Home Loans in Kenmore, WA - pre- approval
It is getting harder and harder to get a Home Loan Approval these days. We have never really seen this level of necessary paperwork ever. As a loan originator and a real estate agent, I prepare my clients from day one to be ready for everything they can imagine to be asked for and then some. But every time there is a new deal, I am surprised at what problems can arise in getting a Home Loan Approval. I just had an FHA loan denied, after we already had a Home Loan Approval from the lender pending results from a 4506T response from the IRS. That form is used to verify that they indeed did file tax returns.
It turns out, however, that my client had not filed her 2007 Tax returns. She owned no money, we had the necessary W2 forms. Not only did they deny the loan, but they would not even put the Home Loan Approval process on hold until she filed the tax returns the next day and wait to send out another 4506T. We had to start the loan all over again at a different lender and she may need to go look for a different home . These lenders are getting more black and white in how they see everything with less and less exceptions possible.
And, by the way, we had to wait over 5 months for the short sale approval from the 2 different banks so we could buy this home and get the Home Loan Approval in the first place. Now, after she gets the Home Loan Approval all over again, we have to hope that the 2 lenders will give us an extension so she can still buy the same home.
So, I learned again, not to assume anything when getting a Home Loan Approval. I assumed because we had W2's that she had filed a tax return. It just goes to show you that we have to ask questions no matter how obvious we think the answers are when we are going for a Home Loan Approval.
Signing a Buyers Agency Agreement - in Kenmore, Washington Homes for Sale is not about the paper itself. I would never hold someone (including myself as the agent) to working together if we no longer wanted to. The reason for the agreement is simply to make a mutual commitment to each other. If anyone wants out, it is best to end the relationship as quickly as possible and I have done this several times from both sides in the past 10 years or so.
As I see it, as an agent, I can see myself as a salesperson, or a consultant. If I am a salesperson, then I would not want an agreement and I would just meet anyone at any time and try to sell them a house. This is not how I want to run my business.
No matter how I connect with a potential client, I always want to meet them and educate them about the home buying process if they are a first time buyer, and if not, at least share with them how I run my business. This first meeting may come soon after making contact, or several months down the road. Basically it comes when they get serious, and always before I go show them homes. I may have had lots of conversation with them before we meet and I may have sent them listings as well, depending on their needs.
The first thing I do when they are ready to start looking is arrange a meeting for educational purposes. I then ask them if they are pre-approved and if not, see if I can help them do that. Once that ball is rolling and prior to the meeting, I email them the important purchase and sale forms, State of Washington Agency Law Pamphlet, a buyer's guide, a Buyers Agenccy Agreement form, and a plug about why they might want to work with me with some testimonials included. And that is why they many want to be Signing a Buyers Agency Agreement - in Kenmore, Washington Homes for Sale. They can also learn more about me at my website: Looking4SeattleHomes.com
I will not even meet with them until they have at least looked over what I have sent them and know that they are pre-approved to buy a home. If they have not been pre-approved, I send them to my loan brokerage site: Metropolitan Mortgage Group
By the time we get together, they have seen all the work that I have done and either like what I have done or think something else about me. The initial meeting will take 1-3 hours depending on whether they are first time buyers or not. If they are, I will go through the buying process from start to finish so that they understand and are comfortable proceeding with a purchase. I have never had a first time buyer get nervous and back out of a purchase as a lot of agents have done as a result of educating them.
With all buyers, I go over how I run my business, talk about my Fiduciary duty and that I take it seriously, how I will never try and sell them a house, and in fact will tell them some general things I see wrong with every house we see so that they are sure they are buying the right house. I help them understand that they are actually hiring me to represent them the same as if they hired an attorney, except that I will get paid by the seller and isn't that wonderful? I share with them that because I know that I will get paid at the end of the day, that I will not rush them, ever. I talk with them about the incredible level of service that I will provide them and they that they can expect, and that that is the only way I can expect referrals from them. And that this is the only way I can work. If we have a commitment to each other, then I can provide that level of service, and if not, I cannot and they will have to find an agent that is more of a salesperson to show them houses if that is what they want because I do not do that. Any agent can open doors for them or send them listings.
By the time we are finished with our meeting, they are either more then ready to be Signing a Buyers Agency Agreement - in Kenmore, Washington Homes for Sale based on how they feel and the work that I have already done, or not and that is fine with me as well because then I can stop wasting my time with them and help the ones who signed an agreement with me.
If, at any point down the road, either one of us is uncomfortable working with each other, we cancel the agreement in writing. After all, you only want to work with clients that are happy to work with you and you enjoy being around. And that, ultimately, is what a is all about.
I moved my family from Shoreline 7 years ago to Kenmore even though Shoreline was a wonderful place. I had heard great things about the schools here and the sense of community because of the size of the city, which at that time was only 3 years old. I have not been . It feels really wonderful here most all the time. I will be blogging about this town and why it feels so wonderful to me as often as I get a chance, time being the way it is. This week, in the Kenmore Reporter there was an article that confirmed that I was not alone in feeling that this was such a great place.
The magazine, Family Circle, apparently looked at cities across the country using the criteria of affordable housing, good neighborhoods, green spaces, and A+ public schools. they chose Kenmore as one of the 10 best towns and cities in the whole US for families!! In fact, there was only one other town west of the rocky Mountains that made the cut! To read the full article go to www.kenmorereporter.com.
I have to go now, but as I said, I will attempting to tell you as much about this great place as time affords. One thing that I have to mention right away is the Kenmore Concert series Thursday nights from 6-8pm at St Edward State Park. Come join my family, and hundreds of others for this free concert in the park every week. There is some food available, but most families pack a lunch, throw down a blanket, and have a picnic as they listen to music and visit with family and friends. On July 23 we get to hear the Yogoman Burning Band, Positive & vibrant dance music. For more information and a complete summer schedule visit www.cityofkenmore.com/events.
In my opinion one of this week's big "wildcard" events with be the Obama administration's unveiling of their next phase of the bailout plan for the auto industry on Monday. Rates could go either way, however, long-term they will still come down lower.
If, as expected, the plan includes massive amounts of new capital injections into the auto sector, look for bond market investors to register their disapproval by pushing interest rates - including mortgage interest rates - higher.
Treasury Secretary Geithner told a network television reporter today (Sunday) that there is only about $135 billion remaining of the original $750 billion set aside for the financial rescue of corporate America. If it becomes apparent the Treasury Department will be called upon to venture into the capital market to borrow billions of dollars more -- the weight of all this debt will tend to push rates up across the board.
Another event on this week's calendar that has the potential to stir up trading activity in the mortgage market is Thursday's Financial Accounting Standards Board meeting. This regulatory body is expected to consider relaxing current mark-to-market accounting rules. The subject has generated significant lobbying efforts for and against the change. If the rule is modified substantially -- look for bank and other financial companies to ignite a major stock market rally - as these companies' capital positions improve dramatically with nothing other than the stroke of a pen. It will be a close call - stay tuned.
Without something like a major accounting rule change there is a chance the round of profit-taking that began in the stock markets on Friday will accelerate this week. If so, the flow of capital from the equity markets into the relative safety of notes, bonds and mortgage-backed securities will likely limit the amount of upward traction mortgage interest rates might otherwise generate.
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I love to work with people and help them figure out what they want to do and the best way to do it. Help people get the most for their home, or help a buyer find that dream home that they can afford.
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