It's very important to use a lender and a REALTOR who communicate. The this more to buying and selling a home than just signing some paper and packing all of your stuff up. Especially, if you are buying before selling or buying another home. Often times Mortgage Lenders may use a bridge loan or they may cash out Refi your first home to give you enough money to put down on your second one. It's very imperative that there is open communication. Take this for an example. You buy a home before selling yours. Your lender does an equity line on your first one to give you the down payment for the second one. Well when you go to sell your first one, you might be a little negative (i.e. bringing money to closing) because you used all your equity. But in reality your not negative, you've just already spent your money. So, using the above example, if the REALTOR knew what was going on, they could also explain why you are bringing money, rather than you being mad.
People just want to know the big picture, and often times when we are all doing our little parts (i.e. mortgages, contracts, inspections etc) to get you in your next house, you can't see the big picture. So next time you go to buy or sell, ask your REALTOR for recommendations and try to use people who work well together!!!!
Tuesday, May 31, 2011
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