"I don't deal with the financing, the lender does"...Really?
By Jessica Monroy
(Associate Broker with HomeSmart)
In the real estate industry it is necessary for a Realtor to understand financing. While we may not know every guideline that must be met in order for a Buyer to obtain a loan, it is important to have an overall knowledge of the loan your client is trying to obtain. Not knowing can cost your client hundreds of dollars and could cost you future business. I will give two very basic examples demonstrating how a lack of financing knowledge can cost Buyers and Sellers money! Example #1 - A Buyer's offer was accepted on a rural custom home in Buckeye, AZ. The home inspection for approximately $400 was completed and an appraisal at a cost of $490 was completed. After the appraisal was done it was discovered that the home was on a shared well with 5 homes connected to the well. The Buye...
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