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I am primarily a listing agent but, when I do have a buyer with whom I work, before we ever even get in the car to shop for homes, I provide the buyers with a list of lenders whom I TRUST. I know the ones that will work better for a particular buyer. Being in the heart of banking here in Charlotte, we work with a good deal of big bank employees who prefer to use a lender from their own company as well--and I have references from those banks also. 
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15 Comments on There's a REASON We Have a Vendor List
Debe- you make a vey good point. You, as a Realtor, work with these vendors every day. You know who can be counted on and you have an established line of communication. It makes so much sense to get a vendor referral from your Realtor.
Debe - I've NEVER had a lending issue with any of the perferred lenders on my list and just like yours they do their job, I never ever have to worry because I know they're in good hands.
Debe, I also encourage buyers to use a lender from my vendor list. Unfortunately, they usually have someone they prefer to work with and it usually costs them either financially or with delayed closings. We do so much business. Doesn't it make sense we would know who to trust to get the job done?
Kathy - With two examples just this week of loans-gone-awry, I can tell you that it's imperative that your lender totally ROCKS!
Michelle - Mine do their jobs--period. No BS, no errors, no delays. It's really quite simple if you're dealing with professionals and you mama's friend's neice's husband's best buddy is probably NOT the professional that can get the job done!
Tammie - It absolutely makes no sense not to, does it? I have honestly, on numerous occasions, felt like jumping through the phone with these inept people this week. I just can't BELIEVE that they are even in business. I mean they have BOTH made horrible mistakes--costing major delays and costing both sides mover cancellation fees, hotel bills for the buyers and MAJOR inconveniences. I can't tell you how frustrating it's been!
Debe love this post. Whenever buyers decide to go it on their own you can expect unnecessary issues. There is a reason we can refer certain vendors, we are familiar with the type of services offered.
Debe, there is certainly a reason why we have a vendor list! More than once a lender has saved the day when it is one I know and trust. More than once an unknown fly-by-night lender has jeopardized the deal and even lost the deal. Spot on!
Sharon
Debe - Things are just smoother if we have other professionals who get their jobs done.
Debe
I've never had a problem with any on my preferred list, but I sure have with some others...just recently in fact. Past experience is very telling which is why we have these vendors on our lists, or not. I have no issue if somone wants to choose someone else, but I have no reservations making my recommendations either. Then they can choose.
Jeff
Debe * my vendors and service providers help me stay in BUSINESS and stay COMPETITIVE * DIY landlords who think that it is MORE expensive to hire a professional property manager don't realize how much better my providers are and their prices FOR ME!
Debe - this is so well written and you guys really do know the best people to work with - you work with them everyday and you have a lot at stake.
Debe, you are so right...i always tell my clients the above points & remind them when they want to use Uncle George who does mortgages once and awhile...what did I tell you?!! When clients do not use a trusted and known lender, stuff happens that does not work in their favor...right out there & sharing this!
Perhaps bad actors like Trident Mortgage Company owned by Prudential Fox & Roach add to the consumer perception that realtors and lenders (and title companies) are "in cahoots" and working contrary to the interest of buyers.
From their web site:
"Trident Mortgage CompanyLP, Trident Insurance Agency CompanyLP, and Trident Land Transfer CompanyLP, (the Affiliates) have a business relationship with Prudential Fox & Roach, REALTORS® and are under the common ownership of Prudential Fox & Roach, REALTORS® which therefore has a financial interest in their business performance. The individual employees of both the Affiliates and Prudential Fox & Roach, REALTORS® have no ownership interest in any Affiliate or Prudential Fox & Roach, REALTORS®. You are not required as a condition of doing business with Prudential Fox & Roach, REALTORS® or any of the Affiliates to use the services of any one or more of the Affiliates or Prudential Fox & Roach, REALTORS®."
So true! I almost had a loan officer from one of the mega banks kill a deal. With ten days to go, one of my favorite loan officers took over and saved the closing. My buyer was thrilled and wished she would have taken my advice to begin with.
Debe:
When we give a buyer a list of lender we have deal with previously, we are letting them know that the lenders are people with whom we have actually closed sale.