They survived one podcast and are back for week 2!
Michael and Melissa banter back and forth about writing contracts, placing corgis from the rescue Melissa founded, East Coast Corgi Rescue, into their forever homes, zen gardens, bonsai trees and why a gay man would ask three straight women for home decor advice.
The lender often makes or breaks a deal and there are many reasons why. Some lenders may not be responsive at night or on weekends. Since real estate is practically 24/7, and since houses are seen and offers are written most often at night or on weekends when the buyer isn’t working, it’s important that a loan officer has the work ethic to be responsive at all times.
The timeframe for closing is also important. Lenders who aren’t familiar with the pace of the Washington DC market may think 60 days is a good closing date but sellers and listing agents in DC, Maryland and Northern Virginia expect a lender to be able to close in 30 days.
Relationships with underwriters is also important. If underwriters are in the same office as the loan officer, they often have a relationship based on respect, and they help each other to get the loan finished. Michael and Melissa explain that when underwriters are in another location and the loan officer has to submit a file and has no idea which underwriter they will end up with, it’s the same as taking your car to 10 mechanics. You can end up with 10 different answers. Every time the underwriter picks up the file, they will ask for more things which can delay the process and irritate the buyer.
Appraisal turnaround time is another hot issue. Some lenders know their pool of appraisers well and know that they won’t miss a deadline. Others hire from a regional pool and an appraiser may come from far away, not understand the market well or be brand new. And these are the appraisers who can stand between a buyer getting their dream home or not.
Then there’s an exciting lightening round of questions for Michael to answer on the fly, nods to both the Golden Girls and Family Guy, when contractors pretend to fix home inspection items and a 24 year old air conditioning unit.