I have just sold two properties of similar value for two clients.
Both clients works in a Bank ( different banks) and both are borrowing the same amount and have the same borrowing capacity but have very different experiences.
Both are pre approved and each have been working in the Bank for over 15 years. They were confident that they would get the loan in 3 days and they both insisted that I put one week finance on the Offer and Acceptance.
Being as cautious as I am, I put three weeks finance on the offers to be on the safe side.
The first client hassled her Bank daily and was very cross because of lack of communication with her own Bank and used the entire three weeks to get the finance approved.
The second client took one week to get his finance approved and when I asked him what he did he said well first of all I wanted to prove to you that I would get it approved in one week as I had mentioned my first client and her story. Secondly, he had all his paperwork ready to go and spent time with the Bank Broker to get it all sorted and make sure everything that was needed was easily accessible to make sure it all runs smoothly.
Getting finance approval can take some time, effort and patience so I find that weird how can a Bank be so slow and the other so proactive?
Tell us your experience with Banks! Have you had a really good experience? Or maybe one that was not so good and you’d like to share it to help others.