Just my opinion, but in today's market in the Palm Springs Valley of California...I REALLY like Buyers that use local Lenders. Particularly with a Short Sale! I just closed a difficult B of A short sale in Bermuda Dunes Country Club. The only thing that made it so difficult was the fact that the Buyer insisted on their "personal Lender". I have zero issues with this, but this Buyer's out of town Lender, sent over an appraiser that mis-measured the home and consequently put the brakes on the loan.
I recommended a local Lender as it was incorrect according to Riverside Co. Public Records. Buyer went with yet ANOTHER out of town Lender. This ones' measurements came in fine, loan moved forward, got B of A short sale approval..and one day BEFORE close, the Lender has 2 more conditions. Obviously they did not work many Short Sales because they were completely inocuous and unnecessary conditions, as their requests were stated in the contract. We all scrambled and met their conditions, but my local Lender told us over 30 days ago that they could fund it in less than 21 days. The home's appraisal came in OVER the purchase price so no worries...sheesh.
Got it done, but a huge waste of time and a pile of stress on all of our immune systems..
Buyers looking for Short Sales...make your offer just a little more attractive if you are getting a loan and go with a Local Lender!
Comments(2)