Whose fault is it that you didn’t get your home loan
As I write this on a Saturday morning inspired by the phone call I got last night by someone that lost the house she wanted because after the 3rd extension to close the seller cancelled the contract. Then on Thursday I had a preliminary interview with someone that I had to tell them I don’t think that I can do the loan for you due to various reasons. But she seemed a little irate with me because so and so told her they could. Obviously I told her she should just let so and so do her loan and no point on trying to shop the rate just be glad you can get the loan in today’s market, since things have changed.
I have been on both sides the fence, what I mean by that is I have been the loan officer doing the loan as well as the Realtor with the transaction whose client is getting the loan, and I can tell you sometimes it’s the loan officer’s fault that you did not get your home loan probably more than you know, I know they said it was the underwriters fault but that may not be the case. So this going to be a two part on what may have happened and does happen and what you should expect from your loan officer as well as your Real Estate agent.
I myself have never had a loan go bad or go south or that I could not close after starting the process due to the simple fact that I made sure I knew what the guidelines were as well as never over promising on something that I was not sure that I can deliver. But the reality is just like anything there are loan officers that will promise the world just to get the business. There are loan officers that will issue Pre-approval letters to Real Estate agents when the loan officer and the Real Estate Agent are not even sure if the client will even be able to get the loan. They just have the mentality of we will cross that bridge when we come to it. So loan officers do “approve” people even if they are not really approved IT DOES NOT MATTER IF THEY ARE A DIRECT LENDER OR A BROKER, I have seen approvals from both and wondered,,,how????? As expected the deals never did close, because the wicked underwriter would not clear this condition or added on more conditions to the loan.
Sorry to say that there are Real Estate agents that demand that there clients get “approved”, or they will stop sending that loan officer any clients and they will make sure everyone in their office does the same. So they black mail the loan officer for the preapprovals so they can submit offers, both of these individuals do nothing but a disservice to everyone. There will always be unsavory people in any industry but due to the fact that so many individuals in the last 3-5 yrs got in the business there are more now than ever now, and until the requirements become more difficult to become a Real Estate agent to lessen the amount of unsavory people that enter the business it will have to be something that you will just have to keep in mind.
Okay I am not going to say that there are not underwrtters out there that are not cooperative and put conditions on loans that just make you think “what world is this person from “ I have seen some crazy stuff myself and have had to appeal those conditions, but in the end it did get closed.
So what should you expect from a loan officer and know whether you are just being put in a situation that will result in nothing but a roller coast ride for you, because someone has hopes on cashing in on a possible commission whether it be your loan officer or Real Estate agent.
So look out later this week on what to expect from your loan officer and your Real Estate Agent
Gene Perez
805-448-7101
DRE # 01321588
Whether you are a first time home buyer or a veteran home buyer I have helped many clients with ther financial decisions. Buying a home is still a very big decision for both and in making an important decisions such as buying real estate it is always good to have experience on your side. I have been in the real estate industry prior to the refi boom before it was the "thing" to do. And plan on being here for quite some time. I have had many years in helping families with all of their real estate needs so whether you are buying or selling property in Santa Maria CA, or on the Central Coast, my goal is to provide you with resources and tools you need to make a smart and stress free real estate minded decision. I can also help in getting the financing for your home or just finding the home you would love to buy.
