New Requirements for ALL of my buyers
I am all about letting people learn their own lessons in life. This is super important, and sometimes nothing beats a good solid kick in the financial butt. A lot of my buyers have tried to work with various loan programs that are not familiar with San Francisco. …they have also tried to work with weird loan programs offered from obscure loan agents based in cities hours away from SF that are tiny and hard to find on maps. I’m all down for finding an awesome loan with a stellar rate! However, these programs from tiny towns and obscure loan agents so far have a 100% rate of not working out (what’s too good to be true usually is too good to be true) and my buyers get burned, and I am done with this. I usually tell my buyers this may happen and suggest they run a concurrent loan. From now on, when my buyers plan on working with these obscure loan agents or loan programs, it WILL BE A REQUIREMENT FOR ALL MY BUYERS TO RUN A BACK UP LOAN WITH A LENDER I TRUST.
(If you’re reading this and this happened to you….you are not the only one. Right now, the market is a little confused and it’s a breading ground for this type of hollow hope. It would be unnatural not to want to go for it. I just require a back up now.)