Tools and Resources

Your Loan Is DECLINED…..WHAT?????

July 29th, 2008 Categories: Buying, Financing, Keller Williams, Tools and Resources

This happens and as a matter of fact just recently to me… Here are easy to follow instructions that I learned along the way that could preserve the deal and the customers earnest money deposit.

SCENARIO:

1. Referral comes in from existing client for their contact in another jurisdiction

2. Referral goes right back out to agent in that area

3. Accepting agent takes customer out and shows houses

4. Customer initiates contract and begins loan processes

5. LOAN IS DECLINED on the day before settlement……YIKES…..

WHAT IS A CUSTOMER TO DO?

SOLUTION:

1. STAY IN FULL COMMUNCIATION WITH YOUR AGENT- they are your advocate and not be dismissed. This is not a reason to be ashamed or embarassed but rather they can help you through what is probably the lender simply needing additional information about your income or the property.

2. Work with lender to find out what caused the issue- You probably had a pre qualifaction letter or your agent wouldnt have taken you out to begin with so what gives now? FIND OUT!!!

3. Request to extend the settlement date and in most cases seller will agree to your agents request since you will be making a good faith effort (especially by staying in communications) to proceed with the transaction. This step will more than likely preseve your earnest money deposit as well.

4. Work with lender inside new timeframes to ensure you get to closing table.

5. Enjoy your new home! (hopefully)

Did you know you could find KW Mclean on ActiveRain.Com too?

July 23rd, 2008 Categories: About Us, Keller Williams, Mclean, On The Town, Real Estate News, Tools and Resources

Scott Montgomery and Team can also be found participating in the ActiveRain Community. For over a year now we have been an active member of www.ActiveRain.com. In the past and even today we continue to offer valuable exciting information about Northern Virginia Real Estate and are proud to announce we rank #1 and are the featured member of Mclean Virginia Realtors. Click here to see what the buzz is about. Be sure to look back over the year for new and old information that may help you make informed decision about real estate.

Northern Virginia Real Estate Prices continue to FALL…

July 23rd, 2008 Categories: Keller Williams, Mclean, Property Values, Real Estate News, Single Family Homes, Tools and Resources

Northern Virginia’s year to date average real estate sales price is down from last year.

Last years average sales price was $537,339.00 and this years grand total is $482,197.00. Thats is a 10.26% decrease. Ive had several customers negotiate listing prices down but what happened to 3-6% being the popular percentages realtors liked to promote as an almost automatic decrease when submitting an offer.

Are we going to continue to dip or will perhaps….the pending presidential election or other factors…. help bring us back into a place where values start to increase again?

Arlington Real Estate