As a buyer, its important that you choose a real estate agent that will represent you to the end. ?Not just an agent to write an offer then go away...waiting for their commission check to arrive in the mail.
Here is what I know and I hope it helps.
When I represent a client as a buyer, I require that they get a pre-approval from their lender prior to us submitting an offer because in a competitive market, the selling agent will require this. ?This letter will also have the lenders information on it for both agent to identify. ?
Keep in mind the lender will need the agents information as well, as we are all on the same team...to get you into your home as quickly and with the least amount of delays.
believe it or not, many lenders that represent our buyers are not the best a sticking to a schedule and its your agents job to help you by communicating for updates to help keep everyone on time. ?If the sale was due to close and the two never communicated...who's fault would it be if it did not close on time? ?The buyer simply wants the home. ?
I have cases where the appraisal should have been ordered weeks ago and the lender forgot this simple task. ?The lender is responsible for ordering the appraisal, the appraiser (most of the time) will contact the buyer or selling agent for access to the property...Some lenders may not be 100% honest with all the facts and at the 12th hour the agent finds out that the buyer is still waiting for a credit issue to be cleared...if the agent knew in advance there could have been a time extension filed, saving the buyer much grief. ?Deals have been lost because of poor communication between lender and agent because of this.
My opinion is let your agent do his job and cooperate with him...it's only to help you close your sale on your new home.
Your lender is not allowed to give them any financial information about you without your permission, so basic communication is harmless.
Best of luck.
Scott Cary-Broker
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