Jumping Through Hoops

I recall once I was sitting at a lender’s desk as a home buyer and the lender saying to me “what are you going to do? Walk away from the deal?” You see there we had reached yet another hoop to jump through and I was so frustrated. As I often tell my clients, when buying a home there are hoops we need to jump through. They start off huge, like a hula hoop and by the end they appear as big as a pinkie toe ring. So frustrating, yet remember when this happens, call me and we will get through it together.

As we have talked about lenders have overlays they use to try and protect themselves from having to eat a loan. The loans are audited and if something is found incorrect, years later, especially if a borrower is defaulting, they can be made to take the loan back and lose all of the profit. It could be something as small as a missing middle initial. I am certain they do not like the idea of doing that.

So what do you do? Well as I tell my people all the time, we can look for a new lender or you can do it if you want the loan. Then I remind them of the hoops and whatever they decide I support. My job is to present them with their options, suggest what I think is best so they can make an informed decision.

Rich what did you do with that lender. Ah as Paul Harvey would say the rest of the story…. My bride immediately jumped in and said “I would not say that to him, he’ll do it just to show you he can”. He said we couldn’t do that, he had a lot of time and money into the deal. I told him he should then work harder to keep our business and not blow apart the deal. The lender huffed and puffed and then managed to fix whatever obstacle our way. Glad he was able to. The issue was something so trivial that it just frustrated me to no end. Nowadays the lenders demand a letter of explanation over a 5 dollar deposit. Where did that money come from? Good Grief talk about a hoop to jump through. Hang in there, All the Best Richie Rich

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