a buyer? Does the loan officer know how to advise your client of their best options? Knowledge is the difference between being entirely dependent on another and having some control of the situation. Open and often communication with specific status is key to a smooth process for all parties. When the loan is approved, have all conditions been met? Has the loan been locked? Has the CD gone out and been signed? When will loan documents be drawn? When can the buyers sign the loan documents? When can the loan fund? Is the lender a table funding lender? All of these can make a difference. With knowledge, you can’t be misled. Ask the lender, “What step are we on? What is left undone? Where are we at? What do you need from me to keep the process moving along? The next chapter is going to delve into how the loan process works so you can understand the different steps and moving parts. That way, when you’re talking or dealing with lenders as the listing agent or as the buyer’s agent, the lender will see that you are knowledgeable in the details and know what you’re talking about. If they see that you know your stuff, they are not going to make up stories to cover shoddy work. They will be more apt to give you honest answers and tell you exactly what’s happening with the loan. Education will give you an upper hand when you’re dealing with lenders. It makes the process easier because you know what’s going on. You know what’s happening. You understand the terminology and what things mean. No one can get by with an “Oh, everything’s okay,” toss-off statement and expect you to go away. You’re going to ask for specifics.
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