Choose your partners wisely

By
Real Estate Agent with Auburn Sherlock Homes Real Estate, Inc.

In New York State many parties take part in a Real Estate Closing. You have the seller's agent, the buyer's agent, the lender, the seller's attorney, the buyer's attorney, the bank attorney, the appraiser the abstract company the surveyor... the list could go on.

With all of these different parties involved in the closing it is important for the Real Estate Agent to carefully choose who they are recommending their clients to.

 

I quickly realized that most of my clients depend on me to refer them to a lender and an attorney. I also realized that not all mortgage brokers and not all attorneys are created equal!

Since our referrals and recommendations mean so much to our clients it is important for us agents to partner ourselves with the best in the industry.

 

When I refer a mortgage broker to my clients I always ask the broker for a good faith estimate for my client in advance. This estimate will breakdown the fee's and closing costs the client will have to pay at closing. I like to provide my buyer's with 3 lender referrals and estimates. This way they can compare each one and decide who will work best for them. I look for mortgage brokers who not only are fair in rates and closing costs but who get back to my clients and me quickly and who stay with the closing to the end.

 

When recommending an attorney I look for the same qualities. Be sure to get their rate in advance as some attorneys get away with charging a full percent of the purchase price of the home. Most importantly I recommend attorneys who return phone calls promptly and keep me, the real estate agent, as well as the client in the loop throughout the entire closing process.  Another thing to be aware of when choosing an attorney if your client is the buyer is the title insurance company they use. Ask them who they use and what the turnaround time is. If the time exceeds more than 48 hours this could make for a long closing.

 

Although the Realtor's recommendations are important be sure not to steer your clients. New York State requires that you offer 3 mortgage referrals and 3 attorney referrals. Just choose your 3 wisely and your closings will go smoothly!

Comments (3)

Annette Leoncini
Madison Title - Wall Township, NJ

You couldn't have put it any better - brokers and attorneys are definitely not created equal.  In the title insurance arena the costs that I see are astronomical.  We can save consumers money by offering title insurance and the lowest rates allowable by law and NO JUNK FEES!

If you want a relable title insurance company, check out www.myClosingSPACE.com.  We offer GUARANTEED online quotes, no junk fees, and quick turnaround time.

Would welcome any referrals.  Thanks!

 

Mar 31, 2008 06:08 AM
Don Draughn - Mortgage Professional
High Point, NC
Great information Amy.  This is now a featured post.
Apr 01, 2008 04:16 AM
Kevin McLaughlin
S&P Mortgage (Alumni) - Binghamton, NY

Amy, you bring up some great points.  Things would be so much simpler in life if all parties had pre-set fees, like the realtors.  As a consumer, I had thinking about the hiden costs anytime I have to make a purchase, and really empathize with home buyers.  I'm currently working with a commerical client who is in the process of obtaining a liquor license for an Inn.  It seems he is spending his assets left and right and still has planty of uncertanty whether everything will come together or not. 

It's great that you're trying to obtain the best deal for your clients.  Although, the bottom line is usually the most important part of the deal, it sounds like they are missing the human interaction part of the selection process.  For example, a co worker and I have completely different styles, he's a very hard sell, quotes numbers, rates, statics, and makes the client feel inferior.  I on the other hand work to develop a relationship with the client, build their confidence, tell them what they need to know in a down-to-earth format, and have a very soft sell approach.  If you're clients are having the opportunity to 'interview' their mortgage agents, it could certainly turn out to be a non-productive relationship, effecting you in the end.  It would kind of be like a new buyer coming to my office, getting pre-qualified and then asking me to help them select a realtor.  Could you imagine, if I simply said pick from these 3, they were that agencies top producers, they most likely will take the best care of you?

The realtor is certainly in the driver's seat as it pertains to many of the other professionals getting referrals. I'm sure you use it wisely.

 

Apr 03, 2008 03:53 PM