lenders: COMMON MISTAKES NEW AGENTS MAKE #8
- 02/26/09 04:05 AM
Years ago, a home buyer would need to meet with four to five different people to acquire financing, home warranty, insurance, title and other available services. Modern real estate offices have moved towards a "one stop shop" as todays clents don't have the time to shop around for the many services needed to sell or purchase a home. Unfortunatley, I am not sure that in-house providers always give the best ragtes or the best service. So, as a new agent, find out what services the office your are interviewing with, has available. And, if not in-house, have … (0 comments)
lenders: Lenders continue to show their lack of judgement
- 09/05/08 11:09 AM
Just a few months, I believe my dog could have gotten a no down loan with little concern from the lenders. Now, they have woken up and have lost their mind. I just closed a transaction where I represented the buyer. These were sterling clients. Both work for Cisco and had big 750+ credit scores. And, if that wasn't enough, they were putting 25% down. And, the Seller had agreed to all clearances including Pest, roof and electrical code violations. This should have been a lender's dream loan. But, it got stalled and we called and called. Finally, we found out … (0 comments)
As a result of the current market and a return to proper underwriting guidelines, appraisers are finding it increasingly difficult to get lenders to accept appraisals. Some lenders even are declining low appraisals and scrutinizing loan applications more carefully than in previous real estate cycles. Whereas most lenders used to evaluate a home appraisal’s credibility based on comparisons generated from their desk, now some banks are requesting that appraisals be verified by on-site visits to the property, as well as the nearby homes listed as comparables.
KEEP THIS … (0 comments)
lenders: Stop playing with Short sales - Lenders are stupid AGAIN!!!
- 07/22/08 05:23 PM
I know we think we are helping people but agents are telling me that only 5-10% of short sales ever close. Too often, in an effort to save a house, an agent will work 3-4 months trying to get a lender to respond to a short sale. Then, if you could even get a response from a lender, they come back with a ridicilous counter or asking that you cut your commission. Who said banks were smart. They claim that they will do anything to avoid foreclosure but if you are active in the market, you know that this isn't true. … (13 comments)
lenders: Do you think agents should also be the lender??? NOT!
- 06/05/08 08:40 AM
I know there is a big push for agents to also do their own loans with the argument, ............Why give someone else the loan commission, when it is your client. This argument is illogical. Why don't you do your own roof inspections. Or what about Pest Control repairs? To do either job takes time, experience and a certain amount of people skills. If you try to split these duties, you will never become good enough at either to be an A player. I know 1000's of agents, many of them top producers. NONE, let me repeat, NONE of them do their … (6 comments)
Guy Berry is a frequent expert witness in real estate litigation and an accomplished trainer in real estate law and contracts. In addition he has been licensed for 30 years as an agent and managed large offices, including Coldwell Banker and Century 21.
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