How to Avoid Lender Hell

We've been very busy lately and I haven't had time to post to this blog in over a week which is really rather embarrassing. The good news is that I now have about a dozen pending sales which hasn't happened in many months. Hopefully the rest of the agents in our Gatlinburg area market are also having a good March so that our Great Smoky Mountain Association of Realtors will post some better stats than we have seen lately:
Gatlinburg Real Estate Blog: Late Rally to the Rescue!

With a large number of transactions a good number of challenges are bound to occur and this month is no different. One of the most frustrating has been the pending sale of a residential foreclosure property in Sevierville which I have listed and one of our team's buyer specialists (Cindy Hopson) is representing the buyer. The buyer had already selected the lender he wished to use for this purchase and despite warnings from Cindy proceeded with that company. Just a couple of days prior to the scheduled closing the local mortgage broker was abruptly shut down by state regulators for licensing violations. The buyer's file was moved without any consultation with us to a supposedly unrelated company next door and we waited while the loan was re-submitted. A few weeks later and exactly two days prior to closing the underwriters kicked out the loan because of the condition of the property which does require some significant repairs. We are now in the process of trying AGAIN to get the seller to agree to another extension and to find a way to get this transaction closed. Although I'm not superstitious I guess that I might have seen this one coming as the most recent proposed closing date was set for Friday the 13th...

The moral of this sad tale is to use only very experienced and capable lenders when you purchase any property and especially in our current lending environment. All too often buyers want to use lenders from their home town who are most likely unfamiliar with our market and don't have good appraisal, survey, and title contacts here. Our answer is that we recommend only the following companies all of which have many years of experience and are consummate professionals. Here is the Schoenfield Team "A" list of Smoky Mountain lenders:

Lisa Romines, Wells Fargo Mortgage 866-490-8915
Kristin Lewis, Tennessee State Bank 865-908-1212
Kelly Marine, Mountain National Bank 865-428-7176
Sally Bucciero, Benchmark Home Loans 865-868-0500

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