I want to first mention that there are a lot of really amazing and good lenders out there, but like any profession 
(Realtors included), there are some that give the bunch a bad name; avoid ending up with a problematic lender by asking them some basic questions.
- First off, are they always available to you for questions, concerns etc ?
- Will they give you their cell phone number; they should.
- This is somewhat of a moot point/question as there’s only one way to find out for sure, but will they do what they say they will do and do they take deadlines, contract dates etc seriously and adhere to them?
- This last one is important … can they close on time? As we often hear lenders say to us (when they cannot perform as promised by the closing date) “well we only need an extension for a few days, that shouldn’t be a problem” …Really? When we hear this we simply reply “and what if the seller has a backup offer that’s better than our offer?”. The seller / listing agent is under no obligation to inform us if they do have a better backup offer and if they do, they won’t sign the extension, they will let the deal fail so they can accept the better offer. Contract dates, especially closing dates are important. The situation I mentioned here DID happen with a recent transaction, the listing agent let us know 1 business day (3 calendar days) before closing that they had a better offer and wanted our transaction to fail, luckily this particular buyer had cash to close the deal and wired the funds in full to escrow the next business day, but most buyers can’t pay cash for a home and in this situation would lose the home and the inspection and appraisal costs associated with that purchase…
Bottom Line: Don’t be shy about asking your lender questions of performance etc (or your Realtor for that matter!) – ASK ASK ASK and then hold them to it. We expect this of ourselves and those we work with and so should you!
Scott McDonald ~ You’re Portland Real Estate Agent
Tags: closing date, lenders