Agent Responsibility or Lender Responsibility? That is the Question.
Real estate agents are often a buyers first point of contact in a real estate transaction. I have no concrete evidence, but my guess would be that real estate agents come into the picture FIRST far more often than loan officers.
When working with buyers, one of the things that I make abundantly clear is that when it comes to matters pertaining to mortgage qualification, financing and things having to do with the loan, then questions should be directed to the loan officer.
Here are some of the questions that I get that can be best answered by the lender:
- What is my interest rate going to be? Ask your lender. Your interest rate is tied directly to your credit (and your real estate agent will not have this privileged information unless you advise your lender otherwise). Generally, we are informed as to whether or not the lender believes you're a good loan candidate).
- How long will the pre-approval process take? I can take a wild guess, but you'll want to ask your lender that question. That often depends on the requirements and workload of the lender. I'll be asking these questions too, but you'll want to hear it directly from the horses mouth as well
- How come they need so much information? I can provide you with a generic answer, but your lender can best explain why they need so much information. Different lenders require different things, but to be sure, you should ask your lender directly.
- But I have already given the lender that info, why do I have to give it to them again? I often have to ask myself the same question. You'll have to confirm with the lender why they need it again. Moreover, it is probably best that you just provide it to them again rather than stifle the process and time is of the essence. Arguing with them usually doesn't make them find it in the nick of time.
Don't get me wrong, I don't mind inquiring about any of these things, and assisting the lender with getting what they need from the buyer if the buyer needs a little prodding. But I don't depend on the lender to do my job and just as real estate agents hate it when lenders try to do ours.
Not only should buyers be clear on the roles of agents and lenders, but also the roles of:
- home inspectors
- appraisers
- title companies
- closing attorneys or agents
- and the many other players in the real estate gain
Homebuyers make sure you know the roles that different people are to play when it comes to securing your new home. Your real estate agent is the perfect person to explain those roles as the agent is in the center of it all. But just because we're in the center, the responsibility and/or accountability does not always fall on us. Each member of your homebuying team should be accountable for their roles in the process.
Still a little unclear? Don't worry, when you call me, Charita Cadenhead, at 205-321-1200. I'll sure it's all clear before we even get started and remind you along the way.
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