Plan Ahead If Thinking About Buying in Tucson…
Tuesday, August 4th, 2009Many out of town people come to Tucson with the idea of purchasing property. In today’s real estate market, they can cherry pick amongst bargain properties. But now, with new requirements set forth by lending institutions and the federal government, a little planning goes a long way.
From the comfort of one’s home in Anytown, USA, a future Tucson resident can use the websites provided by local lenders to apply for home loans. It should be emphasized, local lenders, regardless of where you are moving, are the people who know and understand the quirks of the marketplace. If applying for a loan in Tucson, the lender in upstate New York has no idea what our market conditions are, nor should he/she be expected to know. Conversely, a lender in Tucson does not know the market in upstate New York.
Many of the lenders advertised on television or the internet do not know the local market. They sit in a huge room with a computer screen and sometimes the borrower does not even talk with the same person twice. This may not be true for all internet and lenders advertised on television, but real estate agents have a bevy of horror stories because these lenders do not know or understand Arizona law.
Using local lenders, (three are provided below) and talking with a Realtor who can make initial contact with these lenders, will get you the very best service. A pre approval and LSR (Loan Status Report) for the Realtor prior to looking at property, will insure the buyer of being able to make an offer without delay.
A LSR is required for all offers. This tells the seller and the seller’s agent, that the buyer has been preapproved for the loan requested and that the buyer has talked with a lender and provided the lender initial data requested. Unless financial conditions dramatically change, the buyer should be able to consumate the transaction. The purpose of the LSR is to prevent people from making offers on properties, (and tying up properties from future potential buyers) , which the original buyer cannot afford.
While in the armchair comfort of home, the newcomer to Tucson can determine what documents will be needed by the lender and can either fax or mail copies of those documents. Being pre approved streamlines the entire process, and in a market where interest rates jump from day to day, or from morning the afternoon, plus the new lending requirements regarding time frames and disclosures by lenders to the borrower, the soon to be new Tucson resident, sits in the cat bird’s seat.
Lenders:
Lance Dickson Nova Home Loans http://www.lancedickson.com
Tom Heath http://www.theheathteam.com
Jerry Sundt http://www.sundtmortgagegroup.com
Realtor: http://www.terrybishop.com
e-mail: terry@terrybishop.com