This post is aimed toward all of my "mortgage friends" on the network. While I'm sure none of you are apart of this, some of your local competition is. We agents always have a few deals fall through a year, due to a lender Pre-Qual or Pre Approving a prospective buyer for a home who never had any business buying in the first place. The lender I recommend my buyers work with has NEVER given me a problem. They work in house with the underwriters and can tell me right away if the loan will work or not. The problem is when we get a contract on a listing of ours. We as listing agents are always at the mercy of the buyers lender. Sometimes even after weekly calls, pre-approval,pre-qual, promises, etc, the loan is denied. The excuse is usually simple and phrased like this, "We are sorry, but underwriting has denied the loan due to fact that they had a B.K. 6 months ago or they haven't paid there Discover Card bill in 2 years! How was any of this not found out in the beginning of the process. Sure, sometimes this info can be looked over or lied about, but as many times as it happens, we as agents wonder what is going on. The buyer usually gets thier earnest money back. And seller has pulled there home off the market for however many days due to a loan that never existed.
I know that there is always two sides to the story, and most mortgage lenders work very hard and do a wonderful job. The first thing I usually tell new agents is to find an EXPERIENCED loan officer and treat them right, it may be the best business decision you ever make.
Mr. Brian Brady, I await your comment...lol
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