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Part Four

Typically, something goes wrong. The most common problems are interest rate increases, disregarding good faith estimates, hidden fees, processing delays, and lost documents. We keep lists of lenders who meet our criteria, and a good Realtor® will also be familiar with the basics of loan processing and the types of loans available, so they can provide guidance as you work with the lender and can tell if the person you are working with is knowledgeable. However, many brokers simply refer you to a lender and stay completely out of the process. We feel teamwork will get more deals done and we tend to stay involved and brainstorm unique possibilities with our buyers and their lenders.

Married or Not? Ken worked with a young couple a few years ago who were attempting to purchase their first home. They were not married. The problem was Bob had impeccable credit but no cash in the bank. Jill had numerous credit problems in the past but had enough for the down payment and closing costs in the bank. In Ken’s meeting with them and their lender, it was clear that Jill could not be on the loan. A condition of certain loans (in this case, it was an FHA loan) is if the borrower is to receive a gift of money from another party, that other party has to be a blood relative. Under the circumstances, there was no way Jill could give the money to Bob for this home purchase, no matter how close their relationship was. Ken suggested one way to make this work; they could get married. The lender said, “Yes, that would work.” The couple, looking a bit chagrined, said in fact they were planning to get married but not for another several months. Ken suggested, “Well, just don’t tell anybody. Do it quietly at the 82

Profile for Linda DeVlieg Real Estate

How to Make Your REALTOR Get You the Best Deal - Albuquerque, New Mexico edition  

A guide through the real estate purchasing process - co-authored by Linda DeVlieg and Ken Deshaies

How to Make Your REALTOR Get You the Best Deal - Albuquerque, New Mexico edition  

A guide through the real estate purchasing process - co-authored by Linda DeVlieg and Ken Deshaies

Profile for lindadev