Is it hard to work with a lender that’s not in my area, and how does that lender ensure everything is going to go smoothly?
That is a fantastic question, and it is a question that 99 percent of the physicians that we serve just simply do not ask, but they should. In fact, I put a whole chapter in my book, the book can be found in the website. It’s titled, Why Physician Home Loans Fail, and there’s an entire chapter about picking professionals that are familiar with your area, familiar with physicians, and how to find a true expert, but to answer the question briefly, you want to make sure that you’re dealing with a lender that is experienced with physicians and relocation. That is absolutely paramount. You’d also like to try and find a realtor in your area who’s a local area expert that is familiar with relocation.
The reason that those two things are so very important is because you’re going to be oftentimes in the city for only two or three days at a time, finding a home.
And then, the writing of the offer, the counteroffer, the inspections, the appraisal, all the rest of the due diligence on the property and the signing of documents are going to be done all remotely. You want to work with someone who is savvy enough to have online ways for you to sign and also has enough integrity specifically from the real estate side to make sure that they’re doing the due diligence on the property, and they’re able to handle that remotely for you and they’re familiar with it.
Now, there’s one more important piece, and that’s the timing of the closing, which can be difficult when you’ve got multiple moving parts from across the country. One of the things that we always try to find out is we understand that the home you’re closing on is in Texas or is Arizona, but you’re coming from Nebraska, and we have a settlement deadline. Where are you going to be on that settlement deadline?
“Oh, I’m actually going to be in Colorado because I just finished one program. I’m going to the next. I’m going to spend a week with my parents.”
Now, as a lender and realtor, we know we have to time the timing of those docs to not go where you live or not go where the property is, but to find you wherever you are in this period of relocation, which can be hectic. Again, what you should take away from that in my opinion is just put your faith in someone who’s an expert, have a very high level of communication with them, letting them know where you’re going to be in the weeks leading up to your closing, and keep your communication throughout the transaction high.
If you’re getting weekly updates from your lender and your realtor, you’re in good hands. If you haven’t heard from them, you should be calling, texting, and emailing to get an update.
I hope that helps, and if you need more information on this, I invite you to check out our book and please reach out to us at (855) 260-9932, write to us at [email] or by clicking the chat button above. We’re happy to answer any questions you have about moving to fairwayphysicianhomeloans.com.