When San Francisco home buying doesn’t go as smoothly as you had hoped, it is easy to let your emotions take over. For your own sake and for the sake of that beautiful Noe Valley condo you are about to buy, don’t!
Always ask yourself, “What is my option?” because there are always options.
Let’s pretend the lender takes longer than agreed upon to get your loan approved. He keeps asking you for more and more documentation until it feels like he also needs to know how many fillings you have in your mouth!
You feel upset and frustrated because you wanted to feel certain about the move and now you still have to wait…and live with all of the uncertainty. You want to say, “Forget it! I’m fed up with this! My rental was fine!”
But what is your option? Find a new lender and begin the process all over again? That may take too long, risking your contract/deposit AND you’ll have to provide all the paperwork again.
Usually, if the lender is reliable & experienced (and this is key), it is better to give him a little more time. Let your Realtor negotiate some extra time with the seller and be patient.
Each case is unique, but when setbacks occur, I’ve found that by asking yourself this question helps to diffuse the situation and restore clear-headed thinking.
“What is your option?”