An Important Partnership: Your Agent and Lender

Buying

Mortgages have been on my mind these past few weeks. Yes, there are more fun and exciting things I could be thinking about, but as a real estate agent, I need to make mortgages and mortgage lenders priorities in my life. I recently posted a video about the documents you should have ready to go BEFORE you speak to a mortgage lender (you can watch it here if you missed it), and that’s what initially got me thinking about them, but we are working with a few first-time home buyers right now, and so lending has really been on my mind.

One set of buyers we have right now is quite savvy, and before they came to us to initiate their home search, they had contacted a lender at their local bank. Adam’s prior experience in the mortgage industry gives us a real edge, and when he heard which bank these customers were working with, he grew apprehensive. He did not bad mouth the company; instead, he offered the names and numbers of a few other mortgage professionals. The customers had no reason to think badly of the person they had started the pre-approval process with, and so we did not make an issue.

Then, our customers found the home they wanted and decided to make an offer. If you’re a first-time home buyer yourself, know this: When you find the home you love and are ready to make an offer, things start to move very quickly, and there are deadlines that need to be met. It is critical that your real estate agent and mortgage lender are in direct communication with each other to keep your process together and moving.

Guess when we heard back from the original lender? About a week and a half later! This makes no sense! One would think he would have wanted to continue to help these customers, get paid from this deal, and gain another referral source. I don’t know why he waited so long to get back to us or the customers, and I will never understand why when he did, it seemed as though he thought we were all patiently waiting for him to call us back.

The moral of the story is that there are a lot of people involved in your real estate transaction: the buyer’s agent, seller’s agent, mortgage lender, inspector, appraiser, title company, insurance company, the buyer, and the seller…that’s a lot of characters involved in a pretty dramatic plot line. The whole deal is a lot easier when everyone is committed to playing their role and cooperating with each other.