Buying A Home
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Acceptable time for return phone calls?

Hi everyone, I'm typically a Bump poster, but today I have a house question:

I fell in to an AMAZING deal on a house (it still seems a little too good to be true, so I'm doing a LOT of research before signing anything), but in the meantime, I want to get pre-qualified. The realtor who's selling the house recommended that I work with a credit union in town that is offering $0 down mortgages for the particular housing deal that we're looking at.

I don't want this great deal to slip through my fingers, but I called him at 8:30 this AM and it's 3, and I still haven't heard anything. There are two other brokers with the same credit union, at different offices. Is it out of line to call one (or both) of them today? Or should I at least give him until tomorrow?

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Re: Acceptable time for return phone calls?

  • That's odd.  You're practically throwing money at them.  I'd call them again today.  Maybe they didn't understand your name or a digit of your phone number or something.

    Twin boys due 7/25/12
  • Go there in person. If you're that committed, trust me, they will find a loan officer to handle your need.

    I will say one thing:  sometimes some regions are so widespread that banks have one loan officer covering multiple counties.

    In that case you really want to build a good relationship with that one loan officer. 

    Our loan officer was one of those types of people.  Aside from our realtor, she was the one person that made our home purchase possible. She alerted me to possible issues with the seller ahead of time; let me know about our preliminary HUD closing statement as soon as the title company ran up the numbers(which ended up being wrong because the selling agent screwed up--I caught it because our loan officer sent is the documentation), and was there giving advice as to what the bank approval committee wanted when they wanted to know why certain purchases were being made on our bank accounts related to our wedding.

    A good loan officer, while being another salesperson, can also be your best friend if you are on the ball and forthright with all the information they ask for.  There is no better person on your purchasing team than a loan officer that does the homework ahead of time.

     People say that in order to be successful you have to have a good team:

    Your team consists of:

    1. Your buyers agent: yes, they split with yours seller's agent and have every interest in meeting yours. They know all the market values in the area and you will get a fairer price by going through them.

    2. Your loan officer: you have to interview for these. The right officer will sound like a lawyer and get back to you immediately.

    3. Right bank: Go with a bank by preference that you can pay your mortgage in person and get a receipt for it.  This gives you documentation you can give to a judge in the unlikely event you ever have to appear in court given the false default cases being filed by large banks right now.

    4.Your seller--rather than your seller's agent. Our seller's agent only added more trouble to our purchase. We ended up dealing with him directly because she was totally out of it. We still have to deal with him right now since he is our builder.  It seems that the guy who did our water main connection cut a few corners and we have a leak in our basement right now. Although the builder's son came out and try to fix it with epoxy and hydrolic cement, the issue is on the outside of the house and needs to be fixed by digging a hole in our front yard.

    5. Your inspector.  They need to be thorough and think of things you don't. Your inspector is required by law to look for things that can go wrong, our inspector did that with photos--but they missed things that were no-brainers like coaxial cable which is not code but most houses should have.

    As a buyer the most important member of this team is you.  You have to communicate with every aspect of your team, even if it is inconvenient, whenever you need to as quickly as you can.  The faster you communicate the faster you can get your needs met.  Ask for e-mail addresses, fax numbers and phone numbers. Go for email first as that gives you a paper trail.






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