Local financing, underwriting key to keeping home purchases on track

When you find a home you love, things happen quickly: contracts, inspections, offers, negotiations and other routine procedures. Unfortunately, national lenders and appraiser complications can slow down the process and even jeopardize the transaction.

Terrie Cox, RE/MAX’s top individual broker in the Pacific Northwest, says the best way to avoid hold-ups is to understand your lender’s financing process and workflow — especially if they’re not based locally.

“Be aware of who your lender is,” says Terrie, pointing out that even if they have an office in town, national financers may not make decisions locally. “Ask if they have in-house underwriting, because sometimes that can save a lot of time.”

Terrie has worked with clients who have almost seen their purchases fall through due to slow communications with out-of-state lenders. In some transactions, complications arise that are best — and most efficiently — handled by professionals who work in the location where they’re buying.

To prevent your dream home from slipping through your fingers, Terrie recommends finding a local lender with an in-house underwriter. Look for someone who checks in regularly and responds quickly and knowledgeably to inquiries.

“It’s not just about interest rates and closing costs,” says Terrie. “It’s also about underwriting and the communication that particular lender has with their clients.”

Delayed appraisals also can derail the sale, forcing buyers to negotiate for an extension and risk their home loan rate. Buyers should ensure their sale agreement can accommodate potentially long waits and negotiate with their lender to preserve their loan lock.

Terrie is happy to offer her clients referrals to her network of lenders, as well as her professional advice. Schedule a consultation with Terrie as you begin your search for your new luxury home in southwest Washington or Portland. Call or text her directly at (360) 607-4100 or email terrie@terriecox.net.