|
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.
|
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
|
For more information and articles on real estate see National Realtors Directory - Real Estate Articles or for other real property information and articles see National Realtors Directory.
Realtors, real estate brokers, agents and sales people, if you would like to submit an article, please go to the submit articles link below. This link is for real estate professionals only.
The opinions, statements and information contained and expressed in the foregoing article are solely those of the author. No position for or against, agreeing with or disagreeing with anything contained in said article is taken by National Realtors Directory.com
We do not assume or accept any liability for the use of the information contained herein. This article is published solely as a service to real property owners, buyers, sellers, investors and real estate brokers, agents and sales people. Anyone who does not accept this disclaimer is not authorised to read or use this article in any way.
submit your site submit articles submit news or press reports submit testimonials
realtor directory home report bad links contact us
Page Set Up © Copyright 2004 National Realtors Directory, a national directory of realtors, real estate agents, brokers and sales people. All Rights Reserved Worldwide.
|
