The scenario (in Los Altos, Menlo Park, Mountain View, Palo Alto or San Jose) is a familiar one: Buyer tells me she has found a loan agent who is going to give her a loan at an incredible rate, with no points and no fees. I caution buyer along the lines of the old truism that "if it sounds too good to be true, it probably is." I urge buyer to consult with a loan officer I know through direct personal experience to be honest and reliable. Buyer doesn't listen.
We find the house that buyer wants to buy. Her offer is accepted. We open escrow and the clock starts ticking.
If you're planning on buying a home and looking for a Los Altos realtor, a Menlo Park realtor, a Mountain View realtor, a Palo Alto realtor or a San Jose realtor, this account may be of interest to you, in your realtor search, to buy a home.
The first main problem we encounter with the loan agent selected by the buyer is that the loan agent does not want to give the buyer the green light to remove the financing contingency according to the agreed-upon schedule. The loan agent says he needs more time, to get his underwriters to approve the loan. We have a number of anxious days, during which we negotiate with the sellers for additional time.
Eventually, the buyer removes her contingencies but the loan agent is not able to deliver on time. Close of escrow is delayed. Not only that but after all is said and done, buyer discovers that she did not actually get the deal she thought she would be getting! By the time that became evident, it was too late to change lenders. Surprise, surprise. What sounded too good to be true was indeed too good to be true.
This is a highly simplified account of what in reality often turns out to be an excrutiatingly aggravating experience, stretching out over weeks and frequently resulting in a variety of penalties for the unfortunate buyer, who sometimes actually loses the opportunity to buy the home she wants and sometimes loses her deposit.
The moral of the story? If your real estate broker has been in the business for a quarter century, there is a good chance that he might know what he is talking about. Give his advice your full consideration, especially if he has dozens of signed testimonials to back it up. You might just thank him for it, when your escrow closes smoothly and on time, enabling you to side step a variety of perils and pitfalls involved with getting a mortgage.
Consumers in search of Los Altos realtors, Menlo Park realtors, Mountain View realtors, a Palo Alto realtor or a San Jose realtor, in a realtor search, to buy or sell a home, may want to consider our listing commission discounts or commission rebate program, detailed at www.pacific-century.com. In challenging economic times, improving your bottom line to the tune of tens of thousands of dollars makes even more sense than it did previously. If you can do email and are willing to invest a few minutes reading up on the opportunity, you may qualify.
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