Every week, we ask a real estate professional for their Short List, a collection of tips and recommendations on an essential topic in real estate. This week, we talked with Amy Tierce, a regional vice president for Wintrust, on how agents can assist lenders during the mortgage process.
6. Know Before You Show – Be sure your buyer is well qualified by a trusted lender before you show them the first property. With today’s realtor safety concerns having the buyer go through a borrowing validation adds a layer to your personal security I doubt that a person intent on doing evil will have the patience to go through the approval process. In addition to addressing some safety concerns, the mortgage process is cumbersome and challenging and not everyone who wants to buy, can right now. Don’t waste your time on buyers who are not ready, willing and prepared to buy today!
5. Encourage, Educate and Support Your Buyers – The mortgage process is complicated and can feel intrusive from the consumer perspective, assure your buyers that this is normal, allow them to vent and then suggest that they just do what is asked of them from the lender. Many lenders will request additional documents through out the process, just doing what is asked will make the process flow faster and smoother for all parties. Educate your buyers to the process, we can provide document check lists and file flow charts to share with your buyers and help them understand what is expected of them. And please remind borrowers not to do anything that might impact their credit during the transaction.
4. Be Time Wise – Be sure that you set realistic dates for performance. If you are seeking a particularly speedy transaction call the lender with a head’s up and be sure that they can perform. There are lenders who will say ‘no problem’ when the opposite is true, know your lender and their turn times. Markets move, so don’t assume, if appraisals are taking 3 weeks, it could be tough to close the loan in 2! Do your research.
3. Play Nicely With Everyone in the Transaction – Make sure that the appraisal gets scheduled as quickly as possible, that required condo paperwork is obtained quickly and forwarded to the lender, that the attorneys for both parties are in the loop, listing and selling agents need to work together to expedite the process and support the transaction.
2. Communicate Will All – If there are any changes in the contract, make sure all parties are aware… a change in a date, the price, a concession can occur after the contracts are signed, be sure the lender is kept up to date – do not assume they are in the loop.
1. The Early Bird Prevents Problems – Encourage your buyers to get the insurance going on the new property long before the closing date, the more work completed in advance the fewer complications can come up at the end!
A 25-year veteran of real estate, Amy Tierce is the regional vice president for Wintrust in New England; a division of Wintrust Financial Corporation (an $18 billion financial services company based in Chicago), Wintrust offers a full product menu of programs, and Tierce is excited to grow the Wintrust footprint in the Greater Boston area while exploring new talent, recruiting new individuals and creating a team of dedicated individuals. Before joining Wintrust, Amy built Fairway Mortgage into one of Massachusetts’ top lenders.