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Getting the Offer is Only Half the Battle

In our industry you must as they say, “Roll with the Punches”.   Dutifully you have marketed, staged and priced your listing.  Your seller listens to everything you say.You are getting good traffic, good feedback and viola a contract.  Oh that nice sweet contract . .  OR is it?

You, as the listing agent – in my area, do your due diligence by qualifying the buyer, calling the lender, reading over the lender letter.  Sometimes you get one that is really  a pre-approval and other times, well, let’s just say it is not.

I talk to the lender and sometimes it just feels like lip service and from some it is.  I am happy to have a contract but I have to tell you that I am going to blow up from stress because some lenders don’t have their acts together.

This is a time to speak with your preferred LO and make sure you have a deal and not a nightmare.

We have been spoiled by the desktop underwriting and many types of loans are going back to manual underwriting.  In our current financial environment, that is understandable but we need to be prepared for the extra work and details that will now be involved in getting to settlement.

It is like the old days of manual underwriting.  I hate feeling like I have to check up on some of the lenders, but you do.  This calling two days before settlement to tell me that the loan has been switched unbeknownst to anyone is not a good thing.

When you get an offer on your listings I think you will do yourself and your clients a favor by checking in with your trusted lender to get an update on lending guidelines.  What was true last week is not so this week.  The underwriting guidelines are changing almost daily. 

As consumers, please talk with your listing agent and make sure they have contacted the lender and have at least double checked on the buyer’s basic qualifications.  Then, it will be important in this financial market for you to give a buffer of time for moving with a rentback option in case there are any delays.  This will seem like a hassle, but believe me, it will be less painful than having your entire life on a moving truck with no where to go. 

Now, more than ever it is important to have a strong lender as part of your team to keep things running smoothly.  Even if they are not doing the loan on the property, their expertise can be invaluable. 

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