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Checking For Strength Of Lending
by: Michelle Shelton
I called on a piece of land the other day and the woman was selling it by owner. I asked her if she had it under contract. She said, "Yes, we are going to the title company today to see how strong their lending situation is."
I said, "Have you already accepted an offer on this property and put it in writing and opened escrow?"
Her answer made me cringe. "Yes" she said.
You might wonder why that would make me cringe. First of all, the title company is not going to tell you anything about a potential buyers lending. They handle title. Period. Secondly, the lending strength should have been checked out BEFORE she accepted an offer, not after. I have a sneaking suspicion that this deal will either not make it to closing at all, or the seller is going to have a very long closing. The other problem with that is...if you don't know various reputable lenders that can get the job done, your deal could be headed for trouble. The lenders can make or break a deal. There are not a lot of qualifications to becoming a lender and rates are misquoted every day. There are empty promises and like any industry, there are good ones and bad ones. I see unsuspecting folks hook up with lenders that promise the world and become arrogant and pushy in the end when agents and title companies are asking for timelines to be followed. A lender that doesn't close on time can put the deal in jeopardy or break it all together.
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About The Author
Michelle Shelton is a realtor, licensed Arizona Real Estate Agent and listing agent with Keller Williams Realty Southeast Valley. She specializes in East Valley horse property and can be reached at http://www.askmichelleshelton.com.
This article was posted on 2005
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