Continuing the “Real Estate Questions” series, I’m shamelessly stealing this from the KCM blog … I highly recommend reading the story and descriptions at their site. Lesson learned – work with someone who knows the people involved, who can make things happen (ethically and legally) and who can foresee issues. Knowing the people – one of the main reasons I strongly advise working with local lenders.
As a buyer, there is quite a lot that happens behind the scenes of your loan. “Meet” a few of those people:
- The Processor.
- The Appraiser.
- The Underwriter.
- The Loan Officer.
- The Closing Department. (in Charlottesville, that’s the attorney or closing company)
Further, I’m starting to institute rules that will most likely take effect next year – I won’t recommend lenders or attorneys who balk at implementing technology. Specifically, if the lender/processor thinks electronic signatures aren’t legal (which they are), I will not recommend them. If the attorney or title company doesn’t get my transaction management system (it’s dead simple), I won’t recommend them.
My clients come to me expecting me to recommend vetted professionals to add to their team. It’s time to move forward.