I received a really nice thank you card from Shannon Ressler at Findwell Realty last week that I want to share with you. We recently helped Shannon’s clients buy a vintage bungalow that was a short sell in the Magnolia neighborhood of Seattle using an FHA insured mortgage. Being a short sell and an FHA insured loan, there was no shortage of paper work and the transaction was coming “down to the wire”. [Read more…]
“Going Above and Beyond” is Doing Our Jobs
May 22, 2011 by 2 Comments
How Much Info can my Mortgage Originator Share with my Real Estate Agent?
January 25, 2011 by 31 Comments
I received this question a while ago from one of my subscribers:
“As a lender, is it ethical to deny someone for a loan and then turn around and share not only that the loan was denied, but the EXACT reason the loan was denied (for example: too many NSFs, large deposit in checking account, hours cut back at work, etc.) with the applicant’s real estate agent as well as the listing agent who in turn shares it with the sellers?”
Mortgage Originators Should Originate Mortgages — Not Sell Real Estate Too
January 5, 2011 by 2 Comments
I’ve held this opinion for a long time, and if anything, it’s become more relevant: I don’t think it’s in a buyer’s best interest to use the same person to originate their mortgage and sell them their home. With the rise of mega real estate teams offering “one-stop” service — agent, lender, sometimes even title — this dual-role setup has only become more common since I first wrote about it. My opinion hasn’t changed. [Read more…]
Why Sellers and Agents Shouldn’t Rule Out FHA Buyers – 2026 Update
April 25, 2010 by 4 Comments
Editor’s note: This post was originally published in April 2010 and has been substantially updated to reflect current FHA appraisal standards and today’s market.
Why sellers and agents shouldn’t rule out FHA buyers
It still happens: a buyer submits a strong offer, the listing agent sees “FHA” on the financing line, and the offer gets set aside in favor of conventional buyers — sometimes even when the FHA offer is stronger on price or terms. If you’re selling a home in Washington State, or you’re a real estate agent advising a seller, ruling out FHA buyers on reputation alone can mean leaving a qualified, motivated buyers on the table.
Most of the hesitation traces back to outdated assumptions about FHA appraisals, repair requirements, and closing timelines. Here’s what’s actually true today. [Read more…]
What Should Your Mortgage Preapproval Letter Include?
April 21, 2010 by 1 Comment
Most Seattle-area real estate agents won’t accept an offer on a home without a bona fide preapproval letter. But preapproval letters vary quite a bit in appearance and content from lender to lender — and what’s actually behind the letter matters more than how it looks.
When I provide a preapproval letter, it means I have a complete loan application — typically with the exception of the property address, since the buyer usually hasn’t identified a home yet. It also means the buyer has provided documentation supporting everything on that application, including: [Read more…]
