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The 9 words that strike fear in the heart of every Loan Officer

“We're using a Realtor we found on the Internet”

Buyers have the right to use any Realtor they want for their transaction. But when one of my pre-approved borrowers tells me that they will be using the Realtor they found on the internet…. I cringe!!!

You see, when I pre-approve my borrowers I am happy to refer them on to one of my ‘Preferred Realtors’. I know that my Preferred Realtor will be responsive and go to closing and explain all of the intricacies of home buying from a professional’s perspective.

I know what will NOT happen when my client uses my Preferred Realtor, that happens all too often with the “Internet Realtor”.

I know that my clients will benefit from fair and accurate comps being used in the negotiation at MY CLIENT’s best interest.

I know that they will not be stranded at closing.

I know that there will be no sneaky little transaction fee inserted on the HUD-1 without my knowledge.

I now that they will not be badgered into signing up for the bad Realtor's MLM scheme.

You see…. Internet Realtors promise great service with a ride in a fancy car from a bright smile and freshly perfumed holder of a real estate license. They offer % cash back to entice even the wiliest of buyers into their lair. Yet, the Internet Realtor actually brings little to the transaction and leaves both the client and myself stranded and disappointed.

You see... As a professional Loan Officer I KNOW that an Internet Realtor must be bad because.... well... They were found on the internet!!

Tom Burris
DallasLoanGuy.com
Dallas, TX

http://www.dallasloanguy.com/

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!!

;-)

Follow up: This article was a satirical response to http://activerain.com/blogsview/1271038/9-words-that-strike-fear-into-the-heart-of-every-realtor

Posted by Tom Burris | Texas Mortgage Dallas Mortgage FHA on 10/06/2009 07:50 PM

Comments (16)

Internet Realtors in the ActiveRain Channel

bad realtors

Post is included in group: Texas Real Estate
Post is included in group: Loan Officers - The tough nut to crack
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16 Comments on The 9 words that strike fear in the heart of every Loan Officer

OCT

I think the scariest words are "I'm using an online lender" followed closely by "I'm using a direct lender" I have had numerous clients find me on the internet....this is why we are all on AR and other sites. There is much information on agents who frequent the internet. Before they call...they can google me and read my articles, blogs and even rants.

Hey now... I'm not an "internet Realtor" but I get lots of business from the internet, most of it actually. Where do I get one of these fancy cars you talk about?

I cringe when I hear "We're using a loan officer we found on the Internet."

Burris you rock!

Yes sir, you make your point painfully clear. Generalizations like "internet lender or Realtor" don't define much, though they obviously bring out many preconceived notions.

Communication is paramount, but knowledge is priceless. Wherever you have to go to find a business partner that can give you both is where you should go. Personally, I'll gladly walk through hell if I have to find a good partner...

and the internet surely isn't as bad...

Gerry Suarez, Jr.

Your FHA Loan Pro!

I read the other one, Tom. As a long time lender, well respected in my industry (or at least I keep telling myself), I find generalized comments about lenders, brokers, bankers and even "internet lenders" disconcerting. At least 50% of my 3300 closings have come from people who found me on line and not from "my agent" or any agent for that matter. I'm sure those agents are not talking about mortgage professionals like myself and many of the mortgage professionals who are a valued part of the Active Rain community who generate a lot of our business on line. Three thousand three hundred loans closed in the last 8 years - and that's just in Georgia.

Please never lump me with an 800 order taker or any part-time local hack who works for some dingbat's friend at Slim's Mortgages and Tire Center. As a lender who creates buyers I remember the agents who try to steer my buyers to "their lender" and you can bet they will never get a referral from me - and I generate far more buyers than most of them. I will fight a builder over their closing costs when they tell my buyer they won't pay unless my buyer uses "their lender". For most of my applicants one of the first questions after they are pre-qualified is, "Are you working with an agent?" I know which agent I can trust the most and I won't forget it.

I AM EASILY CONSIDERED AN INTERNET LENDER and proud of it. Google KEN COOK FHA like at least 22 people do every single day Sunday through Saturday :)

And the 'Guys' got it.....

Maybe they could see the satire because they are lenders..... Maybe it is because the generalizations towards lenders tend to be one-way here on activerain.

http://activerain.com/blogsview/1271038/9-words-that-strike-fear-into-the-heart-of-every-realtor

For those that didn't see the 'other' blog.... here's the link.

Thanks for playing.

ok- I'm ready for beer pong now :-)))

Big smile. I smile just the same when my clients tell me they found a lender on Lending Tree.com - yes, one who does not know how mortgages should be done in Texas.

Tom, I cringe when I hear those words "I found my lender on the Internet". Typically I try to get them over to a lender that I know will get their transaction done as I have had such a nightmare with Internet lenders. How funny that you have the same problem on the flip side.

I have to be honest probably more than half of my clients come from my Internet leads.

How about Internet lenders -- that is a scary phrase that Realtors hear and cringe.

OCT

getting angry

I get angry when someone eats my sand which at work after I placed it in the refrigerator. I am angrier when someone drinks my beer.

Overall, I am sure many can say that they get angry when they hear their client got their lender online. Hell, I cringe when I hear someone is shopping me against a lending tree lender. lol

Overall, I consider myself an internet lender and damn good at it. 20% of my closings are down in Florida and I am in New Jersey. 85% of my business overall is out of my state of New Jersey. I wish I would do more business in NJ.. but people find me online, read my blogs, and trust me.

confusion

In regards to Donna... how can you say that you aren't an internet realtor when you just said that most of your business comes from people online? I am confused....

Jeff Belonger

I love it!

Bill

I enjoyed reading the blog - which made me laugh out loud and then the comments. What a wild picture it all paints.

Tom, Our nine words are "We're using a Lender we found on the internet." Oh no. There are so many reputable lenders that you can actually meet in person in our area. Lenders that follow through and can call anytime for assistance. Don't just choose a page on the web!

OCT

When we let our personal feelings do our thinking we become offended and that seems to be what's happening here especially if it is a comeback to the following link

http://activerain.com/blogsview/1271038/9-words-that-strike-fear-into-the-heart-of-every-realtor

"Internet Realtor" Or "Internet Lender" are generic terms and not to be taken personally.

Thanks for the post, Tom, it has been interesting. You are still my friend on facebook =)

Teral.... It was satire.

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