Submitting An Offer: Your Lender Matters
The 3 most important people in your home purchase or sale are your real estate agent, the lender servicing the buyer, and the closer at the title company. Your agent will help you find local lenders with a good reputation for having the documents and funding ready in a timely manner. Your agent, lender, and closer will be communicating frequently between the time the final contract is signed and closing. All must work together to get you closed on time.
Amanda gives a good example of what happens when buyers select a lender who doesn't know how important communication is to the process.
Submitting An Offer: Your Lender Matters
Lenders are important for many reasons and choosing the right one to handle your financing needs is just as important as selecting the right agent. Their importance goes well beyond working on a buyers financing after an offer gets accepted. The current market in Northern Va is fast paced and multiple offers are happening frequently. As a listing agent I always contact lenders on presented offers to get feedback on the potential buyers financing. This doesn’t mean deals can’t still fall through but, I feel a lot more comfortable when I sit down with my sellers and share with them I've spoken to the lender who will be handling the financing.
I had two offers come in on a listing over the weekend. I called loan officers the same day I received them and left messages. One loan officer called back within a couple hours; crickets from the other. The weekend passed and I tried again Monday to make contact. My sellers wanted to make a decision by 5pm Monday night. The offer my sellers were leaning towards was the same one whose loan officer I hadn’t heard back from. I let the agent know the challenge I was having getting in touch with him and she didn’t seem to think it should make a difference.
Well…it did make a difference. When 5pm rolled around I updated my clients that I hadn’t talked to the loan officer and they made the decision to go with the other offer. The offers were close but, in the end no communication from a lender cost one of the buyers from being selected. Communication is required in the real estate business and that includes lenders. With the option of text, email, and phone it's not all that difficult to return someone's message. Choose your lender wisely!
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Amanda S. Davidson - Featured on WUSA9
Co-Owner/Broker Living A Dream Real Estate12701 Fair Lakes Circle Suite 370
Fairfax, Virginia 22033
Cell: 703-431-3755
Fax: 703-562-7057
Web: www.livingadreamrealestate.com
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