Are All Lenders Equal?

No!!!
Now, if you want to know why, keep reading.

I'm closing on a property this week.  And the buyer (who is my client and using one of my preferred lenders) had a challenging loan.  What is a challenging loan, you ask? Well, let's look at the list of what makes a loan "Not too Challenging" below and we will compare that to the list of ones that are challenging:

Not Challenging Loan Types
1. You work a 9-5 type job you've been at for years, have 20% down, bring in quadruple what your mortgage would be, have no other debts or loans, credit score is above 700 and don't need to sell/rent a current home.

Challenging Loan Types
1. You owe money on a student loan
2. You owe money for a car or credit card
3. You work a 9-5 but don't make quadruple what your mortgage will be
4. You work for yourself
5. You work multiple jobs
6. You don't work even though you have a lot of money
7. You're retired
8. You currently own a home and will rent it or sell it when you buy another
9. You're getting a "gift" of money to help with the down payment
.....and on and on and on

Most people fall into the second category.

And just about every lender out there will tell you they can get your loan done for you and the sad, and stressful thing of this is....what if they can't?  Just because they tell you they can, doesn't make it so.  And who has the most to loose if they don't get your loan done?  The home we are closing this week wasn't super complicated but every loan has it's hurdles. The lender I worked with is someone I've worked with for years and he is extremely good at what he does.  And I know,  if any fly-by-night lender was working on this, my buyer would have lost a lot.  So please, when you are going to buy a home, ask your agent for some recommendations of someone they've worked with before and know are going to get the job done. It's for your protection and sanity that you do:)

                                                                         

How Much Does Your Agent's Reputation Really Matter?

The reason I'm writing this post today is because I just closed 2 escrows where the agent's reputation got them the deal.  One was on a listing I had.  I called someone I already knew who worked in the office of the agent that wrote the offer and asked for some insight on him.  I got good feedback, accepted his offer and the deal went smooth.  While working for some buyers of mine, I submitted an offer where the listing agent called someone in my office to ask about me.  The person they asked gave good feedback, our offer was accepted and again, the deal went smooth.  Two back-to-back cases where an agent's reputation got them their clients a home.
So you're thinking about working with an agent and you don't know them personally?  You've seen their flyers or their photo on your local bus bench.  Maybe they do a lot of local business so you think they are good to work with based on these things, right?  Don't be so quick to act on that.  Who you are working with is who is representing you in any given transaction.  And there are things about that agent you may not see or know.  Maybe they are known for being unprofessional and not returning messages and phone calls. Or maybe they have a reputation of being difficult to work with (and you can be a great negotiator without being a difficult agent, in case you were wondering).  Be warned, if you have an agent like this, it can hurt your chances of selling or buying a home.  And if you get in to escrow with a difficult agent, you may feel a lot of unnecessary drama and stress.
Of course you're wondering "How do I know if this agent has a bad reputation?"  You most likely wouldn't.  But use your instincts.  Are they professional with you?  Do you get a good feeling from them that they are going to work for you and not for themselves? Maybe stop by an open house they are at and see how they are interacting with people and other agents that come in.

Call me if you are thinking of buying or selling.  I'm always here to help