Mortgage News: It takes a village to buy a house
It really does take a village to buy a house. It seems that everyone has to get involved. Let’s see, there’s the mortgage advisor, there’s the attorney, an appraiser, a home inspector, and a realtor. Actually, there are two realtors, because there’s a listing realtor and a buying realtor. You have the sellers and the buyers. You have underwriters, and processors, and executives for the lenders. You have closing agents and title agents. There are just so many people involved that it’s mind-blowing, and if everybody is not doing their job it makes the process a little more difficult. As the mortgage advisor, I also wear the hat of General Contractor, that is, I’m trying to keep everybody on pace as much as possible and making sure everybody is during their job. I want to make sure everything is getting done and nothing is slipping through the cracks so we can get to the closing table at the right time. The date is always set from the beginning, which is always kind of strange because, really, I was taught that the closing date should be when everything is done. We set an estimated date, but when you have all these people you can’t always say how long a process is going to take.
The best purchases happen when you have a good starting team. This team is the trio consisting of the realtor, the mortgage advisor, and the attorney. If you have those three that are really strong, then you can pretty much overcome anything, and it’s a pretty smooth process. It doesn’t always work that way, but when it happens it’s actually a lot of fun. As a broker, I don’t usually get to choose my team, but there are several good teams. Definitely, when certain realtors call me I know it’s going to be a great process, but who knows. I work with a lot of people I don’t know all the time, and you don’t know how the team is going to be until you’re into it.
Sometimes it’s not the members of the village that cause problems, but the family members, notably on the buyer’s or the seller’s side. There’s always someone’s uncle, or mom, or coworker that knows everything, and questions everything. As the mortgage advisor, I get these calls all the time. I explain that they’ll hear a lot of things throughout the process because everybody has bought a house, but times change and what was going on six months, or six years, ago, is different than what’s going on today. I just let them know the some of then noise they hear is true, some of it isn’t, and a good team gets through that.
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