If we as Real Estate Agent could give our clients one piece of advice that would save them a lot of stress, it would be to choose a local lender for their purchase.

It is sometimes difficult for us to communicate with out of town loan officers, but with the regulations being tighter than ever, getting a transaction done smoothly and on time with a company that is from afar can be very difficult.

Buyers may think they are getting a better deal by going with a company that advertises on TV that they can get the job done, but what happens when something goes wrong (and believe me, many things do) when you have no one that you can talk to face to face?

Some issues that can come from choosing a out of town lender are:

1. An out of town lender which means an out of town appraiser who doesn't know the market. The appraiser can value a home less than the purchase price which can cause delays in closing. Delays in the closing date can cause problems for the buyer and seller.

2. There is a possibility of the loan officer pulling out of the loan. If this happens it would be a quick scramble to find another loan officer to get the deal closed on time.

3. If a loan officer from out of town hands the file over to an associate, they may not know everything that is going on and it would be hard for them to answer any questions.

4. If the lender delays on the closing it can have a rippling effect especially if the seller is buying another home.

5. Some out of town lenders refuse to close with a local title company, instead, they insist the buyers to close through a title company from out of state. Closing with a local company can be very beneficial to the buyer as far as questions or concerns they may have.

When you have multiple closings, moving vans schedules, friends lined up to help move-a closing delay can cause some real havoc; but what is worse is when you have a delay, the loan officer is unresponsive, and there is no way to speak directly with that person to get answers.

Problems happen with local loan officers and companies as well, not all problems are preventable but a least when you have an officer that you can walk into and talk to, the buyer feels more at ease knowing that there's an actual real live person working on getting it resolved.