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Hello, I'm hoping to get some info on a little problem I have.
My wife and I are buying our first home, we were recommended a "very good" "mortgage broker" by a good friend. I put "Mortgage Broker" in quotes because that's what my friend called her, however I am starting to think there is no brokering and she is just an officer for a specific bank (again, I'm new to this). I will say that she is very nice - rarely answers the phone, but always answers e-mails/voicemails within the day. This is perfectly fine for me, but we're in Hawaii and in a seller's market where the houses are falling off the market like water off the end of the world.
My Realtor is very fast paced - also very polite, and very quick to respond when we say we want to offer on something (had several offers that fell through due to higher offers). The problem: the rabbit doesn't like how slow the turtle is - my Realtor is not happy with the response time of my broker with the Pre-approval letters.
So I guess I have two questions:
1 - Each time we offer on a new house, we get a new pre-approval letter from our broker stating the price we're offering and the MLS of the house... Is that normal?
2 - What is the expected/standard time from "Hey broker, we are making an offer, please draft a pre-approval on THIS house" to "Okay, here it is, and I CC'd your Realtor too."?
So I guess I have two questions:
1 - Each time we offer on a new house, we get a new pre-approval letter from our broker stating the price we're offering and the MLS of the house... Is that normal?
Yes, very normal. If you are qualified for 800K, you don't want someone you are making an offer of 600K to know you could really pay more, especially if their list price is 625K. It's really none of the seller's business how much higher you can go, but if there are multiple offers and your offer is the best in every way but sales price, you could lose it just for that reason. "They could have gone higher, but I guess they didn't want it enough." Perception is everything.
2 - What is the expected/standard time from "Hey broker, we are making an offer, please draft a pre-approval on THIS house" to "Okay, here it is, and I CC'd your Realtor too."?
Before the ink is dry on your offer. The letter should be ready to go with your offer. If your loan officer is not responsive enough, you need to tell her that your Realtor is telling you the market is moving faster than she is moving and the Realtor wants you to switch over to another loan officer that is use to working at the Realtor's speed. Every market is different. I've seen offers get ahead of another and accepted by sheer minutes. A Realtor/Loan Officer relationship is use to the instant turn time.......all of my referral sources have every possible number for me and if I know they are out looking, they know my weekend schedule. Your loan officer can be the best in the world, but if you don't get the house, it doesn't matter.
Hello, I'm hoping to get some info on a little problem I have.
My wife and I are buying our first home, we were recommended a "very good" "mortgage broker" by a good friend. I put "Mortgage Broker" in quotes because that's what my friend called her, however I am starting to think there is no brokering and she is just an officer for a specific bank (again, I'm new to this). I will say that she is very nice - rarely answers the phone, but always answers e-mails/voicemails within the day. This is perfectly fine for me, but we're in Hawaii and in a seller's market where the houses are falling off the market like water off the end of the world.
My Realtor is very fast paced - also very polite, and very quick to respond when we say we want to offer on something (had several offers that fell through due to higher offers). The problem: the rabbit doesn't like how slow the turtle is - my Realtor is not happy with the response time of my broker with the Pre-approval letters.
So I guess I have two questions:
1 - Each time we offer on a new house, we get a new pre-approval letter from our broker stating the price we're offering and the MLS of the house... Is that normal?
2 - What is the expected/standard time from "Hey broker, we are making an offer, please draft a pre-approval on THIS house" to "Okay, here it is, and I CC'd your Realtor too."?
Thanks in advance for all the help!
Realtor is dialed-in to the market, and is matching up pre-approvals specifically with the dollar offer. That's a good tactic.
The bulk of my business is West Coast and Hawaii. I have to answer the phone every time it rings, and get updated pre-approvals within 5 minutes of the request or I am not doing a good job for my realtor partners. Period. Time kills deals, and can cost you yours.
1 - Each time we offer on a new house, we get a new pre-approval letter from our broker stating the price we're offering and the MLS of the house... Is that normal?
I think it varies by market. We bought last year in an extremely competitive market and each time we bid, we presented the sellers with a pre-approval letter for the full amount for which we were approved. For the house that we ended up purchasing, our pre-approval amount was 40% higher than our bid. We did this at the suggestion of our real estate agent, who claimed that in our market, we would be going up against cash buyers and it was important to show sellers the strength of our financial position. We did end up in a multiple bid situation against cash buyers but fortunately the sellers were confident in our ability to close and selected our bid.
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