This week’s win was actually helping one of my realtor partners avoid disaster. They had an offer from a realtor whose lender was very inexperienced. They said that the buyer was getting an FHA loan.
But when I double checked as part of my quality control process for my realtors who are helping a seller, I let him know that it said that his condo’s community was no longer FHA approved, although it had been in the past. Getting it approved means gathering about 100 pages of documents and sending them in to the government agency HUD, which approves condo communities to be eligible for FHA financing.
This would take 45-60 days to get the building approved. So I suggested they get a conventional or Fannie Mae loan, and they are now going to close in 2 weeks instead of 2.5 months. Though it didn’t make sense for me to start a new loan for the buyer, I was able to redirect the buyer in a new direction for their loan, and not have the seller’s life be completely disrupted by an inexperienced lender.
Yes, I am the seller and the listing agent’s Quality Control Department.