"Oh, you need a lender? For your convenience we just happen to have one right here in our office". "We might as well get you pre-approved while you're here. Of course you don't have to use this lender, BUT, they can get things through that other lenders can't". " I've never had any problems with our in house lender." " Home Warranty, we just happen to have one of those in house as well. They're better than all the other Home Warranty companies out there." " Our in house lender has lower fees than all the other lenders out there."
Oh, did I forget to mention that my broker gets a kickback from all these companies I recommend? Well, that's not the reason I recommended them. It's just a convenience to you, uninformed buyer, to have everything you need under one roof.
Let me steer you down the hall so we can get you signed up for all of these wonderful services we offer.
http://www.forbes.com/sites/markgreene/2015/08/02/the-end-of-the-msa-stranglehold-is-underway
Even our broker has some arrangement with BOA. I don't know any of the details, and I have never recommended BOA to anyone. I tell all buyers that they can use whatever lender they choose. If they are buying a fixer upper, I will suggest a few lenders that I know do 203ks. The buyers circumstances will determine which 3 lenders I suggest that they talk to, but tell them that they don't have to use any of them.
Same applies to home Warranty companies, Home Inspectors, and Title companies. I will suggest a few, but also tell buyers that they can use anyone that they want.
So this pending doom to MSA's won't really affect how I do business. But, I'm glad to see that it looks like it will be seen less and less in this business. Buyers deserve the truth, they deserve to have all their questions answered honestly without agents feeling like they have to first recommend their in house service companies to the buyers they work with.
Turn the MSA Kickback Switch to Off
Jeff Pearl | Lic in VA
Remax Distinctive
703-727-4876
Homes | Land | Farms | Historic
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