When working with a client I try to prepare them for the transaction and let them know what to expect. So when working with a buyer that will be financing, I like them to know the underwriting process is very challenging and invasive. They will wonder, “Why in the world do they need that information?”, and when asked for it, they must be swift in supplying it.
If all is in order, a financed property can close in 30 days. But better safe than stressed, so give it at least 45. When a property is under contract I give my buyers a list of local vendors; Inspectors, AC and Pool guys, Title Companies, Attorneys, and Lenders.
Again, these are local companies that know the City and County regulations and codes. These are Title Companies that do municipal and title searches every day on local properties and know the tax proration and fees. The Lenders can process, underwrite and provide you with a Commitment Letter on time and notify your agent (me) if they need something.
If you’ve been banking with the same bank for 20 years, they must know you, right? Yes, they do know you but they don’t know the local property management companies that require applications and approval, they may not know the flood zones and insurance requirements and a host of other things.
All I’m saying is, you’ve found the right home… now let’s find the right Lender.