Articles & Events 05/21/2011
Please select a date using the calendar application to view the articles & events scheduled for the specified date. Any articles & events on the specified date will be listed below.
There are no events listed for the date that you have selected. Please select a different date using the calendar application.
Get Prepared Before Jumping into Offers
Blog Category: Follow the (Loan) Money
Somebody just wrote on a blog that a buyer should dump a Loan Officer that doesn’t respond within 3 hours to write up the buyer’s loan approval letter, calling that loan officer playing “hard to get”.
In my experience, particularly lately, the best Loan Officers I know are extremely busy and I highly recommend my clients give my Loan Officer referrals at least 1-2 days to respond back to them. It is far better for my Buyers to wait a couple days to get into these Loan Officer's "queue" than to try to work with someone who responds quickly but doesn't know what they're doing. That can boomerang in the worst way, and usually just before close of escrow, blowing up the deal.
The best thing Buyers Agents can do for their clients is to ensure they are working with a Loan Officer who really knows what he/she is doing. These Loan Officers may take longer than 3 hours to respond to an initial buyer’s inquiry, but once they do respond, they can IMMEDIATELY (in 5 minutes or less) tell the buyers what they may need to do to get qualified for a loan. Many buyers these days need to work on their credit or other documentation before their application can be submitted to a lender for pre-approval.
Don't forget, just because some loan officer writes up a letter, doesn't mean that's all it takes to actually get a loan funded for a buyer. There is so much more involved. Buyers would be well advised to make loan qualification and pre-approval their highest priority, before jumping into offers unprepared.
CJ Holmes, real estate investor since 1977, broker since 2005, and market analyst since 2007, has personally handled hundreds of transactions, viewed thousands of properties, and dealt with countless agents. She also owns a portfolio of income producing properties, and has developed unique market analyses to determine and predict price trends, which principles apply to every market nationwide. The buyer-seller motivations, the lender-bank restrictions, and the market dynamics are universal. She can be contacted at (707) 578-5727, firstname.lastname@example.org, or www.cjholmes.com