Recently, I began to work with a lovely couple, that was looking to purchase their very first home together. As always, I advised them to speak with a mortgage professional to pre-approve them for financing. They did as I requested, and we were off and running.
One day, I received a random call from someone identifying himself as the lender for my clients. This was not the individual that they were previously pre-approved with. He tells me that he had shown my clients the very same home that I had shown them. Immediately, a red flag went up in my head. I asked exactly who this guy was, and why as a lender, he is showing my clients a home?? He states he is a family "friend", that is a lender and has a real estate license.
I speak with my buyer, and this is the original lender that they had tried to contact. Go figure, it took him a few weeks to get back to them. My client didn't realize this was out of the ordinary, so he told me how he did meet him at the property they were thinking of pursuing with me. The lender/agent had also told my buyers/now friends that he was also a licensed contractor. He tells them that I would not be able to point out faults of the home, since I am just an agent. I work hand in hand with a very experienced group of professionals, that would be able to give the home a thorough inspection, so I would see to it that they were taken care of.
Long story short, the lender/agent/contractor convinces them to write the offer with him. It ends up this individual does not even have his NMLS number and flies around the state, representing others in this manner as well. The buyers did not get their home either.
Although a partial vent, this is also a lesson to those buyers out there. You want to form a relationship with an agent that has your best interests at heart. There are some very reliable professionals that double as a mortgage and real estate professional, so this blog is in no way meant to belittle them.
One should work with a REALTOR® that is familiar with the market you choose to purchase in, works in the profession full time, has your best interests at heart, does not talk down on his colleagues to gain the upper hand, responds to you in a timely manner, and has experience as a real estate professional specifically.