Choose a Local Lender

Shop local!  Let me share a story that’s playing out right now.  I’m representing a seller.  The buyer chose an out-of-state lender who clearly doesn’t do many loans in Texas. The lender has asked us to extend a particular financing contingency – that doesn’t even exist in our Texas contract.  They want us to give them until two days before closing to issue the loan commitment.  In Texas, we don’t have any timeframes in our contracts about when the loan commitment is due.  But they wanted us to add it out of thin air.  Altering the standard contract is considered practicing law so it’s illegal for me to do so.  Even if I was dumb enough to put my license at risk, this would give the buyer a way out of the contract up until two days before closing so my client isn’t going to agree to that.  I’ve been part of hundreds and hundreds of real estate sales.  I’d offer the advice that you are better served using a local lender, than one from another part of the country.  Plus, it helps to support the local economy.  

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