The lender plays one of the most important roles in the real estate transaction. Since this is the case, why do so many agents simply ask the lender, " So how's the loan coming along?" If that's all you can come up with, there's no point in making the call.
What Not To Ask
Once your seller has accepted an offer, part of your job as the listing agent is to make sure all parties involved in the transaction stay on track. If the contract allows you to contact the buyers' lender, then you should make sure that you ask the lender the right questions. If all you ask is, "How's the loan coming along?", then you will never know the true status of the loan and perhaps cost your seller valuable time.
Don't Let The Lender Blow You Off
Often times the lender will try to rush you, intimidate you or fast talk you so you get off the phone quickly, without ever finding out the true status of the loan. You hang up the phone hoping that everything is okay...not the feeling you want to have. And this is assuming that you are able to talk to the lender. Sometimes they won't even take your call. One way to avoid this situation is to get the name of the loan officer's assistant on Day 1. I have found that the assistant or Processor is usually much easier to reach and will generally tell the truth about the status of the loan.
Ask Direct And Pointed Questions
But regardless of who you get to speak with, you need to ask the right questions. Here are just a few I think need to be asked:
- Has the appraisal been ordered?
- When will the Appraisal be completed?
- Has the buyer submitted all of the necessary paperwork?
- Are there any outstanding conditions?
- When will the package be sent to Underwriting?
- Have you received the documents you need from the title company?
Represent Your Seller Well
If you really want to represent your seller, make sure you have a list of prepared questions to ask. There are many more direct questions you need to ask the lender, loan officer or processor, but these few will get you started in the right direction.
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