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Mr/Ms Lender - Today, I’m A Listing Agent But I Represent Buyers Too

Reblogger
Real Estate Agent with LAER Realty Partners

If we are listing agent, will we be responsible to get in touch with the lender to 'watch' the progress of buyer's mortgage?

What do you think?

Here's a great post - and a re-blog - from Michael.

Original content by Michael Jacobs CalDRE #01165532

Mr/Ms Lender - Today, I’m A Listing Agent But I Represent Buyers Too

 

Today I'm A Listing Agent But I Represent Buyers Too - Realtor Michael Jacobs 818.516.4393 cellThis is not a tirade against all lenders.

 

All lenders are not created equal.  I’m well aware of the fact.

 

I have worked with and continue to work with lenders who go above and beyond any expectation.

 

I am grateful that in these always changing times, there are mortgage experts who know the business.  The questions to ask, the answers that must be given.  Honest. Reputable.  Under-promise, over-deliver --- those kinds of people.

 

Now…

 

For the other side of the story….

 

Listen to this transaction which happened not too long ago:

 

Before the buyers’ offer is accepted on my listing -- I call you or you call me(hint: when you call me --- this is a move that impresses me - definite points in your favor).

 

You promise the world.  Your client is top notch.  Great credit scores.  Excellent work history. Proof of funds to close.  Hey -  I know the strategy too.  When I present an offer I talk up my client and their ability to close.

 

I keep you updated and I expect the same of you.   The delivery system(email, phone call or smoke signal) doesn’t matter.

 

The appraisal comes in at purchase price.  Score!

 

Now how about full loan approval?  Any conditions?  When will loan docs be in escrow?  

 

Then, phone calls not returned.  Nor text messages.  Email inquiries go unanswered.  You know how we listing agents get during these times?   We don’t like being nervous.  On edge.   It’s not good.

 

You know, I’m just the listing agent.



But I also represent buyers…some will call me and many of those buyers will need to obtain a loan.  And because I only work with buyers who have a strong mortgage pre-approval in hand -- I like to find mortgage professionals who can do this work too.

 

So, while I’m a listing agent in this transaction, I’m always having new buyers contact me...wouldn’t you want me to have your name for me to refer?

 

So, you  may think of as the listing agent to you - I also represent buyers...so Mr/Ms Lender you are being observed...my goal with you right now is to get this loan funded and the transaction closed….but I’m also interviewing you….very subtly.  

 

Mr/Ms Lender - Today, I’m A Listing Agent But I Represent Buyers Too




Michael Jacobs

Coldwell Banker Residential Brokerage

BRE # 01165532

2065 Huntington Drive

San Marino, California 91108

Cellular:  818.516.4393

Office:  626.685.5246

Office Fax:  626.568.9507

michaeljacobs@coldwellbanker.com

www.camoves.com/michael.jacobs

 

 

Comments (7)

Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

It can be a lender/agent/inspector/escrow officer/appraiser/ etc.

Each professional must understand that we work as a team. We all rely on each other in order to serve our clients best and successfully close a transaction.

Mar 19, 2014 05:05 PM
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

Hi Praful -- thank you very much for the re-blog.  I hope you enjoy the first day of Spring!

Mar 19, 2014 08:06 PM
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Good morning Praful. This complaint seems to have been around as long as I have been in the mortgage business and that is a long time. Poor communication in any transaction will create lots of frustration for everyone involved.

Mar 20, 2014 08:08 PM
Ajay Pandya
e-Merge Real Estate Unlimited - Columbus, OH
Realtor Ajay Pandya

Excellent choice of re-blog. Missed it the first time around - so thanks.

Jan 31, 2018 07:18 PM
Ajay Pandya
e-Merge Real Estate Unlimited - Columbus, OH
Realtor Ajay Pandya

Thanks for spreading the word via re-blog, Praful - this may help many members.

 

Jan 31, 2018 07:18 PM
Ajay Pandya
e-Merge Real Estate Unlimited - Columbus, OH
Realtor Ajay Pandya

Indeed it is very important to learn about buyer's financing - it must work.

Jan 31, 2018 07:19 PM
Ajay Pandya
e-Merge Real Estate Unlimited - Columbus, OH
Realtor Ajay Pandya

And true, the listing agent represents the best interest of the seller - hence the call to the lender.

Jan 31, 2018 07:19 PM