The Offer is signed and Accepted and Now its up to the FINANCING!
February 9 2016 Posted by Mary Poburan
The offer is Signed and Accepted and Now it is up to the FINANCING!!!
The Real Estate Market is an ever changing beast. In speaking with seasoned professionals, they tell me that they too struggle daily to keep up with changing rules, policies and processes. This challenge is no different in the financing world. I am seeing more deals than ever be declined by either the lender or the insurers. After spending hours looking for the right property for your clients and negotiating the best deal, you DO NOT want the deal to fall apart at this stage. I am here to help. There are some key points to remember when looking at the best financing fit for your client:
1) They must deal with someone knowledgeable and EXPERIENCED. Very often your clients will tell you they are preapproved or working with someone. Unless this “someone” has been in this industry for more than 5 years, they do not possess the experience necessary in this changing market. Unless a deal is a perfect fit “in the box” many lenders lack the ability to successfully negotiate the approval process
2) The change in lending guidelines has increased the chance that your client may need specialized lending options. Does their current lender have access to a variety of products and lenders?
3) It’s a small world…Once a deal is submitted to either a lender or insurer, the chance of it being approved after a decline is slim. Getting a deal second hand is a recipe for failure. I have seen strong deals, positioned incorrectly by another lender, turned down due to it being presented differently and unsuccessfully by another lender. Getting it RIGHT the first time is key!
4) Be in control of the process. Your clients are expecting guidance through the process of buying a home. Part of this responsibility is ensuring they have the best chance of success by recommending the strongest Lender. Do not leave this up to chance.
5) Intervene early in the process. Not all preapproved clients are actually counselled correctly as to their approval criteria. Many preapprovals are granted based on verbal disclosure with no follow up to ensure that the client can deliver. Make sure your clients have been thoroughly screened to ensure that any discrepancies or challenges are addressed. Your time is valuable. Don’t waste it searching for a property for someone who will not make it to the finish line!
If a deal is possible..I am the one to make it happen!
Mary Poburan
Senior Mortgage Consultant
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