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FINACING FRUSTRATIONS

By
Real Estate Agent with Southern Homes of the Carolinas 254679

Ok Everyone...  The climate for lenders is changing.  Last year we went to close on many properties without issue.  They were seamless and "Easy" to be honest. 

This year... with the market conditions, lender problems and concerns and changing standards with lenders... the problems have been frequent.  This requires much more diligence from the lender and the agent as well.  We all have to work together to get the job done.  It does not mean that things are impossible, just that their is a greater incidence of conditions and problems that have cropped up and buyer/seller beware.  Stay on top of things, follow up and advise your clients to give you ALL of the facts no mater how scarry they may be... it will save you and them time and heartache. 

In addition to communication and follow-up....Never stop when there is a door closed.  Most of the time there is a lender that is able to overcome the obstacles that others can't.  This requires diligence on the part of the agent to find that lender and connect their client.  Remember, selling agents if the buyer suddenly has a problem, you owe it to your seller to work as hard as you can with the buyers agent to help them get that loan.  Sometimes that requires you to remain in constant contact with the lender and give referrals of lenders who you know will most likely get the job done. 

Not all loans are created equal, and not all agents are either.  The ones who are the most diligent are the ones that will see these difficult ones to close.

Best of luck to all of us.

 

Posted by

    

Sarah Moore, CRS, CDPE, SFS, e-Pro, Broker/REALTOR ®

RE/MAX EXECUTIVE REALTY  ~  7752 Gateway Lane, Suite 204  ~  Concord, NC   ~  28027

www.WeOpenMoreDoors.com

 

Robert Latham
Greenway Financial - Sterling, VA

Great points and advice!  As a lender, it seems that almost every day something in my part of the real estate industry changes.  Every investor I work with has dropped atleast one product, and several of them have gone out of business.  Most of the changes we've see have had to do with MI...of course we are in a severely declining market in my area, and likely will be until 4th quarter this year.  The MI issue is making it very difficult for anyone in this area to get financing without a significant amount out of pocket.

Even with the tough market, there's still a way to get every single deal I've seen so far this year done.  It's just a matter of how many brick walls, myself, the agent, and most importantly the client are willing to break through.  Keep your sprits up, because when the market turns back around, the "good old days" will be back...and despite what the national media is reporting, from what we've seen in our office, it's probably going to be here sooner than we all think.

Jul 28, 2008 05:48 AM
Jon "J.R." Finger
Fairway Independent Mortgage Corporation - Charlotte, NC

Great post Sarah! It sounds like you've had one of those frustrating experiences lately! We've consistently maintained a pull-through ratio of around 92%. (percentage of loans that have actually closed versus the number submitted to underwriting) I think the biggest thing for a lender or broker to make sure they continuously do is to under promise and over deliver. If you are constantly playing devil's advocate with your pipeline and anticipating where problems are; you will most likely get them through. Unfortunately, the days of "oh yeah, no problem and I'll take care of it" are gone. Some of the loan officers who are used to doing that aren't gone.

Let us know if we can help you out with anything. Our office is only about 15 minutes away from yours.

 

Oct 01, 2008 06:02 AM