Las Vegas Homes, Condos, Land and Commercial Real Estate Blog

Las Vegas real estate buyer’s chance of success or failure is heavily influenced by their choice of a Las Vegas Realtor and equally by their choice of a mortgage officer.

Here is where home or condo buyers have to do their due diligence, find a good real estate agent and loan officer and then stand back and let these people do their thing while asking questions at all times. Good Realtors and loan officers are not afraid of questions, they thrive on them since they can show off their knowledge. Las Vegas real estate buyers should search the internet for a good and knowledgeable real estate agent and lenders, Google their name and ask questions to test their knowledge. The same should be done with a loan officer, however diligence in shopping for a good interest rate and loan origination costs have to be exercised.

This is the second time that our clients who have impeccable credit and meet all requirements to get a loan from any lending institution in the country have run into complications due to an incompetent mortgage officer. Let me tell you how they picked their mortgage officer. They went to their bank to get a mortgage; the bank does not issue mortgages in Las Vegas, so their bank branch referred them to a former employee who now works part time as a lender to do their mortgage and this guy has no idea what he is doing. This is NOT the way to pick a loan officer. We did not find this out until we started having problems with getting things done. We always offer to send you several lenders contacts for you to check with that we have had good success with.

We have nothing to do with getting a mortgage, however if we see warning signs, we talk to our clients about it. If it takes more than 3 weeks to obtain an appraisal, something is wrong. If your mortgage officer takes 4 weeks to inform you of under writer requirements, something is wrong. We repeatedly warned our clients about this guy, but you can’t change horses in the middle of the race and we are stuck with the guy. The close of escrow is coming up and we are nowhere, our clients are distressed and unhappy. We have done everything in our power to rectify the problems, and they keep coming because I think the mortgage officer is learning on the job.

All these problems are due to our clients not doing their due diligence to pick their mortgage officer.  The reason that I keep writing that you should get your finances straight before you look at a single home or condo for sale in Las Vegas is to save you much unneeded headaches, when all chips are down and close of escrow is coming.

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