Wednesday
Apr092014
WHAT your Realtor knows and WHO she knows makes the difference
Brian Donlyuk - Vista Filare Specialist
WHAT your Realtor knows and WHO she knows makes the difference that could make or break your home purchase.
Once agents get their California real estate license, they can practice selling real estate. Great agents continue educating themselves, learn from past experiences and other deals, and know how to get things done in spite of occasional adversity.
Anybody can help the perfect, financially flush client buy a home, given the right inventory and enough patience. So where does that leave the able and willing buyers who have "credit baggage"? Success for them means working with people who have the extra oomph. After months of working with a family member who is a mortgage broker, and another loan officer from a fairly prominent direct lender, Jennifer (not her real name to protect buyer's privacy and the would-be lenders who did not make the grade) was convinced her credit baggage was not going to resolve for another year or so. The two people she had dealt with basically told her to come back when she was ready for a conventional loan or go with "hard money", and the credit repair company she hired cleared up numerous items to improve the FICO SCORE but did nothing to advise her on what needed to be done to qualify for a home loan. This buyer had the down payment and the income to qualify but had issues on her credit report that lingered on unresolved. She had many doors shut in her face!
Enter Jonathan Sheehan of Southern California Funding, referred to Jennifer by Sylvia Jonathan. He was made familiar with the challenges in front of him the day Jennifer was opening escrow and was told by the slick hard money lender that "...uh, no we don't lend on owner-occupied property". Jon Sheehan knew people who could help. Are you catching on here? Jon, based on feedback he got from the credit report people he deals with on a regular basis, was able to direct the buyer on how to ditch the credit baggage towards the end result of getting a loan. Her family member suggested some actions to the buyer but did not follow up or hold her hand through it, and the other loan officer did not want to spend the time, being somewhat busy posting his workout results on facebook.
Was it a miracle? It was for the buyer. Was it magic? No. The buyer, loan officer and Realtor Sylvia Jonathan worked in unison to make things happen quickly. The buyer already had an accepted offer and was unexpectedly turned down by a hot-shot, fast-talking loan broker who did not listen to what the buyer's intended purchase was. Things had to happen fast if the buyer was going to save her deal. With Jon Sheehan's resources and experience-based knowledge, the deal was indeed saved. Jennifer's purchase closed without another hitch.
When a buyer chooses an ethical agent and he or she directs the buyer towards using one lender over another, it's always in the buyer's interest. Listen to your Realtor!
Once agents get their California real estate license, they can practice selling real estate. Great agents continue educating themselves, learn from past experiences and other deals, and know how to get things done in spite of occasional adversity.
Anybody can help the perfect, financially flush client buy a home, given the right inventory and enough patience. So where does that leave the able and willing buyers who have "credit baggage"? Success for them means working with people who have the extra oomph. After months of working with a family member who is a mortgage broker, and another loan officer from a fairly prominent direct lender, Jennifer (not her real name to protect buyer's privacy and the would-be lenders who did not make the grade) was convinced her credit baggage was not going to resolve for another year or so. The two people she had dealt with basically told her to come back when she was ready for a conventional loan or go with "hard money", and the credit repair company she hired cleared up numerous items to improve the FICO SCORE but did nothing to advise her on what needed to be done to qualify for a home loan. This buyer had the down payment and the income to qualify but had issues on her credit report that lingered on unresolved. She had many doors shut in her face!
Enter Jonathan Sheehan of Southern California Funding, referred to Jennifer by Sylvia Jonathan. He was made familiar with the challenges in front of him the day Jennifer was opening escrow and was told by the slick hard money lender that "...uh, no we don't lend on owner-occupied property". Jon Sheehan knew people who could help. Are you catching on here? Jon, based on feedback he got from the credit report people he deals with on a regular basis, was able to direct the buyer on how to ditch the credit baggage towards the end result of getting a loan. Her family member suggested some actions to the buyer but did not follow up or hold her hand through it, and the other loan officer did not want to spend the time, being somewhat busy posting his workout results on facebook.
Was it a miracle? It was for the buyer. Was it magic? No. The buyer, loan officer and Realtor Sylvia Jonathan worked in unison to make things happen quickly. The buyer already had an accepted offer and was unexpectedly turned down by a hot-shot, fast-talking loan broker who did not listen to what the buyer's intended purchase was. Things had to happen fast if the buyer was going to save her deal. With Jon Sheehan's resources and experience-based knowledge, the deal was indeed saved. Jennifer's purchase closed without another hitch.
When a buyer chooses an ethical agent and he or she directs the buyer towards using one lender over another, it's always in the buyer's interest. Listen to your Realtor!
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