Do you know who you are working with?
When you are in the market to purchase a home, there are so many things to consider, and so many timelines to meet, that it can be a very complex and daunting process. The good thing is it doesn't have to be. I often get blind calls or emails off of my web site or signs. Usually these people haven't done anything to prepare for the purchase of a home.
That's ok with me, because I don't mind taking the time to properly educate someone.
I typically will tell anyone I talk to about buying a home that the best first step is to speak with a lender to know what they qualify for. Since any offer submitted to a seller needs to have a loan letter, talking to a lender first not only helps define the search, but puts the buyer in a good position to place an offer when the right property is found. I think that when we are finished with an initial conversation, potential clients realize that I am there to help and the relationship is started on the right foot.
One of the things I do is recommend at least a couple lenders if they aren't already working with someone. Even if they are, I suggest to shop around. These aren't "preferred" lenders, but people who have performed well for my clients in the past. That means a lot. I provide a couple of names because personalities differ and one person may be more comfortable with a specific lender while the next might not. It is still the buyer's choice.
I have the prime example of how important this is. I currently have transaction in progress where I am representing the buyer. They are in California and even though I offered lender information they chose to use a lender in CA that is licensed to lend in AZ. That is their right and privelege to do so. This deal had specific timelines put forward by the seller including a deadline for the appraisal and approvals. This was supposed to close 3 weeks ago, and unfortunately it still hasn't. I do believe it will, but this shouldn't have happened. The appraisal was ordered late, and there has a tremendous lack of communitcation in the form of the loan officer never returning phone calls. In short, this is one of the worst experiences I have had with a lender.
If you feel comfortable with your agent, and trust that person to look out for your best interests, please realize that the suggestions made are for your benefit. The ultimate goal is a buying process that is as stress free and easy as possible. That makes the enjoyment of your new home that much easier.
Adam Tarr PC
Citywide Real Estate