Relocate to Wisconsin : 'Lender List ? YES We Have One...Use it or Lose it !

'Lender List ? YES We Have One...Use it or Lose it !

  There are two main reasons why a transaction falls apart.  Not suprisingly, these reasons are the two most common contingencies in an offer to purchase in Wisconsin. One is the inspection. (In Wisconsin, home inspectors are licensed and must be used if the Buyer is making a claim to be released from the contract.)  offer

   The other contingency is financing. We are ever conscious of Lenders both used by buyers for our listings and used by our Buyers to purchase homes.  What does conscious mean ? Inot means that..unless and until a lender has demonstrated that they can first of all...qualify a buyer and secondly, close a loan, they are not on our list of preferred lenders that our buuers use and are used for the purchase of our listings.

    I see heads shaking in disbelief. There are Realtors and Buyers who will complain....and claim that it is "illegal" to require a buyer to choose from a lender list.  We know that if there was one legal opinion, there would be one lawyer. While many people would view that as a good thing...reality says, there are many of both...opinions and lawyers.  Our legal counsel agrees with the premise that the choice of a lender is a negotiable part of the offer to purchase contract. As such...we may....and do present each Buyer with a list...not one "favorite" lender...but a list.  We are specific...not just the name of the lender but also the loan officer and all their contact information. We know, as experienced Realtors and other allied professionals know, not all loan officers are the same and are diligent about doing their jobs.paper dolls

       Our job...for buyer or seller is to have the loan closed with a qualified buyer.  As recently as a week ago, we got a call from an experienced Realtor who had a buyer for one of our listings. He "knew" they were qualified with their lender. We explained our policy and he low credit scorehad the Buyers call one of the lenders listed. The Realtor "knew" has buyers had sufficient income to buy our listing. Yes....that was true...but what he did not know was their credit score,...which was later learned to be barely 600.

    If you or anyone you know is looking to sell or buy a property in southeastern Wisconsin and want experienced Realtors who will guide and protect every part of the transaction, call the Hansons, we are honored to be of service.

Sally K. & David L. Hanson, ABR, CDPE, CSS, e-Pro,ILHM, REDS


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Comment balloon 16 commentsSally K. & David L. Hanson • January 24 2016 04:49AM

Comments

Hi Sally.  There are certain lenders that we definitely stay away from with different types of properties.  Good blog.

Posted by Conrad Allen, Webster, Ma, Realtor (Re/Max Professional Associates) about 2 years ago

Great blog - I am going to expand our lender list and start using your idea. I appreciate this.

Posted by Lise Howe, Assoc. Broker and Attorney Licensed in DC, MD, VA, (Keller Williams Capital Properties) about 2 years ago

Good morning Sally K. & David L. Hanson,

We have many excellent lenders in town and have a good list of those we recommend to our buyers. There are certain lenders we stay away from and keep a list of them! Good post Sally!

Posted by Dorie Dillard, Serving Buyers & Sellers in NW Austin Real Estate (Coldwell Banker United Realtors® ~ 512.346.1799) about 2 years ago

Good morning Sally. There is no such thing as one lender can do everything, even though I'd like to think so. As long as I get my fair share, which I do means it is all good.

Posted by Joe Petrowsky, Your Mortgage Consultant for Life (Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709) about 2 years ago

Good morning again Sally and David. I like your style but I went crazy with this sort of thing.

Posted by Sheila Anderson, The Real Estate Whisperer Who Listens 732-715-1133 (Referral Group Incorporated) about 2 years ago

Seems like you're right on the money with this post, no pun intended.

Posted by Roger D. Mucci, Lets shake things up at your home today! (Shaken...with a Twist 216.633.2092) about 2 years ago

Sally, I have lenders I would prefer buyers to use and I will tell them if they choose a 'problem' lender that I am not responsible if the deal falls apart and the burden is on them to understand the consequences.  None have stayed with the problem lenders so I have been good.  Never required but pretty close to that when you work with me & I always make that clear to the buyers' agent too.

Posted by Ginny Gorman, Homes for Sale in North Kingstown RI and beyond (RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate) about 2 years ago

Good morning, Sally and David... nothing strikes fear into my heart more than a buyer who comes at me with an internet lender, a no-name lender, or someone I already know is not a great lender.

Posted by Nina Hollander, Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor (RE/MAX Executive | Charlotte, NC) about 2 years ago

We love to use local lenders....They know the market and will do a good job if they want return business......

Posted by Eric Bouler, Listening to your Needs ( Gardner Realtors, Licensed in La.) about 2 years ago

Thank you for the inspirational post. I am going to make a list .

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) about 2 years ago

Unfortunately not every lender works the same. It's good when you have a list of those you can trust...

Posted by Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400, Long Island Condo & Home Sale Specialists (The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803) about 2 years ago

Sally and David- I would think that consumers would welcome a list of lenders that you know will do what they can to make it a smooth closing. 

Posted by Kathy Streib, Home Stager - Palm Beach County,FL -561-914-6224 (Room Service Home Staging) about 2 years ago

Sally and David that is an interesting policy.

On another note when it comes to Lawyers the standing joke is they all carry around two sets of opinions in each of their coat pockets. :)

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) about 2 years ago

Hi Sally and David.  I'm seeing more and more of sellers requiring a certain lender for the loan.  The problem is when one is required that I know does poor work.

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) about 2 years ago

Thanks for sharing some of your policies on dealing with mortgage lenders to assure a successful transaction.

Posted by Roy Kelley, Roy and Dolores Kelley Photographs (Realty Group Referrals) about 2 years ago

So ironic that you write this post now, Sally K. & David L. Hanson ... as Marilyn and I were talking about this topic, and your stance on it, just this weekend.  We wish more agents shared it as if I had a dollar for every time I heard an agent express "I wish they had come to you" to me .. I'd be a very rich man.  

Keep pounding away on this, Sally ... it's important ...

Gene

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) about 2 years ago

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