I am starting this article with a request. Please send me your turndowns. Consider that if you could close one more customer either annually, quarterly, monthly, or weekly by sending me your turndown, what would that do for your success?
You have spent the time, money, and effort to locate a possible home buyer or seller, and finding that there are issues that cannot be overcome based on a traditional lender’s guidelines can void all that cost and effort. Perhaps there is another way to make the purchase or sale happen.
It is exceptionally challenging trying to stay current on what financing is available to home buyers in the traditional lending world. Never mind that your customers are buying a primary residence, second home, investment property, and any other reason for their purchase or sale. Even the best loan officers are challenged by all the changes that occur in the guidelines, not only from Fannie and Freddie but internal policies as well.
Remember, there are other resources (investors) that are trying to get into the real estate business either as private lenders, partner with Sellers to fix and sell (this one is a huge option right now in the market), or investors to buy rental properties.
Solutions and opportunities surround us as long as we stay open and consider all the options available. Please reach out with your turndowns to see if we can help clear the way so your clients can reach their home sale or purchase goal.
