Local Expertise: Avoid Risks with Online Lenders

Why You Should Trust Local Experts When Buying or Selling a Home

When it comes to buying or selling a home, choosing the right professionals can make all the difference. I recently sat down in the studio with two trusted real estate experts: Sarah Leonard, a renowned realtor, and David Hochberg, the mortgage expert and host of Home Sweet Home Chicago. Together, they highlighted the importance of working with local professionals who are deeply rooted in their communities.

A Cautionary Tale: The Perils of Online Lenders

Sarah shared a story that perfectly illustrates the risks of relying on online lenders. She recently helped a friend sell her home in record time—just one week. However, the buyer made the fateful decision to use an online lender (who shall remain unnamed but whose name rhymes with a well-known mortgage company). The result? The buyer failed to show up for the closing, leaving Sarah’s friend in an incredibly stressful situation.

This wasn't just a minor inconvenience. The sale of her home was crucial because she was set to purchase a new home just hours later. The failed closing caused a domino effect, leaving her temporarily without a place to live and in a bind that could have been avoided with the help of a local lender.

The Value of Local Expertise

David Hochberg was quick to point out the dangers of using online lenders. "If you want to see blood leave a realtor's face, tell them you're using an online lender," he joked, but the truth behind the humor is serious. When you're dealing with an online lender, it's often impossible to reach someone when you need them most. Calls go unanswered, and the lack of local presence can result in delays that jeopardize the entire transaction.

On the other hand, working with local experts like Sarah Leonard and David Hochberg ensures that you're dealing with professionals who can take action. David emphasized the importance of having someone who can walk down to the underwriter's desk or who has direct control over the lending process. This local connection is key to ensuring a smooth transaction.

A Track Record of Success

David and Sarah's commitment to their clients is reflected in their track record. Out of the 100 or so transactions they've managed, none have gone sideways. In fact, they’ve got a closing set for 45 days out, and the buyer already has a conditional approval in place. That’s the kind of peace of mind that only comes with working with trusted local professionals.

The Bottom Line

If you're in the market to buy or sell a home, or if you just want to know what your current home is worth, make sure you’re working with experts who have a proven track record. Visit Sarah Leonard's website to learn more about how she can help you with your real estate needs. And if you need refinancing or financing, call David Hochberg's team at 855-56-DAVID or visit 56David.com.

Remember, when it comes to real estate, there’s no substitute for local expertise.