We NEED to work together with our vendors in this business. I know, that seems like the height of redundancy. But it seems to need review on occasion . . .
And (sigh) again, as in last month's post, I am referring to the relationships we build and maintain with our mortgage people . . . without whom few consumers would buy properties, and few brokers would get closing checks. :)
I won't lie to you. I prefer Arizona lenders. The more local the better. (I wanna be able to walk to your house with my dog and a gun - KIDDING) Seriously, I've got huge respect for some of our out of state pros who have been above reproach on our deals.
But you gotta:
UNDERSTAND THE AZ PURCHASE CONTRACT
KNOW THE AREA and its properties.
Case in point:
What does a mutual cancellation mean? Duh! The buyer and seller BOTH want to cancel. The property failed to appraise for the sale price. Seller doesn't want to lower the price. She would rather hold for a bit longer.
Should be cake.
One of my agents called me last nite to tell me that the (out of state) loan guy says the deal cannot be cancelled.
Um . . . who exactly died and made HIM one of the principals to this transaction?
They refused to issue a loan denial letter, claiming it's not a loan denial when the seller won't reduce price to the appraised value.
Our Contract calls for the property to appraise for at least the sale price.
My agent was also told that since she ordered the inspections, SHE needed to pay for them.
Our Contract calls for the Buyer to perform inspections AT BUYER'S EXPENSE.
Here's my point:
Time was wasted and grief factor increased because loan people attempted to control the real estate brokers' part of the transaction.
Buyer and seller are both cool and we'll work with both principals again. And we'll provide the buyer with a list of competent local mortgage pros who can assist next time.
Mortgage people, please read our Contract before you tell us OR OUR CLIENTS 'how it works'!
We CAN work together if everyone knows their role . . .