There’s no question that the Internet has simplified our lives, but financing a home is far different than logging into Amazon and purchasing a book. Buying and financing a home involves many parties working together to navigate through a process that is very labor intensive, time sensitive, and fraught with obstacles that can kill a transaction. When a problem arises it helps to have professionals who have a working relationship to get the job done. Buying a home involves, two buyers, two sellers, two Realtors, one and maybe two lawyers, an appraisal management company, an appraiser, home inspector, insurance agent, and a loan officer. And that’s a typical transaction. It could also involve a pest inspector, building inspector, contractor, estate lawyer, well you get the idea. Getting all of these parties to work together on a tight schedule requires a lot of local knowledge and constant communication between parties. Even what might seem to be a slam dunk can run into major obtacles. The most common issues involve problems with the appraisal, clear title to the property, or difficulties with documenting financial information. While a loan officer cannot influence an appraiser’s opinion, we can certainly appeal a value if we believe the appraiser didn’t use the best historical sales data for the property, or give proper credit if the home is in a better neighborhood, or is in impeccable condition. Only a loan officer with in-depth, local knowledge has the expertise to make this argument. From time to time, I need to request an extension to the closing, or mortgage approval date due to an unforeseen delay in the process. It is extremely helpful if I’ve worked with the listing realtor, who is the person that is going to advise the seller whether or not they should grant the extension. The realtor will have the confidence to tell their client that the buyer is in the hands of a reputable loan officer who can get the deal done. I can go on and on with examples of how a loan officer’s local knowledge, and hands on experience carried the day, and after many years in the business, I still run into a potential deal-breaker that I’ve never experienced before. So before you send your financial information into cyberspace, consider the value of working with a loan officer who might just live right down the street from you.
