I don't know what the deal is with Coldwell Banker. One of my colleagues here in my office recently handled the financing for her friend on the purchase of a new home. The agent on the other end of the transaction was a Coldwell Banker Realtor®. That Realtor® actually recommended to my colleagues client that she go to Wells Fargo for financing.
Of course the person making the purchase is friends with my colleague and did not budge... From what I hear the agent was putting quite a lot of pressure on my colleagues client to go to Wells Fargo to get approved. She kept insisting that Wells can do it faster and at a lower interest rate.
I thought that maybe it was an isolated case. Now I have a client in a totally different part of the state of NY. I have been talking with this person for more than 6 months now and she finally has found a place that she thinks she'd like to put an offer on. I was dealing with this person well before she had a Realtor®. I originally recommended John Murphy because she was originally going to be shopping in the Malone NY area.
She decided to find something closer to her current home so that she could remain close to family. She just wants to lower her expenses so she is downgrading in preparation for retirement. The agent close to her home area who she decided to go through happens to be a Coldwell Banker.
My client called me up and told me that her real estate agent says that she "has to go through Wells Fargo" and that the agent does not deal with any bank or lending institution except Wells Fargo.
Whoa! I deal with a whole lotta real estate professional from many different firms across the state of NY. I have never heard anything like this before and I can't believe it! I thought that Realtors® had to follow a code of ethics which includes refraining from "steering".
Now I am wondering what the deal is between Wells Fargo and Coldwell Banker. Is there some kind of affiliation there? Or is this just a coincidence?