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What to do when the buyer has a lender you never heard of

I use what is known as a "Lender Expectations" letter. I explain to the buyer,

I can appreciate that you have a friend that is a lender... or whatever the situation is. I have a letter that you should give them and you should have them sign it. The lenders that I refer have all signed it. If they are not willing to sign it, you have good reason for alarm. The letter does not ask them to do anything other than do their job and be forthright.

Loan officers, it would benefit you to take it to your Realtors signed and give them a blank one to use.

Here is a link for a PDF for you to download.

Posted by Rob Aubrey Real Estate Group on 09/09/2007 02:08 PM

Comments (7)

agents, lender

7 Comments on What to do when the buyer has a lender you never heard of

SEP

2007

wow - what an excellent tool. I worry when I don't know the lender and find myself on the phone all the time to make sure things will go smoothly. Thank you so much for sharing this important document!

Bob, that is wonderful. Tell me how many of "their unknown" lenders sign it ? I saved it to modify, this is fantastic ! Your rock !

Great time saving form, this would help my assistant make less follow up calls.

In our area there are so many problems with out of area lenders that some of the agents actually have their sellers include in any counter offer a requirement that the buyer use a local lender.

Great idea Rob. Any legitimate loan officer shouldn't have any problem with signing your form.

Great idea Rob. I agree with Larry's comment. And if a loan officer doesn't want to sign it,to me that is a red flag. Thanks for sharing this information. This form is definitely going to help me.

FABULOUS idea... I was just griping about this very thing in a blog I posted earlier called WHEN LENDER ARE LIARS....

We are in a Seller's Market and NEVER take an offer without an APPROVAL letter on the buyer. But, fat good they are if the APPROVAL letter is not worth the paper it is written on.

This is a HUGE problem and lenders have no accountability. And as long as they continue to have NO ACCOUNTABILITY, these problems will only continue to escalate.

Great idea Ron!

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