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There's a REASON We Have a Vendor List

By Debe Maxwell, CRS

Real Estate Agent with Savvy + Company (704) 491-3310 228209

June 03, 2012 12:25 PM

A fabulous week last week was wrought with days of dealing with an unknown lender who cost a client 4 days of Closing and a seller, nearly the loss of his home purchase.

Charlotte NC lenders I am primarily a listing agent but, when I do have a buyer with whom I work, before we ever even get in the car to shop for homes, I provide the buyers with a list of lenders whom I TRUST. I know the ones that will work better for a particular buyer. Being in the heart of banking here in Charlotte, we work with a good deal of big bank employees who prefer to use a lender from their own company as well--and I have references from those banks also.

These lenders GET THE JOB DONE! I know they do and all of my clients rave about the lender whom they select. They begin the process prior to our even shopping for homes and a couple of these lenders have the documents to the attorneys TWO WEEKS prior to Closing. Yes, I have solid lenders to offer my clients and I can honestly say that we NEVER have lending issues with these lenders.

In fact, once the deal is consumated, the only thing that I get is an email update from the lenders, letting me know what is going on and then when the attorney has the package. They do their job and I do mine! These people are professionals who have a clear understanding of their jobs--and ours!

They don't contact me about trivial issues--they handle them.
They update me weekly and without prompting
They are immediately in touch with the Closing attorney, ordering the Title search EARLY in the process
They expeditiously order the appraisal and let us know that all is well--OR if not...
They begin work on the loan even before my client goes under Contract
When my client DOES go under Contract, they get their files to the underwriters.
When the underwriter has an issue, THEY take care of it--they don't ask ME to!
They work with the attorney to get HUD-1 approval early in the game so that if we have absent buyers, they will have time to sign their documents before a Notary Public, wherever they are located.

These lenders GET THE JOB DONE!

For some reason, I believe many buyers are hesitant to accept our lender suggestions because of the very thing that we, in our business, fight on a daily basis--media hype that we're somehow 'in cahoots' together. As a professional whose livlihood depends upon this business, there is absolutely NO way that I would jeopardize my license for a quick buck. We do NOT accept referral fees from ANY vendor. We just know the good ones because we work in the trenches every day and we know they'll take care of YOU!

There is a reason we have our vendor list. Let us share it with you for the best possible real experience imaginable!

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Kathy Streib

Cypress, TX

Home Stager/Redesign

Debe- you make a vey good point. You, as a Realtor, work with these vendors every day. You know who can be counted on and you have an established line of communication. It makes so much sense to get a vendor referral from your Realtor.

Jun 03, 2012 12:36 PM

Michelle Gibson

Hansen Real Estate Group Inc. - Wellington, FL

REALTOR

Debe - I've NEVER had a lending issue with any of the perferred lenders on my list and just like yours they do their job, I never ever have to worry because I know they're in good hands.

Jun 03, 2012 12:51 PM

Tammie White, Broker

Franklin Homes Realty LLC - Franklin, TN

Franklin TN Homes for Sale

Debe, I also encourage buyers to use a lender from my vendor list. Unfortunately, they usually have someone they prefer to work with and it usually costs them either financially or with delayed closings. We do so much business. Doesn't it make sense we would know who to trust to get the job done?

Jun 03, 2012 01:10 PM

Debe Maxwell, CRS

Savvy + Company (704) 491-3310 - Charlotte, NC

The RIGHT CHARLOTTE REALTOR!

Kathy - With two examples just this week of loans-gone-awry, I can tell you that it's imperative that your lender totally ROCKS!

Michelle - Mine do their jobs--period. No BS, no errors, no delays. It's really quite simple if you're dealing with professionals and you mama's friend's neice's husband's best buddy is probably NOT the professional that can get the job done!

Tammie - It absolutely makes no sense not to, does it? I have honestly, on numerous occasions, felt like jumping through the phone with these inept people this week. I just can't BELIEVE that they are even in business. I mean they have BOTH made horrible mistakes--costing major delays and costing both sides mover cancellation fees, hotel bills for the buyers and MAJOR inconveniences. I can't tell you how frustrating it's been!

Jun 03, 2012 01:59 PM

Jennifer Fivelsdal

JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY

Mid Hudson Valley real estate connection

Debe love this post. Whenever buyers decide to go it on their own you can expect unnecessary issues. There is a reason we can refer certain vendors, we are familiar with the type of services offered.

Jun 03, 2012 02:04 PM

Sharon Alters

Coldwell Banker Vanguard Realty - 904-673-2308 - Fleming Island, FL

Realtor - Homes for Sale Fleming Island FL

Debe, there is certainly a reason why we have a vendor list! More than once a lender has saved the day when it is one I know and trust. More than once an unknown fly-by-night lender has jeopardized the deal and even lost the deal. Spot on!

Sharon

Jun 03, 2012 02:04 PM

Christine Donovan

Donovan Blatt Realty - Costa Mesa, CA

Broker/Attorney 714-319-9751 DRE01267479 - Costa M

Debe - Things are just smoother if we have other professionals who get their jobs done.

Jun 03, 2012 03:12 PM

Jeff Dowler, CRS

eXp Realty of California, Inc. - Carlsbad, CA

The Southern California Relocation Dude

Debe

I've never had a problem with any on my preferred list, but I sure have with some others...just recently in fact. Past experience is very telling which is why we have these vendors on our lists, or not. I have no issue if somone wants to choose someone else, but I have no reservations making my recommendations either. Then they can choose.

Jeff

Jun 03, 2012 04:03 PM

Cheryl Ritchie

RE/MAX Leading Edge www.GoldenResults.com - Huntingtown, MD

Southern Maryland 301-980-7566

What is scary is when a new Buyer does not select tried and true vendors from a list of those with proven track records.

Jun 03, 2012 05:23 PM

Wallace S. Gibson, CPM

Gibson Management Group, Ltd. - Charlottesville, VA

LandlordWhisperer

Debe * my vendors and service providers help me stay in BUSINESS and stay COMPETITIVE * DIY landlords who think that it is MORE expensive to hire a professional property manager don't realize how much better my providers are and their prices FOR ME!

Jun 03, 2012 07:43 PM

Debbie Gartner

The Flooring Girl - White Plains, NY

The Flooring Girl & Blog Stylist -Dynamo Marketers

Debe - this is so well written and you guys really do know the best people to work with - you work with them everyday and you have a lot at stake.

Jun 03, 2012 08:03 PM

Ginny Gorman

RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI

Homes for Sale in Southern RI and beyond

Debe, you are so right...i always tell my clients the above points & remind them when they want to use Uncle George who does mortgages once and awhile...what did I tell you?!! When clients do not use a trusted and known lender, stuff happens that does not work in their favor...right out there & sharing this!

Jun 03, 2012 08:52 PM

Anonymous

Invisible_Hand

Perhaps bad actors like Trident Mortgage Company owned by Prudential Fox & Roach add to the consumer perception that realtors and lenders (and title companies) are "in cahoots" and working contrary to the interest of buyers.

From their web site:

"Trident Mortgage Company^LP, Trident Insurance Agency Company^LP, and Trident Land Transfer Company^LP, (the Affiliates) have a business relationship with Prudential Fox & Roach, REALTORS^® and are under the common ownership of Prudential Fox & Roach, REALTORS^® which therefore has a financial interest in their business performance. The individual employees of both the Affiliates and Prudential Fox & Roach, REALTORS^® have no ownership interest in any Affiliate or Prudential Fox & Roach, REALTORS^®. You are not required as a condition of doing business with Prudential Fox & Roach, REALTORS^® or any of the Affiliates to use the services of any one or more of the Affiliates or Prudential Fox & Roach, REALTORS^®."

Jun 03, 2012 08:53 PM

#13

Kathryn Maguire

GreatNorfolkHomes.com (757) 560-0881 - Chesapeake, VA

Serving Chesapeake, Norfolk, VA Beach

So true! I almost had a loan officer from one of the mega banks kill a deal. With ten days to go, one of my favorite loan officers took over and saved the closing. My buyer was thrilled and wished she would have taken my advice to begin with.

Jun 04, 2012 12:05 AM

Evelyn Kennedy

Alain Pinel Realtors - Alameda, CA

Alameda, Real Estate, Alameda, CA

Debe:

When we give a buyer a list of lender we have deal with previously, we are letting them know that the lenders are people with whom we have actually closed sale.

Jun 04, 2012 02:58 AM