How to Avoid Costly Lender Delays in Grand Rapids
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I’ve been having some of my clients complain about lender delays that are costing them quite a bit of money. I just sold a home for a family that’s relocating to Ohio. We managed to sell it in five days and the buyer had all the credentials in place. My sellers went ahead and put an offer on a home in Ohio and they were working towards a closing and getting their moving trucks set up. They were even turning off their utilities in their home!
Then got a call from the lender saying their buyer in Grand Rapids couldn’t close on time, and this affected the family’s other transaction in Ohio. This is a terrible domino effect, and it’s sad because I see it all too often.
Sometimes the problem is lender-related. They do drop the ball sometimes, but we can’t place all the blame on them. If a lender is not getting a fully pre-approved buyer this can cause issues, and if the lender misses or doesn’t properly account for the buyer’s debt obligations, these things can all cause issues. The lender must consider the other debts of the buyer, because these can all throw off the debt-to-income ratio and disqualify the buyer. Lenders need to operate with a sense of urgency, and it’s your agent’s job to ensure that.
Your agent needs to place a sense of urgency on the lender and the buyer.
Other times, the buyer is to blame for the delays. If a buyer provides information too late in the transaction, that can also delay the paperwork. Also, sometimes buyers don’t have a sense of urgency in this process. Sometimes buyers will also take on new debts while they’re being approved, and this will derail a transaction quicker than anything! That is a big no-no for buyers.
As real estate agents, we try our best to communicate closely with reputable lenders that work with qualified buyers. We hate to see family’s struggle with problems that they did not create, and we work hard to avoid those kinds of problems.
If you’re looking for a reputable lender in Grand Rapids, I suggest working with John Seville of Benchmark Mortgage. He can be reached (616) 581-0250.
If you have any questions or real estate needs, please don’t hesitate to contact us!
