I felt like a Realtor and I didnt like it...

     I had a couple who needed a lot loan. They had enough money to buy the lot outright but wanted to finance it so as to not tie up that much money. I worked every angle I could but I just could not do what they needed and I had to give their loan to someone. I could have told them sorry about your luck but I dont work that way.

     I was given a name of a broker who can do lot loans with very competitive rates and because these are portfolio loans, the banks can bend normal rules to make it work.

     So I was not making and money but my reputation is worth more to me than any loan. I called the lady and she was very nice and appreciative. I was very uncomfortable handing off someone who trusts me to a stranger. I held back details and grilled this woman on the phone. I asked her every question I could think of and she was cool as a cucumber. Little by little I started to feel better.

     After two days of back and forth revealing the pieces of the puzzle to this broker I started to feel more and more comfortable and finally made an introduction. They got their letter late that night, made the offer and all is well.

      WHEW!!! I tell my real estate partners that I dont expect any referrals any time soon and that I understand the implications of referring a client to a new lender. Now I can say from experience - It is VERY SCARY!

      The difference for me is I wasn't even making any money on the deal and I could barely handle it. I cant imagine passing on a paycheck with a side order of reputation to a new lender without an FBI investigation and a lie detector test or two.

      Realtors - I don't know if I could do it but here is how I see it. As a Realtor, you are passing not only your paycheck to a lender but the financial interests of at least 10 other people. You have the buyers anticipating their new home, the sellers probably anticipating theirs, the buyers and sellers of any associated contingency contracts, the title company, movers, contractors on and on. Most of all your reputation is on the table. In Southern Maryland, it doesn't take long for word to spread around and if you do someone wrong, there are not a lot of places to hide.

I dont know how you guys do it...