3 Things That Will Make for a SMOOTH Transaction
Carla has written a great post that can lead to a great bottom line for anyone wishing to put people first.
When I meet with a potential client, I can spend over an hour in a consultation -- detailing the current, local market, explaining the buying process, how my real estate practice is set up, etc.
During the conversation, I tell people that there are three key elements that make a transaction go smoothly:
1. Having a knowledgable, effective real estate agent working for them -- in their best interests.
2. Having a knowledgable, effective loan officer/mortgage rep/lender working for them -- in their best interersts.
3. Having a knowledgable, experienced home inspector working for them -- in their best interests.
After reading this post by Nevin Williams, Branch Manager with First Priority I've Been Told To Lie To My Clients I am more and more convinced that the three MUST HAVES are . . . MUST HAVES!!!
Any variation of the theme creates SNAFUs. At the detriment of the buyer, the deal, and/or both.
Case in Point: Buyer wanted to go with Wells Fargo for their loan, since Wells Fargo has all their money. Although I encouraged them to discuss their loan options with other lenders, they insisted in using Wells Fargo. Three weeks INTO the accepted offer, AFTER my client had the home inspection done, Wells Fargo notified them that they would not underwrite the loan! This was a CLEAN buyer, with a credit score of 800. There was an inconsistency in his employment -- he relocated from California, but other than this, he was solid.
Case in Point: Buyers opted to use their Father-in-Law for their home inspection. The gentleman was retired, and had never done a home inspection before, although he was in construction for years prior. I tried to explain that there is a big difference, but it fell on deaf ears. Unfortunately, there were quite a few items which were overlooked, not disclosed which became apparent AFTER they moved in. Had they listened to my suggestions of a licensed home inspection, the items would have been called out, and I would have negotiated the repairs to their satisfaction prior to them taking possession. [NOTE: The items would have been called out by a licensed home inspection because in the State of Oregon, home inspectors are mandated to inspect a slurry of items. The father-in-law didn't know, wasn't bound, and therefore the items were left outside of the home inspection contingency period.]
Case in Point: Buyers wanted to go with their loan guy, and not even consider a referral. AFTER the buyers signed their loan documents, the lender wasn't able to release funds to close because he forgot to obtain the Final Occupancy permit. This should have been in the file long before the Buyer went in to sign off on their loan. It delayed closing, and almost cost them their interest lock.
Working with a KNOWLEDGEABLE agent -- who has established all kinds of RELIABLE points of contact -- is as easy as 1, 2, 3.
-----------------------------------------------------------
~ Representing Buyers Since 1999 ~
Carla Muss-Jacobs, ABR, CEBA, e-PRO, Realtor®
Principal Broker/Owner
EBAPortland, LLC
YOUR Exclusive Buyer's Agent
(503) 810-7192 / Carla@CarlaHomes.com
CHECK OUT www.EBAPortland.com for Home Buyer TIPS!
Read My Blogs:
- http://ebaportland.tumblr.com/
- http://localism.com/neighbor/realtycj
- http://activerain.com/blogs/realtycj
- http://portlandeba.activerain.com/
- http://www.americanchronicle.com/articles/view/112655
- http://www.trulia.com/profile/EBAPortland
All rights reserved (c)
Comments(5)