What is a sanity check?

Lilhobo

Heard from my broker today to say the lender was performing the final sanity checks and she expected the valuation to be instructed asap. Is this broker speak? What does it mean? Google is not my friend in this instance!

Lilhobo

Or is it as simple as the lender is double checking it wouldn't be insane to lend us the money?

Landofwood

You're overthinking. Your broker is probably fobbing you off to stop you chasing.

amnblog

Everybody knows there ain't no sanity claus.

Lilhobo

Thanks LandofWood, really helpful. My broker contacted me to let me know, she certainly wasn't searching for some !!!!!!!! to come up with as an update.

kingstreet

The usual term is "plausibility check" and it means the lender looks at the application to make sure it all makes sense.

Example - Is the property being purchased closer or further away from the applicant's workplace and will this impact on travel costs.

Lilhobo

Thanks Kingstreet, that makes sense. Much appreciated.

andyfromotley

yr broker is checking whether he is sane to be in his line of work??