Working with a responsible loan officer will help you get to closing!

I have to say that in the current market situation, even if you have a ready and willing buyer, it is even more important to have the buyer qualify by a responsible lender. One who would go just an extra mile to look deeper into credit checks and asking the right questions before giving out a pre-approval for a home loan. Otherwise you could be wasting a whole lot of time and effort and maybe not get to work with the client in the future when he or she is ready.

Recently, I had a client who was pre-approved for a home loan by a well-known bank. We went house hunting and I found a good foreclosure home which meets all my client's needs. We went ahead to submit the offer with the Bank's pre-approval letter and gone through all the offer negotiations on the price, terms and conditions. Everything went smoothly and all parties, buyer and sellers, come into an agreement. 

In the meantime, I managed to convince my client to get another pre-approval with a preferred mortgage broker, David Krichmar at Schmidt Mortgage Bank (www.DaveYourMortgageGuy.com), whom I have been working with for a good majority of my clients. If he said it is good, it will be good 99.99% of the time.

Dave called me to say that my client could not be approved because he has an outstanding judgment in his credit report that must be cleared. I was totally dumbfounded. I called the bank immediately and the loan officer still assured me that my client is good and all he has to do is submit the W2s, paystubs and so forth. Then I asked if he has looked at the credit report closely to notice the outstanding judgment. He said: "I did not see any judgments". After reviewing the credit report again, he then said that even my client had an approval, he still have to pay the outstanding judgment of over $20,000 before the loan can be approved!!! This is crazy!!!

It is usually not our call or can we insist our buyers to use a certain lender. But it sure helps if we can get them to have a second pre-approval to be on the safe side to avoid of a lot of unhappiness later, loss of earnest money and so forth.

Dave is always pro-active when comes to pre-approving a client, which I feel that it is so important. As Realtors, we invest so much time and energy right from the start of house hunting, even if we can do the best job in finding the right home for our clients, negotiate the best deal possible, what good would it do if the deal doesn't close? Thus, we need the partnership or backing of a good mortgage broker like Dave Krichmar or a loan officer who will take care of our deals, tackle all foreseeable issues right from the start of the loan application or loan process and take all steps necessary to get it to closing.

For more infomation about selling or buying a home, please call me at:
(832) 472-2113 or email me at Patrick@PatrickLim.com

Wishing you a Happy Holiday Season!!!
Patrick Lim
Patrick Lim
ABR, QSC, MBA
Realtor
Mobile   (832) 472 2113
patrick@patrickLim.com
                  www.patricklim.com                   
     

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Whether you are buying or selling a home in Sugar Land, Katy, Missouri City, Richmond, Fresno, Pearland or any cities in the Greater Houston, Texas, let me help you Today to move towards a better tomorrow!