What’s your biggest challenge with financing? From inventory shortages to lackadaisical buyers to lender confusion, here are the biggest issues readers are seeing.

On the heels of our first-ever Agent Appreciation month, Inman is leaping into February with our Residential Finance theme month. Join us as we investigate how buying and selling a home is changing, from companies backing consumers in new ways to integrated services that handle the entire transaction.

Pulse is a recurring column where we ask for readers’ takes on varying topics in a weekly survey and report back with our findings.

Last week, we asked readers what their biggest challenges are when it comes to financing, and even with a range of responses, one theme was pretty clear throughout: There are cracks in the buyer-lender relationship.

Other responses included inevitable issues most agents come up against at some point and general confusion around the lending process.

Lender issues

  • Confusing, misleading, last-minute, and incomplete directions from lender.

  • Communication. It seems too many lenders do not keep all parties up to date with a buyer’s loan application, causing too many surprises at the end.

  • Getting customers to get true pre-approval with a local lender.

  • The online lenders; they don’t properly qualify. Clients can’t get loans as we get to underwriting.

Buyer issues

  • Getting the buyers to talk to lenders and keep up with their finances.

  • Buyer clients getting all their records to a lender in a timely fashion so the lender can pre-approve them.

  • Clients not being able to buy because of student loans.

  • The self-employed.

Agent issues

  • Keeping up with changes so that I am able stay knowledgeable and help my clients.

  • Day 1 Certainty” confusion regarding definition and purpose. Is the buyer actually qualified or not?

Inevitable issues

  • Inventory shortage, lack of houses to buy.

  • Appraisals coming in at offer price.

  • FHA condo approvals due to financials, mainly lack of reserves.

What’s your biggest challenge when it comes to financing? Please share in the comments section below.

Editor’s note: These responses were given anonymously and, therefore, are not attributed to anyone specifically. Responses were also edited for grammar and clarity. Inman doesn’t endorse any specific method and regulations may vary from state to state. 

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