Why Go Local?

Why Should You Go Local?

I just completed a transaction with a client that ended up being a whole lot more challenging than it needed to be, and I thought I would share with you some of the reasons. The buyer had a mortgage with a local bank in their home state, and wanted to use them to finance their purchase of a second home here in the Smokies. Here are some of the problems we encountered:

1. The lender was not familiar with the second home vs. investment property concept, and was not able to provide adequate counseling to my client as to the differences, and their best alternative.

2. The lender selected the appraiser from a pool of professionals from outside of the area, and the appraiser was not familiar with the unique market of cabins and homes that we have here.

3. The communication between the out of state bank and the professionals here was poor– the flow of documentation was slow, folks were left out of the “loop” when decisions were made, resulting in loss of many days of time during the transaction.

These things caused the buyers a lot of frustration and anxiety as the closing date loomed closer and closer without a clear understanding of the exact status of the loan.

Think about it– would you ever contact a real estate agent in Cincinnati and ask them to assist you in finding a home in Gatlinburg? Of course not– because you would want the expertise of someone who worked in the local market every day, and who knew it inside and out!

That’s why The Terrell Team partners with Wells Fargo’s Terrie McVey. Terrie is the Home Mortgage Consultant at Wells Fargo Home Mortgage, and has been working with Century 21 Four Seasons agents here “on the mountain” for over ten years. She’s managed the financing for literally hundreds of homes in the Gatlinburg/Pigeon Forge area! Like The Terrell Team, Terrie is an award-winning pro– in 2013 she was ranked #28 in sales nationwide, and was inducted into the Wells Fargo Leader’s Club. Terrie knows the second-home / investment / retirement home market inside and out. That’s why our Team feels so comfortable referring clients to her for advice– even if they are just beginning their exploration of the idea of a home in the Smokies. She’s friendly and helpful, and will help you figure out your budget for a new home, identify any areas that need some attention on your part, and provide you with available options. The programs and interest rates offered by Wells Fargo are competitive or even lower than others, so it’s definately worth an intial contact.

Written by Jane Terrell on March 17, 2014. Posted in Additional Resources, Buyer Tools, Our Trusted Partners, Uncategorized

Trackback from your site.

Click here to cancel reply.

First Name *

Email Address *

Website

Message

Courteous, professional, prompt! If you want to get the job done by the best, call the Terrell Team. I had multiple offers on Day1, and some were over the asking price! Luisa, my agent, helped me sort through the offers with knowledge and Patience! This is our second time to use the Terrell Team and would highly recommend them over all the other agencies in the area! We do not live in the state, so it makes the job even more challenging for the agent! But, she got it closed in a timely manner! M…

alana johnson

I’ve bought and sold 3 properties, all with Jane Terrell and the Terrell-Drager team. Jane and her team are very knowledgeable about real estate in the area and are very responsive. Always ready to answer questions, and always willing to go above and beyond to make things happen. It’s been a pleasure all three times, and closings have always gone off without a hitch.

Doug Morgan

Why Go Local?

Leave a Reply

Testimonials

About our blog

Recent Posts

Archives