THE AMBIGOUS RELATIONSHIP BETWEEN BUYER/AGENT AND BUYER/LENDER
As real estate agents and brokers, we carry a lot of weight on our shoulders. This is particularly true when we work with buyers and we finally have a contract in place and begin the process of navigating through to closing. To the buyer, the responsibility of the lender and the responsibility of the real estate agent can be quite confusing to say the least. Of course, as agents, we are the tie that binds in a manner of speaking, but we should be careful to let others be held accountable for their areas of expertise.
ASK THOSE WHO KNOW BEST
Buyers will look to us to have all of the answers and as the source of primary contact for questions. I don't have a problem with that at all. But I do try to make my position clear at the onset of the buyer/agent relationship and make it clear who will be the best source of information. As a matter of fact, I put it in writing and in brief, it goes something like this:
While we can give very general information with regard to the mortgage process and the loan itself, the following aspects can best be addressed by your lender or mortgage broker:
What will my interest rate be?
What does closing cost emcompass?
How do I lock in my interest rate or at what point will it be locked in?
Can I get a Good Faith Estimate?
Do I get a copy of the appraisal?
How much will my mortgage payment be?
Why do I have to keep providing the same information over and over again to the lender?
How much money will I need to bring to closing?
Who do I give the money for the appraisal?
When can we close? (as in the lender has to give the clear to close first)
How long does loan approval take?
What documents will I need to qualify for a mortgage loan?
YOUR RESPONSIBILTIY TO YOUR LENDER
If your mortgage lender/broker needs documents from you, then the lender/broker should be requesting these documents from you directly and not via your agent. Because all request should be met in a timely, it helps to have direct contact with the lender if you have questions. It's okay for the lender to keep us in the loop (with regard to their request), but ultimately the lender/broker should establish clear guidelines as to what their role is in the entire process and outline what to expect from them.
It is impossible for me to be more informed than the lender or mortgage broker with regard to mortgages and the mortgage process. However, it is part of my responsibility to ensure that the process is going smoothly.
As a buyer you should know what to expect and from whom to expect it. Although we may like to think that we have all the answers, we really don't. We are hear to guide you through the homebuying process and that process includes pointing you in the right direction. Don't get me wrong, we love when you ask questions and please don't stop, but know that there are many parties in a real estate transaction, and we'll see to it that all of your questions are answered and answered by those who are experts in their fields.
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