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A Nameless Faceless Lender From Somewhere Across the Country May Not Be Able to Get That House to Closing for You

This week a client was referred to me that wants to buy a house. 
During our initial phone conversation, one of the first things I always ask is whether they have a lender and are pre approved for a loan. 
He indicated that he did have a lender, that he found online. (Uh-oh).  And, that he was preapproved. The Brevard County Real Estate market is considered a distressed market.  It is so important for a buyer to have a local lender and a local appraiser that understands our market.  
My next question was whether or not he had received a Good Faith Estimate from the lender.  He had not. (Uh-oh #2). Every buyer should be provided with a Good Faith Estimate when being Preapproved for a loan.  This gives the buyer an estimate of his closing expenses and prepaid expenses.  It will also provide an estimate of his monthly mortgage payment amount and his anticipated interest rate.
The buyer gave me his lender's long distance and toll free phone numbers (uh-oh #3) as I always talk to the lender at the beginning of a transaction, before we head out to look at any houses.
I called to get more ... more

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