Getting to Know David Piatek - Strategic Partner Spotlight Series
by Chris Barranco
NVAR staff recently had the opportunity to interview David Piatek, Veteran Home Lending Specialist at the Federal Savings Bank, as part of the brand-new Strategic Partner Spotlight Series. Learn the key takeaways from our conversation with David!
1. What is David’s role as a Veteran Home Lending Specialist at the Federal Savings Bank?
David actively serves in the National Guard, and he specializes in working with military members and their families. David’s expertise provides clarity and leverage for families seeking to utilize the VA Home Loan. David focuses on VA Purchase transactions and closing them in 21 days.
2. How can subject matter expertise leverage successful offers?
David emphasized that many military members and real estate professionals may feel their offers are not as competitive as they can be, due to a lack of knowledge. David’s leverages his subject matter expertise when working with his clients, resulting in offers having a higher chance of getting accepted. With the proper education, agents can close as efficiently as possible, once pre-approval is issued. David teaches financial education on base, working holistically with various military units and associations. Through his work with consumers, David is introduced to lots of potential clients, and he is able to connect them with agents. In addition, he is a national instructor and contributor to the Military Relocation Professional (MRP) Certification Course, teaching this certification at NVAR, as well as many other associations around the DMV.
3. What are some of the most notable services David provides?
David underwrites clients, prior to them looking at properties, meaning that his clients can make a competitive offer on a property with a mortgage commitment and close in as little as 21 days on a VA purchase. Furthermore, David helps get condominiums VA approved for military members for free with a waiver.
4. What insight does David have on purchasing VA approved condominiums?
When it comes to condominiums, people often think there is a lot of different restrictions that halt approval, and that it must take 60-90 days. However, David emphasized this is often incorrect and that it takes about a week or two to get condos VA approved. Waivers are available to buy the property, drive closing within a 30-day time frame. The condo market is untapped, as the majority of lenders don’t accept VA condo approvals due to the perceived time constraints. Instructions from these lenders are often unclear, and agents are unsure about how to proceed forwards. However, David specializes in helping his clients through this process and maximizing their potential revenue. Furthermore, there is opportunity for affordable housing in the condo market. However, people are often discouraged because they think the process is too hard and they do not know that the waiver process exists. Through the expertise that David provides, agents can generate extra revenue in sales and purchases every year, and consumers can secure affordable housing.
5. Is there anything else we should know about VA Home Loans?
David mentioned that VA Home loans can get a bad rep when it comes to appraisals. Items may come up in the appraisal process that need to be addressed in order for a military member to purchase, hindering the contract from being accepted, because the seller is selling “as if.” To address this, David mentioned that lots of times, buyers can pay for repairs to a property and do them after they close on a purchase, as to not interfere with the closing process.