I have been so lucky to have a patient buyer. She and I put together a deal in June. We made an offer on a short sale property here in Nevada and we finally have a close of escrow date scheduled for December. Yippee!
After I told my client this good news and told her it was time to lock in on an interest rate and get the loan process under way, she told me she felt like she just won a race!
All of the waiting, the negotiating, the paper work and phone calls that are involved in getting third party approvals are exhausting and can feel like you are, in fact, racing.
I actually hadn't thought of the process as a race, but now, as I reflect back, it truly is a race. It is a race against time. Will I get this deal closed in enough time that my client will still be qualified when the time comes to actually get the loan?
Will I get this deal closed before interest rates go up and my client won't qualify any longer?
Will the property still appraise for the offered price by the time the home goes into escrow?
Will my client walk away from this deal if it takes to long to get approval?
Those a just a few questions that run through the mind of the real estate agent as we wait, and wait for third party approvals on short sales, foreclosures and bank owned properties.
Luckily, my client won this race and so did I. All the patience and hard work paid off. And because my client stuck it out, she was able lock in at a lower interest rate yesterday than she would have been able to several months back when we first made the offer on this home!
Lower interest rates.... a little something to be thankful for during these hard economic times!
Authored by Terrie Leighton. November 2008. Terrie is a real estate agent with Ferrari-Lund Real Estate. All the information in this post is believed to be accurate, but is not guaranteed.