Cape Coral Florida Real Estate

I invite serious buyers only to read all of this.

Because my web site is so high in Google ranking, I am attracting buyers from around the world. The ones that are affected are mostly the buyers from other states than Florida.

This mistake can and has cost buyers thousands and heartaches.

As an Exclusive buyer’s agent, my job is to give advice to buyers to protect them during the process and find them the best deal at the best price.
What do you think the biggest cost is other than the home itself? Right the mortgage, ie loan.

What is happening?

Buyers are listening to me to the extent that they do get pre-qualified for a loan, which is mandated. However they normally choose a lender they are familiar with and trust. That would be ok if they were willing to do the work that the mortgage rules dictate. %95 are not doing what they should because they think, “why do 4-5 hrs of work pre-qualifying this person when they may not buy?”. They may pull credit only then write a letter for the buyers. ‘This is what can cost you dearly if we trust the lenders word.

Think of the time wasted and heartaches!

You spend days and hours looking, make an offer, put money down, get excited. Then the lender says, “I need more time and a lot more information”. Actually the lender is just starting the process to see if you can get a loan. Now you have to extend the closing if the seller is willing, if not, you lose the home and start looking again not knowing you cannot get a loan. The next home the same thing happens, you ask for an extension due to the loan. You really found a steal and do not want to lose it but the seller will only extend the closing, because it happened before to them, if you risk your deposit and additional security. You do this only to find out the lender lied and you cannot get a loan. Did you know that the letter the lender wrote, without verifying assets, income etc., is a violation of brokerage rules with a fine or loss of licence. This is very low risk to lenders because the buyers do not know the rules and thus do not turn them in.

How can a lender handle an out of state sale?
Very poorly! if at all.

First they do not know about assessments and how to handle them up front on a loan.
 New government rules just this month.
Appraisals how do they handle appraisals in areas they know nothing about? Very badly. They call around until they get a cheap appraiser and have them do it without knowing the market conditions or comparables. They most likely do it soley by computer and never view the homes. Why is that bad for you? Low appraisals means you have to come up with the difference between sales price and appraised price or lose it.

I recommend a lender without compensation. Why?

The lender I recommend does not compensate me at all except for a thank you. It is a law that I do not break. Then why do I do it? We forgot about one very important item. I just wasted perhaps 20hrs, my gas and expertise for nothing. Not to even mention the buyers time and loss. All that my agents and I want is the sale and the loan to go through for your sake and mine.

What about the lender?

He is one of the best experts I have worked with in 26 years of working with buyers, he is honest, he is thorough, if he gives you a letter of pre-qualification, it will close. Why is he willing to work so hard? Because I give him my clients and he does not want to lose the business. Are his rates competitive? Yes very.

How long will it take to get a pre-qualification letter?

Once you supplied the lender all of the information, 3 days. He may ask for other information due to new rules in January 2010 and or change the loan due to your circumstances like self employed or asking for seller concessions.
These are different types of loans.

If you are looking to buy a home, condominium, duplex etc in or around Cape Coral and you contact me as a Real Estate expert to find a home, then listen to me, please. Three buyers this month alone did not listen. None closing. Is that you? Why am I not adding his name here? I do not want other agents to read this and tie him up and many reading this are just lookers that may call just because they are curious. If you are my client and willing to work with a very experienced Buyers agent, then ask me.

If you hire an expert, listen to him or her!

Thank you,

Joseph Beauvais