most residential real estate purchase contracts are written using the ADRE form, a LSR is commonly required.
Below is an introduction video provided to help you better understand the LSR document. If you have questions about this or any document used in a real estate transaction, we recommend you contact qualified counsel.
We hope this post and video have been of help. If you have questions, know we are delighted to be of help.
The Urban Team at Realty Executives