Tip 10-2009: Out-of-the-Area Lenders

With all of the new requirements and conditions lenders are imposing on buyers, I strongly recommend using our local lenders. Recently, a local buyer elected to use the REO (Fannie Mae) Seller’s “participating preferred lender” (no local office, only an “800” number). Due to many lender errors, my client is now two weeks late in closing AND incurring a $100 per day penalty. With a local lender, we would have someone to meet with in person, be able to deliver documents directly, and avoid many of the problems that having out-of-the-area lenders may cause. Please contact me if you have any questions.

William (Bill) D. Tucker, III
Tucker Griffin Barnes P.C.
434-973-7474
Tucker@TGBlaw.com
http://www.tgblaw.com/