For many Silicon Valley home buyers, the selection of a lender may have everything to do with rates, or personal referrals, or a “brand name”. But did you know that your choice of lender may impact your odds of success when bidding on a home? It is true.
With multiple offers, all kinds of things are factored in. Many times, the listing agent may have had a positive or negative experience with a banker or mortgage broker, and that will color how your offer package is received. Some lenders and banks have a wonderful reputation for ontime performance (to steal a phrase from the airline industry). Others, not so much. Some of the biggest banks may be the worst to deal with because they have a bad reputation within the industry.
Today it’s very common for home buyers in the san Jose area to have their own lender picked out before ever speaking with their future buyer’s agent. (It used to be more the norm to find the real estate agent first, then find a lender whom he or she had suggested.)
Before deciding upon a lender, chat with your Realtor or other real estate professional about this issue or reputation. Right now, multiple offers are very common in Santa Clara County. If you expect to be in a multiple offer situation, it is vitally important that you team up with a lender with a stellar reputation. If you don’t, you may find it even harder to buy your next home!