The Biedenharn Brief

Local storms affecting Real Estate Markets.

March 31st, 2016

As we are all aware we have had a series of severe weather events over the last couple of weeks.  This means lots of roof, fence, and gutter damage. If you think you may have damage its important to contact your insurance company quickly, particularly if you are looking to sell your house. damaged roofs can cause delays in closing and loss of buyers loans among other potential issues. It is best to get the insurance claim process started quickly as this can take quite some time. With large events like we have had recently the roofing contractors schedules begin to fill quickly and you could miss a closing date waiting on the roof repairs if you wait till you get on the market or under contract to address the storm damage to your property!  Call us if you are thinking about selling, for more tips on how to get your property ready to sell, and for a no hassle market analysis of your property.

Make it a Great Day!!!

Your Lender Matters

March 22nd, 2016

For many buyers one of the first crucial decisions they will make in the home buying process is who they will use for their loan. Today I want to give you buyers out there the keys to making the right choice.

As a buyer you may think that the most important thing is who has the best rate, but it is not.  The #1 most important thing that your lender should have is “In House” processing and underwriting.  Ask the lender “how well do you know your underwriters”.  If your lender doesn’t know who your underwriter will be then they don’t KNOW what the underwriter will and won’t approve.  Too often we see lenders, especially from the national banks, tell a buyer “yes we can do that” only to have the underwriter, usually in another state, tell the buyer a week before closing no we can’t do that or use that income, etc…

The 2nd most important question you should ask is how fast can you close a loan. If they can’t do it in 3-4 weeks, move on.  Even if you don’t need it done in 3-4 weeks ask if they can do it just to get the answer. If the lender says they “have” to have 30 or more days and 40-45 would be better move on. Even the good lenders will ask for 30 days but can get it done faster if needed.

The 3rd question to ask the lender you are considering is “Do you have your OWN appraiser pool and how many appraisers are in it”.  If they can’t answer that question or don’t know what you are talking about, it’s time to move on. Don’t worry if you don’t know what an appraiser pool is, if the lender is a good one they can explain it to you.

Once the lender passes these 3 test THEN you can start talking rates etc….  Even if you have to pay slightly more (although usually the good ones are still competitive) you are better off.  The vast majority of the time any delay in closing or failure to close is due to having used a lender who didn’t meet these 3 criteria.

OF COURSE THERE ARE EXCEPTIONS TO EVERY RULE, BUT ASK YOUR REALTOR NOT THE LENDER TO FIND OUT WHAT THEY ARE!!!!