Which comes First the Broker or the Banker?

By
Real Estate Broker/Owner with State Wide Realty Co.

Which comes First the Broker or the Banker?

                                                                                      

 

When you have made the decision to purchase real estate who should you call first? Most of us would say me, me the Broker but the truth is a buyer/investor should call their Banker FIRST. There are several reasons why knowing what you can afford and how much you will need down before you go searching to buy benefits not only the customer but the agent as well. Right of the back the customer does not fall in love with a property only to be told that they don't qualify for the loan or they don't have enough down to get the loan they want. Also it prevents property lethargy in the agent and the customer searching for an unlimited range of homes or land, the field is narrowed to only what they would be able to afford. With knowledge comes power and if a buyer knows that they are prequalified for a home or land they can present that to the sellers and stregthen their offer, which may lead to them getting the deal over another potential buyer.

In conclusion, it is a good idea to know your local bankers and be able to refer customers to a reputable source that is familar with the area you serve and the market for your area.

Looking in the South Central Va area, call State Wide Realty Co. at 434-392-6163

or visit us at www.VaStateWideRealty.com

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Rainer
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John Ferrier
Mortgage Network Solutions, LLC - West Chester, PA
20+ yrs as a consultative mortgage professional

In this case, lender could be a better term to use as there are both brokers and bankers in the mortgage industry.

Oct 08, 2015 10:42 AM #1
Rainer
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DEANNA EARLY - - ( NMLS # 268590 )
American National Bank & Trust - Smith Mountain Lake, VA
Highest Ranked Mortgage Loan Originator Virginia

You are so right @ Larry Watkins.    If a buyer goes to their lender FIRST, it allows them to determine the market they can work in or if there is a market for them at all.   In doing pre-approvals, I often find clients have credit issues to clear before they can even begin to think of buying.   By discovering and addressing this, I save Realtors spending their time showing homes to a borrower that can't borrow yet.

Oct 10, 2015 03:21 AM #2
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Rainmaker
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Larry Atkins

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