Which Lender a Buyer Uses Does Not Matter Claimed the Agent/Seller/Buyer ...'Really ?

By
Real Estate Agent with EXP Realty 414-525-0563 57026-90 Broker
https://activerain.com/droplet/4lFc

  We have learned through our own experience and from others in our industry...that the choice of a lender...and going one step further...a loan officer within a lending institution is a HUGE part of the puzzle piece that puts a transaction together.puzzle pieces

   If both listing and selling agents are not paying close attention to this important part of the process...we believe you are doing everyone involved a huge disservice.

   Agents know that all agents are not created equally....and that applies to lenders. Because a buyer has a piece of paper, because a lender or friend may have referrred an agent to a buyer does not necessarily mean the Buyer is qualified...or that the Lender can close the sale. CAUTIONHere are some recent scenarios that would have killed the deal had we not taken what we have come to call "lender caution."

  - Self employed Buyer had been employed less than the  minimum of 2 years and did not qualify for a mortgage  BUT was given a pre approval

 -   Income of couple did not qualify unless another person

     with sufficient assets was added to the loan

 -  Divorced spouse was still on a previous mortgage swaying   the debt to income ratio

 -  Insufficient time had passed from a bankruptcy to qualify

    for mortgage application

   And the list continues....and while there may be agents, Sellers and Buyers that see our thorough examination of the lending process to be "unnecessary"....we know better and want everyone to have a successful real estate experience.financial health

   If you thought those days were over since the fall of the market and emergence of the return...think again.

    If you are looking for agents who examine every part of a transaction in detail and cautiously take Sellers and Buyers from property introduction to closing...call the Hansons for all things real estate in southeastern Wisconsin and know that you will receive the prompt professional service and proven results you deserve for all things real estate.

Posted by

Sally K. & David L. Hanson, ABR, CDPE, CSS, e-Pro,ILHM, REDS


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lending in real estate
preapprovals in real estate qualified lenders
caution in mortgage lending

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Rainmaker
1,317,551
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

There have been so many changes over the past several years that it is imperative that a buyer work with a lender that is on top of their game.  Otherwise, the transaction can become very stressful and may not succeed at all.

Jul 30, 2014 08:27 PM #6
Rainmaker
3,254,755
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce


Top of their game is a good thing...but not always what lenders strive to achieve.

Jul 30, 2014 08:32 PM #7
Rainmaker
401,223
John Wiley
Right Move Real Estate Group- EXP Realty - Fort Myers, FL
Lee County, FL, ECO Broker, GRI, SRES,GREEN,PSA

Sally & David, I try to understand the products and the quality of several LO. Then I can share with a buyer some lenders that will take care to best serve them.

Your post is a needed heads up for buyers and agents.

Thanks

Jul 30, 2014 08:47 PM #8
Rainmaker
2,346,102
Roger D. Mucci
Shaken...with a Twist 216.633.2092 - Euclid, OH
Lets shake things up at your home today!

Never assume "all" in any field are created equal......it just isn't so.  Found that out in a hurry when I got divorced.

Jul 30, 2014 09:02 PM #9
Rainmaker
4,432,217
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

I have heard of so many horror stories about choosing the wrong lender. Hope buyers will read this.

Jul 30, 2014 09:18 PM #10
Rainmaker
2,019,587
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Southlake, TX
Selling Homes Changing Lives

Sally,

I found that the worse lenders were the ones who approached me when I was new in the business. When the deals weren't going through I dumped them and referred my clients to more experienced lenders who really knew the business and were local. 

Jul 30, 2014 09:50 PM #11
Rainmaker
3,254,755
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

assuming is a bad thing....right Patricia sometimes the lenders who approach you are hungry for business with no clue how to do it !

Jul 30, 2014 10:09 PM #12
Rainmaker
1,846,965
Jay Markanich
Jay Markanich Real Estate Inspections, LLC - Bristow, VA
Home Inspector - servicing all Northern Virginia

I had heard that qualifying was harder these days, unlike the heydey years ago.

But, don't know!

Jul 31, 2014 07:51 AM #13
Rainmaker
3,254,755
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

it is....and worse...there are lenders that qualify the unqualified...

Jul 31, 2014 07:55 AM #14
Rainmaker
1,560,731
Carla Muss-Jacobs, RETIRED
RETIRED / State License is Inactive - Portland, OR

And with underwriters' guidelines still tight, those pre-approvals that are printed without underwrtier review are really going to be bad news for the buyer, who might not be able to close escrow.  You bet it matters!!

Jul 31, 2014 02:14 PM #15
Rainmaker
1,945,792
Andrew Mooers | 207.532.6573
MOOERS REALTY - Houlton, ME
Northern Maine Real Estate-Aroostook County Broker

Great points and knowing what is coming up, reacting positively before a mistake or delay is made is why you guys rock in your market place. Paying attention, years of experience and taking very good real estate notes.

Jul 31, 2014 09:58 PM #16
Rainmaker
3,254,755
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

It is a part of the transaction most realtors ignore....we are picky picky picky and rewarded with transactions that stay together.

Jul 31, 2014 09:59 PM #17
Rainmaker
3,133,013
Kristin Johnston - REALTOR®
RE/MAX Realty Center - Waukesha, WI
Giving Back With Each Home Sold!

I know we have talked about this in the past...a lender can certainly make a difference!

Jul 31, 2014 11:33 PM #18
Ambassador
3,983,049
Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

Yes the lender plays a key roll in the whole process. I have one transaction now that started off with great communication and now the loan officer will not return calls and hollers answers over his receptionist into the phone. Something has gone haywire.

Aug 01, 2014 02:43 AM #19
Rainmaker
3,254,755
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

Amazing Debbie that people who are in a service business forget what Service really is !

Aug 01, 2014 03:00 AM #20
Rainmaker
4,797,361
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Great advice, Sally and David.  Making the right choices for servicers in the buying or selling process can make the difference between a closed sale or back on the market.

Aug 03, 2014 09:35 PM #21
Rainmaker
3,336,061
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Sally and David -- this is such a smart post -- not all mortgage pre-approval letters/commitments are created nor are all lenders or agents.  When receiving an offer, the listing agent must do some due diligence to verify the information he/she/they have been given and not accept it as fact.  

Aug 05, 2014 11:49 PM #22
Rainmaker
3,254,755
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

It is Mike an ingredient to a failed transaction....the "assumption" that things are as they appear

Aug 05, 2014 11:51 PM #23
Rainer
326,122
Lynn FISCHER Phoenix, AZ West Valley, Sun City, Active Adult, Sun City Grand
HomeSmart - Sun City, AZ

This Blog and all the agent posts are SO Spot-On as examples of the lending challenges in today's market!

As Gabe (post # 21 above) said:  "Making the right choices for servicers in the buying or selling process can make the difference between a closed sale or back on the market."

Aug 06, 2014 07:47 AM #24
Rainer
482,918
Chandler Real Estate Liz Harris, MBA
Liz Harris Realty - Chandler, AZ
#ChandlerRealEstateAgent

Fantastic blog post today, thanks for contributing to the Active Rain community, look forward to the next one!

Aug 06, 2014 01:07 PM #25
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Rainmaker
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Sally K. & David L. Hanson

WI Realtors - Luxury - Divorce
For All Things Wisconsin Real Estate...Call the Hansons
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