Some Agents May Take Offence to This Post

By
Mortgage and Lending with Fairway Independent Mortgage NMLS #196099

  As a lender in Woodbridge, VA, most of my business comes from Realtor referral and I truly appreciate the confidence they place in me to help their clients and ultimately place their commissions in my hand.

  Recently I had a nightmare transacation which could have gone much better with proper communication and understanding of the lending process by the agent. Although we made it to closing the unreasonable promises and contigencies told to the buyer, left me spent in the end. And it left the buyer with no true understanding of the buying process, several times the deal was dead and had to be revived with all the blame being placed in my lap.

  With so many phases and contingencies in a real estate transaction it is always better for buyers, to work with an agent that has knowledge and experience to guide them through the process. 

                                     

Currently I am processing a loan for what would seem to be a slam dunk transaction...conventional loan, high credit scores, twenty percent down payment, and plenty of reserves.

 

But of course the transaction hit a snag with the appraisal and an unreasonable seller. This could have easily turned into a nightmare but the Realtor's experience and knowledge kicked in to keep the process moving forward. I shutter to think what would have happened with the first Realtor mentioned.

Buyers beware all Realtors, just like Lenders, are not created equal...Caveat Emptor!
                                         


Thanks Peggy James with for doing your job and doing it well. It definitely makes my difficult job easier. I believe in Teamwork!

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Rainmaker
688,398
Pat Champion
Coldwell Banker Camelot Realty - Mount Dora, FL
Call the "CHAMPION" for all your real estate needs

This is so true it helps to have an experienced team to work with throughout the whole transaction it could mean the difference between closing not.

Aug 23, 2010 05:05 AM #1
Rainmaker
269,974
Kristen Wheatley
Better Homes & Gardens | The Masiello Group - Brunswick, ME
Supporting Success - Best Job in the World!

You had me with your title Markita!  Must be my morbid curiosity, but you make a great point!  I cringe every time I hear one of my colleagues "playing loan officer" and making statements about the process that bring into question their own understanding.

The ins and outs of the loan process have been changing too quickly for us agents to possibly keep up.  That is why we need to know our limitations and stay out of the promise making trap.  Too much can get lost in the translation when a well intentioned agent ends up getting in the way of the loan officer. 

Aug 23, 2010 05:06 AM #2
Rainer
372,583
Tish Lloyd
BlueCoast Realty Corporation - Wilmington, NC
Broker - Wilmington NC and Surrounding Beaches

I fully agree with Kristen -- it takes a true professional to recognize their expertise and stick to it, allowing the other experts to do the same.  Where in the world does it say an agent has to "prove" to anyone who will listen just exactly how much he/she knows about EVERYTHING! 

Aug 23, 2010 05:12 AM #3
Rainer
256,303
Jason Feinman
Coldwell Banker Residential Brokerage - River Vale, NJ
Bergen County Real Estate Expert, ABR, CNE, e-PRO
I leave mortgage stuff to the mortgage people. Hands off.
Aug 23, 2010 05:13 AM #4
Rainer
230,494
Stephanie Reynolds
Integrity First Financial Group, Inc. - Santee, CA
East County San Diego Homes 619-838-4408

With many years mortgage banking experience under my belt, I take pride in being able to provide my clients a full understanding of the process. I can help solve problems that arise, answer questions when not understanding what has been explained by the lender, and KNOW WHEN TO REFER THEM TO THEIR LENDER! I do not think I would serve my clients best interest if I tried to be both agent and loan officer!

Aug 23, 2010 05:52 AM #5
Ambassador
1,893,189
Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

If they take offense then they probably need to look in the mirror.

Aug 23, 2010 07:52 AM #6
Rainmaker
529,768
Peggy James
EXIT Realty Associates - Woodbridge, VA
Woodbridge Virginia Area Real Estate Specialist

Markita, thank you for the kind words Markita. I've always operated that each issue that comes up in a real estate transaction is a speed bump. It has served myself and our clients well.

Aug 23, 2010 08:07 AM #7
Rainmaker
144,754
Markita Woods NMLS#196099
Fairway Independent Mortgage - Woodbridge, VA
Queen of Mortgages - FHA, VA, Conventional, USDA

@Pat so very true. I have seen it happen

@Kristen the loan guidelines are changing so fast...even we are having a hard time keeping up! Well intentioned but not informed.

@Tish, Stephanie, Jason I try my best to stay in my lane, too!

@Cindy- so true its seems this is happening more and more lately.

@Peggy- your welcome.

Aug 23, 2010 08:58 AM #8
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Rainmaker
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Markita Woods NMLS#196099

Queen of Mortgages - FHA, VA, Conventional, USDA
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