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Use a Local Lender With Local Knowledge and Local Experience
An ongoing thought regarding local lenders! Same goes for local agents and so forth. So often, we'll get a buyer who refuses to go with anyone but USAA. So often, they fall out of contract because their mainland lender DOES NOT know our local laws and real estate contracts NOR the area and what's going on with real estate in our LOCAL AREA
Good topic Jeff!
I just talked with someone this morning. They had wanted to buy a lot in Pine Grove / Bluemont which is in Western Loudoun maybe 15-20 minutes West of Purcellville VA. They have their plans to build a new home on the lot and had estimate from builder. Total cost for lot, well, septic, and new construction of house, and related items like driveway, power, etc. came to $258,000.00. It's not easy to buy a lot and build in Loudoun county for $258,000.00, but it can be done. So it was hard to believe when their " lender" came back and said they couldn't lend them the money because the completed project would not appraise for $258,000.00.
I didn't even have to look in the MLS to know that doesn't make a bit of sense, ... more
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