How do you choose your loan officer? Roanoke Virginia Home Buyers Beware!

By
Real Estate Agent with Damon Gettier & Associates, REALTORS- Roanoke Va Short Sale Expert

It amazes me how many people want to buy a house and don't pay particular attention to the financing part of the equation.  You would think that if a buyer trusted a real estate agent to represent them in some of their largest financial decisions of their life, they might heed their advice when it comes to lenders but often this is not the case.  Personally, I will not work with buyers who work with  internet lenders.  Why?  The answer is simple, I want to get paid for my work and in my experience these deals do not close more often than not.

Another thing that amazes me is when a buyer wants to use a family friend for a lender that has NO EXPERIENCE WITH THE TYPE OF LOAN THEY NEED!  Recently we had a situation with a buyer who insisted in using a family friend who clearly has no clue what they are doing.  This contract was written in early April to close in early May....an easy 30 day closing if it was my in house lender.  By the way, my in house lender had to get licensed.....unlike loan officers that work for big banks, they don't have to be licensed.  Well, this lender told us early May was not going to happen and that it needed to be the third week of May, then the fourth week of May....today we are told not next week or the next......why?  Because this loan officer has NO CLUE WHAT SHE IS DOING! 

The seller is irate....they have made one extra payment on a house they thought they sold...now they are having to make two!  And they have already moved!  The loan officer is now admitting they have no idea what they are doing...but everyone else has to pay for this, not her.  I am not going to mention the company...... Except to say that Wells Fargo is one of the companies I like least because of how hard they are to deal with on Short Sales...now I dislike them for another reason!

When buying a house in Roanoke Virginia, use a local company that knows the market, knows the products and that you can walk into an office when there is a problem.  When selling a house in Roanoke Virginia, insist that the buyer use a local lender for the same reason.

Whenever I have a choice, I use Atlantic Bay Mortgage, Joel Balsley is my loan officer of choice!

Hopefully this will get closed in June, I wonder how friendly the friends will be after this fiasco?

Posted by

Damon Gettier, Broker/Owner RE/MAX 1st REALTY --ABR, ABRM, CDPE, ePRO, GRI, SRES, AHWD,  VA Licensed Real Estate Instructor

Buyer and Seller Representation

Roanoke Virginia Foreclosure Agent

Roanoke Virginia REO Agent

Roanoke Short Sale Listing Agent

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Comments (2)

Karen Kruschka
RE/MAX Executives - Woodbridge, VA
- "My Experience Isn't Expensive - It's PRICELESS"

Damon  I shudder when I get a new client and they have an out of town lender or mortgage broker

May 31, 2011 01:56 AM
Karen Kruschka
RE/MAX Executives - Woodbridge, VA
- "My Experience Isn't Expensive - It's PRICELESS"

Oops - been here before - Hello  :)

Jun 08, 2011 11:54 AM