Our Rim Country Regional Chamber of Commerce promotes buying from local businesses.
It keeps our local economy strong, helps our local government, and promotes local job growth.
It also gives you a local face to go to if you have challenges with your purchase.
In the real estate business, most Rim Country Realtors would agree that when you buy a home, you benefit by working with a local lender.
It insures that the transaction will flow in a smooth and businesslike fashion.
It is our worst nightmare when a buyer chooses to work with an out-of-town lender who does not understand our market nuances.
By working with a local lender, we can help the escrow process progress because we have a working relationship with the local lenders, we know each other’s faces, and they know they have to do a great job or we will not refer clients to them.
Recently, we had an experience with a Valley lender who was associated with a very large banking firm.
The escrow period was an unusually long 90 days.
Most lenders can pre-qualify a potential borrower within 24 hours and can have full loan approval in 14 days or less, subject to the appraisal report.
With the upheaval in the banking industry, perhaps the timeline may run a little longer.
In this particular case, the escrow was due to close and the Valley lender would not return our calls.
At the final hour we received a call that they needed some last-minute documents, which the buyer promptly sent in.
The close of escrow date came and went and all we got when calling the lender was a message that his voicemail box was full.
Four days after the home was supposed to close, we hear from the lender who apologized that he was too busy to return our calls and by the way, the loan which had been approved was now denied.
Unbelievable and totally unacceptable.
If the banks wonder why they are in financial trouble, this illustration of incompetence should serve to alert them.
Needless to say, a great many lives were adversely affected by the incompetence of this financial institution.
Had they done their job as they should have and simply denied the loan in the first 10 days of the process because it did not meet their underwriting criteria, we could have moved on to another lender.
In addition, if they had shown the courtesy to return our calls, we could have kept our clients better informed.
Every business has hiccups; however, our local lenders are terrific.
As members and contributors to our community, it is to the homebuyer’s benefit to use our Rim Country lenders to insure a smooth and timely real estate transaction.
Ray Pugel is a designated broker for Coldwell Banker Bishop Realty. Contact him at (928) 474-2216.