The other day I wrote a post about a situation I had with some buyers and their Direct Lender Calling all lenders and agents, a little insight please.
These same clients asked me a question after these events which was one that I had never really been asked "How important is your relationship with my lender?". This statement got me to thinking about this relationship and how important it is to not just me but to my clients and the process of purchasing a home.
I simply told them that my relationship with their lender is as important as their relationship with me. The Lender that they chose to work with needs to:
- Be sure to lock them at a good rate and in the payment range that they need to be at
- Ensure that the loan funds on time
- Needs to communicate any loan issues with myself as well as Escrow
- Needs to make sure that their docs are signed and in good order in a timely manner
- Be reachable to both myself as well as Escrow should we need anything from them
- Ensure that escrow can close on time
I proceeded to tell them that in order to do my job effectively I needed to ensure that their lender was as well. Without a solid REACHABLE lender it could greatly inhibit my ability to guide them through contingency removal and to adequately protect their deposit. Let alone to be able to close the deal in a timely manner. I went on to inform them that the lender needed to stay in contact iwth both escrow and myself to let us know how the file was progressing.
They really had no idea how important that this relationship is for and agent during the offer and escrow process. In their minds they truly thought that the lender just did some paperwork and that was all.
Many buyers and sellers do feel that it is the Realtors who control the deal and all aspects of it. While this is true in most aspects of it their are some things that are out of our hands. Lenders play an equal if not larger part of the transaction, THE MONEY!!!! If they do not do their job well then we cannot do ours.
Subsequently, my clients met with my lender and love him. They are going forward with him at this point as the direct lender still has not returned a call that they place from last Thursday morning.
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I have been trying to find the right lender to "partner" with, but just haven't seem to find the right one yet.