Buyers Choose Their Lenders....Don't They ?

Reblogger Praful Thakkar
Real Estate Agent with LAER Realty Partners

We all know buyers have the right to choose their lenders.

Including one on the Internet - who rarely responds promptly.

Sally K. & David L. Hanson's re-post about

Buyers Choose Their Lenders!

Don't They ?

 

Original content by Sally K. & David L. Hanson 57026-90 Broker

EEINY MEANIE  Buyers choose lenders because....that is where they do their banking, where they got their last mortgage, where they were promised the best rate, the lender that has no closing costs...their aunt, cousin, neighbor works there....reasons are many and varied.  Sometimes it is blind loyalty rather than the logic of less cost that drives the choice...people are people and logic does not always prevail.

      In our position as listing agents....we have the duty to guide and advise our Sellers....we require a letter from the bank with each offer...a specific letter that spells out the amount of the loan that the buyer is eligible to borrow and whether or not a home sale is required to advance that mortgage. The rate is included and it is signed with the contact information of the loan officer.

   Choose a reason....insufficient number of appraisers, slow underwriting staff...etc. ....the processing of a mortgage is not done in a minute.....and what is worse....sometimes not done in the time that the contract specifies that the loan be completed. Such disasterous results for not closing on time can mean....the window of approval for a short sale has slammed shut, the Sellers depending on the Buyers to close lose their hosue.....and this can have a domino effect with several transactions....not pretty.no money When we find a situation that endangers a closing....we seek preventative remedies that are legally sanctioned to safeguard the timliness of the closing and insure, as best we can, that everyone lives "happily ever after."

   Our listings in MLS clearly state that offers must be accompanied by a pre-approval from a locally recognized lender. Experience takes recognition one step further...it is a part of our listing presentation and the service we provide to Sellers. If a lender has a history/reputation for not closing loans on time...we advise our Selllers who can....and do ....in an amendment....require a different lender be chosen for this transaction.  We had our lawyers verify that this condition of the contract can be something that the Seller can specify. We do NOT specify particular lenders....we will supply a list if asked by the buyer or the buyer's agent.

   The result of this policy ?  Smooth closings in a timely manner.  Will it change the world of lending ?  Probably not....it will keep our transactions closing promptly....try it....done on a larger scale, we would all be amazed at what changes could take place in markets everywhere.  Amen and Women.

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


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Rainmaker
1,146,604
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

If only more agents felt the same way as Sally K. & David L. Hanson ... and you do Praful Thakkar.   Too many fear that their advice and suggestions will be viewed as "steering", remain quiet, and let things play out ...    sometimes to disastrous results.  

Great lesson and advice here ... thanks for sharing it ... 

Gene

Dec 05, 2016 08:11 AM #1
Rainmaker
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Jerry Murphy, CRS, SRES
Long Realty West Valley - Anthem, AZ
Anthem, Phoenix, and Scottsdale AZ Real Estate

Great advice Praful.  I have worked with a main lender of mine for over 8 years. I do so, and recommend him, because he's never failed me, and is honest when a prospective buyer is not qualified for a loan.  Which cannot be said for other lenders I've worked with in the past.  Best wishes to you.

Dec 05, 2016 09:16 AM #2
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Paul S. Henderson, REALTOR®,CRS,
RE/MAX Professionals. - Tacoma, WA
Tacoma Washington Agent/Broker & Market Authority!

 I have found that referring clients to lenders is rather dangerous Praful Thakkar. Keeping this in mind I often give them three lenders that I have worked with before and also tell them to check with their own bank. 

Dec 05, 2016 10:43 AM #3
Rainmaker
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Rob Thomas
Prestige Homes of The Tri Cities, Inc. CALL....423-341-6954 - Bristol, TN
Bristol TN-VA & Tri Cities Agent, ABR, GRI, e-Pro

Great re-post Praful Thakkar ....I like Paul S. Henderson, REALTOR®, Broker, Tacoma Washington  ...always give 3 names ...I put my favorite first

Dec 05, 2016 02:52 PM #4
Rainmaker
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William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Buyers do have the right, but I will suggest against some at times and as a sellers Rep, I have refused lenders several times before

Dec 05, 2016 04:26 PM #5
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Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Thanks for stopping by at this post and your comments.

Dec 10, 2016 12:28 PM #6
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Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

You are right Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi - if only everyone felt the same way!

Dec 10, 2016 12:29 PM #7
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Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

For me, I prefer to recommend them a lender - and it's up to them to work with the right one.

Dec 10, 2016 12:29 PM #8
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Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Thanks for stopping by at this post and your comments. Jerry Murphy, CRS.

Dec 10, 2016 12:30 PM #9
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Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

It is all about long-term relationships with these lenders - and it works for our clients.

Dec 10, 2016 12:31 PM #10
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Praful Thakkar
LAER Realty Partners - Andover, MA
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Thanks for stopping by at this post and your comments, Paul S. Henderson, REALTOR®, Broker, Tacoma Washington.

Dec 10, 2016 12:31 PM #11
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Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

I think it is dangerous, Paul S. Henderson, REALTOR®, Broker, Tacoma Washington if we provide them just one. That will be steering, I guess.

As you mentioned - share more than one and let them decide who they want to work with.

Dec 10, 2016 12:32 PM #12
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Praful Thakkar
LAER Realty Partners - Andover, MA
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Thanks for stopping by at this post and your comments, Rob Thomas.

Dec 10, 2016 12:32 PM #13
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Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

With you on providing multiple names Rob Thomas - helps them and helps us, too....lol!

Dec 10, 2016 12:33 PM #14
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Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Thanks for stopping by at this post and your comments, William Feela.

Dec 10, 2016 12:33 PM #15
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Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Buyers will have the final say - that is so true William Feela.

Dec 10, 2016 12:33 PM #16
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Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Once again, thanks all for stopping by at this post and your comments.

Dec 10, 2016 12:34 PM #17
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