The trials and tribulations of buying a house can be taxing. Interestingly, it is not typically the huge problems that stall things but the small little pieces that do not get together in due time. What makes the process of buying a house arduous? Most complaints happen when the process is too slow. Two very common problems are disclosed below.
Files that were started but were not finished. It’s a frustratingly common problem and it has a lot to do with authentication along the line. For example, a broker or lender cannot necessarily complete the paperwork without confirming something from another source. An example could be income. So, now they have to wait until this documentation is displayed, which holds up the entire file. The paperwork needs that authentication from the broker, to the lender, and to the client. It is a circle that slows and stalls things beyond reason.
Delayed Beyond Closing Date
It is possible that these delays in retrieving the proper information ultimately push the data of paperwork completion past the closing date. Unfortunately, the deal is lost due to this cumbersome system of authenticating and rechecking every single piece.
The above situations are generally more common with large companies. They have too many things to juggle. A large company is looking at each person as a point of data in their infrastructure. Large companies have so many resources, but they do not often get to the right places in a reasonable amount of time. The system of checks and balances has too many checks and not enough balances.
There is nothing exactly wrong with being diligent, which many brokers are. But, direct lenders can be faster in this process because they remove an entity out of the equation entirely- the broker. Dustin Dimisa explores the topic of direct lending in intimate detail at his Twitter page. The Twitter profile for Dustin Dimisa has a lot to learn on direct lending. It covers the key differences between working with a broker and working without one. It covers how clients can speed the process up with their own due diligence.