Don’t know about you but this last few months has been a challenge for my buyers when it comes to the loan process. They understand the need to get a pre-approval letter and most are very pro-active about getting quotes and comparisons, etc. The pre-approval helps us get the offer accepted and escrow opened. The buyers are happy to provide job info, bank statements, and credit history – all the “usual” paperwork that we’ve all come to expect.
Of course, they are extremely excited when the loan rep calls and says, “your loan is approved” and expect they’ll be in their new home within a week or so. HOWEVER, today we all know that the approved statement usually ends with ..”We just have a few conditions to meet for the underwriter”!!! What does that mean? Conditions? Copies of paychecks, explanations for purchases made, copies of income property leases, etc.
Last night, one of my clients called and sounded so dejected. He had something like 25 conditions that needed to be answered. He had submitted all the paperwork to his loan officer AND still didn’t feel confident that the loan would be approved!!! I told him that all his work would payoff as the appraisal came in above the purchase price and that it would be worth the wait, etc. etc.
He wasn’t buying it, so I said that buying a house is like having a baby!! You go through various cycles: excitement, anticipation, waiting, discomfort, weight gain (my favorite!!!), anxiety….AND then finally, LABOR!!! It can be downright painful!!! The end result is this pretty little baby – a sweet bundle of joy!! All of a sudden that “pain” wasn’t so bad. Fortunately I got my client chuckling and all is well for the moment.
You might think this is a strange analogy but really, that’s what it takes to buy a house today!! That emotional roller coaster takes a toll on everyone involved & we just have to keep that sense of humor!!! What’s that old (new?) saying….have at least one good belly laugh everyday!!!
For more help and hints, just call me...your Beach Areas Specialist at 562-244-8021 , visit my webpage www.annstefanucci.com or visit me on Facebook.
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