The Dirty Little Secret about Lenders
As a Realtor in Cookeville, I sometimes find myself in an awkward position. My buyer comes to me pre-approved and working with a local lender. Sometimes they are working with a lender who is beyond fabulous, and sometimes, well....the lender is not so fabulous.
What buyers often do not realize is that not all lenders are created equally. Some loan officers work a lot harder than others, and some have far more experience than others. Even more importantly, some are able to do loan programs that others aren't. A good loan officer can make buying a house a breeze for the client and the agent. The reverse is also true.
Take for example, a deal I'm working on now. The home is a HUD foreclosure that needs some work, but the buyer is fantastic. However, the underwriter has had me pulling my hair out for about three weeks now. I've been trying to find non-existent documents for her, getting contractor quotes that aren't necessary, and e-mailing and calling the folks at HUD daily. I'm worn out and my buyer is worn out. Today the loan officer told me what I've suspected all along.....she can't do the loan. She tried, and I know it. The bottom line is that she's been trying to fit a square peg in a round hole.
I moved my buyer to a loan officer that I knew had the loan program necessary, and what do you know? We are still closing on time. My relief is palpable tonight. I'm sure my buyer is relieved too.
Now think about this for a minute. How many buyers would have just accepted that they couldn't buy that house? How many agents would have canceled the contract and moved on to find a different house? I'd say at least 75% in both cases.
The truth is that deals are lost every day because of this. Many buyers and agents believe that the lender's word is written in stone.
The dirty little secret is this: the lender isn't going to tell you they don't have the right loan program to fit you or the house you are trying to buy. That would make them look bad. They aren't going to send you to the competition. They just tell you it can't be done. End of story.
If this happens to you, then you better hope you have an agent who knows better. Not only that, you better hope your agent knows a lender who can salvage the deal before it's too late!
Tonight I sit here wondering how many people lost the home of their dreams because of this Dirty little secret.
Cookeville TN native. A full time, full service agent for the entire Upper Cumberland region of Tennessee.
American Way Real Estate Co.
931-526-9581 Office phone, 931-528-6569 Office Fax
Virginia Kail- real estate agent, Cookeville TN