Importance of Tried and True Real Estate Partners.
Today I am reminded of the importance of Tried and True Real Estate Partners. With each buyer I have worked with since 2002 I typically have a conversation where I suggest to buyers that they use one of my trusted Real estate partners. The particular trusted partner I am lacking with today's subject lesson happens to fill the role of the lender. First what I consider to be a trusted partner is one who has consistently achieved a high level of service. One might say a proven track record of excellent communication, thoroughness, proper file management, and a solid team helping to close files smoothly and timely. Fortunately I have one of these trusted partners who have serviced client's needs extremely well over the years.
What has prompted today's writing is the fact that I currently am involved with a lender who I have not had the opportunity to conduct business with prior to this particular transaction. When this buyer came to me to assist her in locating a home, she was already engaged to a lender who previously assisted her father in a transaction late last year. Much to my chagrin I chose not to have my normal Real Estate Partners talk with this client. A mistake I will not soon repeat.
We were fortunate enough to get the jump on a lovely home in Chandler for under $125,000. The purchase contract was executed on July 17 with a scheduled closing date of August 27. Any lender worth their weight in salt will tell you this was ample time to gather and review all necessary documents, process the file, and have loan documents 3 days prior to the scheduled closing. Certainly my Tried and True Real Estate Partner would have accomplished this task. But remember my client is using a lender outside my referral system. Now it became apparent to me, two weeks prior to closing that we were going to have a problem.
Call me psychic, call me seasoned, but two weeks prior to closing I had that bad feeling we were going to have problems with this closing. I guess the fact that the lender was not returning my calls was the first sign of distress. When I was able to catch the lender (value of using a different phone so he doesn't recognize the number and pick up) he informed me that the lender he was originally going to place the loan with, charged extraordinarily high fee's, and they were desiring to have a second appraisal done on the property. So this change in lenders was putting us behind but we still could close on time.
Now call me optimistic but I actually thought this could be done as the appraisal was already completed, they had 4 weeks to put together a solid file, and all they needed to do was to submit to the underwriter for approval. But when he started contacting me trying to get assistance in gather supporting documents together for the file I quickly lost that glass is half full attitude.
Today is September 1, and we still do not have the loan documents and the lender is frantically scrambling trying to produce the loan documents to supply to the title company so that we may close 7-8 days late. Fortunately our seller has been understanding and has graciously extended our Close of escrow date allowing the lender another opportunity to service this loan so we should be alright.
A tried and true real estate partner understands that a Realtor, Lender, Inspector, and Escrow officer are all part of a team working for the buyer. When one team member encounters a problem there is a residual effect on the remaining team. On the realtor side of it, there typically is a need to manage and limit the amount of collateral damage created by these unexpected roadblocks as each closing poses their own set of obstacles that need overcome. It's times like these that reinforce the value of a well established team in effecting a seamless close of escrow.
If you want to see how these Tried and True Real Estate Partners perform, don't hesitate to give me a call and I will show you first hand that the team I rely on, are truly intent on "Serving You".
