This week, I want to talk about the importance of having a good lender behind you when you make your offer on your home. It’s so competitive out there.

I’ve been talking about this now for weeks or months, but this multiple offer situation just makes it so challenging for buyers to get their offer accepted.  You need every advantage you can get to make your offer be noticed, to make your offer look quality. And one of those advantages is choosing the right lender, a lender that has a great reputation in the marketplace on closing on time, meeting deadlines, communicating these kinds of things. Choosing your lender can be critical in getting your offer accepted by the seller.

What does a good lender do for you? Number one, a good lender does exactly what I just mentioned: meets the deadlines, exceeds the deadlines. They don’t put your earnest money in jeopardy. There are certain deadlines on the contract that if you don’t meet certain milestones during the process that you could put your earnest money in jeopardy. Earnest money is the money you put down at the beginning of the transaction to show the seller that you’re serious about the transaction. It goes into escrow and then it’s applied to your closing. But if you miss these critical deadlines, you can unfortunately lose your earnest money to the seller if the contract falls apart. So this is very, very important.

Also, a quality lender is going to do their homework up front on your preapproval. They’re going to collect the necessary documentation to make sure that you meet the guidelines and that you’re not going to have problems once you go under contract on the house.

A good lender is going to call the listing agent on your behalf to introduce themselves, to answer questions. They’re going to do this for you even on the evenings and weekends, even at times when regular banks, brick and mortar banks, aren’t open or available, or maybe online banks aren’t available.

Sharing with the listing agent the quality of your file, that you’re very well approved, and that me as the lender, I’ve done my homework to make sure that your preapproval is solid and we’re not going to have problems once we’re under contract. So that’s very, very critical.

Also making sure that the listing agent can reach your lender. Being able to reach the lender, both when you’re in the contract negotiation period and also once you’re already under contract on the house and working towards closing, to make sure that there’s a lender behind you that’s reachable and responsive and is going to get back to the real estate agents and to you when questions come up, when there’s something that has a deadline that needs to be answered and responded to. So this is very important as well.

Getting your offer accepted and having a good lender behind you can be a critical factor, especially if the seller is contemplating two offers that are similar and you’re with a highly reputable lender, like Fairway in the marketplace that has a great reputation for doing these things, versus a lender that maybe doesn’t have as good of a reputation. They’re going to pick the Fairways of the world because they know that the lender is going to perform and deliver to closing as expected.

That’s just a bit about how important a lender is for you during the process and also to get your offer accepted. If you have questions about that, just give me a call. I’m happy to answer it, or if you’re still not pre-approved and you’re watching this video, if you would like to talk about what that looks like and what’s necessary for a pre-approval, just give me a call, text, or email. I’m happy to help you out with that. And I appreciate you watching. Have a great rest of your day and thanks again.

https://www.youtube.com/watch?v=yHnCz6PFTDM

 

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