Breaking News: Quicken Loans affiliate acquires ForeSalebyOwner.com...

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Real Estate Agent with Berkshire Hathaway HomeServices 01238708
https://activerain.com/droplet/5cqD

 Fresh off the press:  In House Realty a Quicken Loans affiliate and a subsidiary of Rock Holdings Inc.  acquires ForeSalebyOwner.com

www.endrebarath.com

Interestingly, or should I say ironically, yesterday I was commenting on a question about Quicken Loans. How ironic is it that, today I am reading a breaking news post, that Quicken Loans affiliate House Realty acquires ForeSalebyOwner.com?

I had absolutely no respect before about Quicken Loans as a lending institution and particularly how they were conducting business. Hence, I found it interesting that some of my fellow Active Rain Members started saying nice things about this organization and how they have changed.

Now with that said there is an old saying: One cannot change one’s essential nature. Just as an example, The Leopard cannot change its spots. This metaphoric message applies here very much. So, if you are supporting these guys clearly you are not helping yourself. There are so many respectable great lenders why would you support an institution that is undermining your own livelihood?

www.endrebarath.com

As a Full-Service Beverly Hills Realtor, I am always focused on providing 100 per cent Client Service, with that said I always refer my buyers to the best lender in town. Interestingly he has been named six years in row as the number one Loan Originator by Scotsman Guide. Well just read what they had to say:

Every day, Mark Cohen of Cohen Financial Group resets the clock. No matter how many loans he’s closed that year, that month or that week, every morning he goes back to square one. That mindset apparently works wonders. For the sixth year in a row, Cohen has topped Scotsman Guide’s Top Dollar Volume list. Cohen’s 2017 mortgage-origination volume totaled $579.6 million. He closed 541 loans — 67 percent of them purchases, and 33 percent refinances. Although Cohen says resetting the clock each day motivates him to close more loans, he also benefits from his wealth of experience. He’s been originating mortgages for more than 30 years, after getting into the game in 1986. He also receives a ton of support from his staff, he says.

 

Now with that said I dread this next comment in case you are wondering who Seabolt is, let me tell you he is the CEO of In House Realty:

“We are in relentless pursuit of eliminating the complexities and stress that can sometimes accompany buying or selling a home,” says Seabolt. “In the coming months, In-House Realty will introduce a fully integrated platform that will combine home search, connecting consumers with one of our trusted Partner Agents and partnering with Quicken Loans’ Rocket Mortgage to provide the world with the clearest, simplest and least-stressful end-to-end home-buying and home-selling experience found anywhere.”

Not wanting to be contrarian, but every time I think of Quicken Loans and Rocket Mortgage I cringe now with that said a company that supports a FISBO website to boot…. well I will just leave it at that.

I prefer to support my local lender who is a team of three people, but you can reach him directly from 8am to 8pm without too much trouble and you would never know he was doing that many transactions. Now I challenge anyone to be able to reach the principal loan originators for Quicken Loans just sayin...

www.endrebarath.com

If you are looking for a focused and goal-oriented Realtor in the Beverly Hills area who will help you achieve your Real Estate goals, please reach out to me directly!

If you are looking for a pet friendly Beverly Hills Realtor who can handle and sell the most difficult properties that no one else could, please reach out to me directly!! If you are considering buying or selling a home, a luxury home, luxury investment real estate, luxury vacation homes, or luxury beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Marina Del Rey, Venice or Malibu, feel free to contact me at 310.486.1002 (m) or homes@endrebarath.com or visit one of my websites at http://www.endrebarath.com  I contribute a portion of my commission to local animal rescue organizations.

 

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Topic:
Lending / Financial
Location:
California Los Angeles County Beverly Hills
Groups:
Mortgage Bankers
Local Expert
The Ninety-ninth Percentile
Bananatude
ActiveRain MasterMinds
Tags:
beverly hills real estate
endre barath
endre barath berkshire hathaway beverly hills realtor
cohen financial group
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Rainer
22,277
Eric Sztanyo
Keller Williams Advisors Realty - Cincinnati, OH
Cincinnati & NKY Realtor® | TeamSztanyo.com

Newer to the business and haven't used Quicken ... why do you have no respect for them? What is it about how they conduct business that you don't like? 

May 27, 2018 07:00 AM #19
Rainmaker
3,674,714
Dorie Dillard CRS GRI ABR
Coldwell Banker United Realtors® ~ 512.750.6899 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Good morning Endre Barath, Jr.,

I'm so glad to see your post featured. To me Quicken Loans have always been a hassle and I do not recommend them (I've had some horror stories to tell for past clients). I have clients right now using them as a "preferred client" and the service is unreal! I've never had such a good job done by them but they have too many people involved in the process as they hand them down the line as the loan moves through its paces. Thanks for the info..I'll definitely keep it in mind!

May 27, 2018 07:20 AM #20
Rainmaker
2,850,715
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

I am aware and have been following. Before this that fsbo site partnered with another lender wh is trying to build a similar platform. I had worked with the listing REO homes with great result. I was asked to try these leads which come ata great price in very high referral fees. I looked at it as a way to get new listings or buyers I would not have had otherwise. I can say it took a little time but i learned how to convert the fsbo leads to listings rather well. The buyer side did not work out as nearly all buyers were either not qualified as they said they were. Not ready to buy or already had a buyer broker and were looking for other ways to find a home with a shortage of homes to see. The partnership with fsbo.com ended as this new deal came to be. The hard truth is they are directly coming after our livelihood. I learned alot by taking leads and my outlook is those who provide great service will always do well as the new partnership shuns full service which most consumers want. Buyers and sellers soon learn they can still save and get full service through a traditional full service broker. 

May 27, 2018 07:24 AM #21
Rainmaker
1,784,004
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

It was only a matter of time ! Many an Agent has asked a FSBO -" How do you know if the people you're showing your home to are QUALIFIED ???

May 27, 2018 08:06 AM #22
Rainer
471,096
Sham Reddy
H E R Realty, Dayton, OH - Dayton, OH
CRS

Oh! Boy! That's what we need!!!

I had absolutely no respect before about Quicken Loans as a lending institution and particularly how they were conducting business. Hence, I found it interesting that some of my fellow Active Rain Members started saying nice things about this organization and how they have changed.

May 27, 2018 10:38 AM #23
Rainer
112,455
Anthony Kirlew
Keller Williams Realty East Valley - Gilbert, AZ
Helping You Make Fiscally Sound Choices

FYI, it looks like a typo. I beleive the site is https://www.forsalebyowner.com/

May 27, 2018 02:09 PM #24
Rainmaker
649,231
Laura Filip
Laura Filip Broker , Opening doors for All Seasons of Life - Whitesboro, TX
What can we do for you today?

Thank you for sharing this. Read this on INMAN  news and wondered the same thing. Local lender is great idea. Check out the rates and then check out the on hand available folks vs the online lender. Just saying check it out. 

May 27, 2018 02:53 PM #25
Rainmaker
292,224
Mott Marvin Kornicki
Waterway Realty, Realtors® • Broker • South East Florida • - Miami Beach, FL
Waterway Realtors, Notary Public 786-229-7999

Think of the numerous businesses that were harmed by Major Grocers, Apple, iPhone, Walmart, etc. People can't find a neighborhood bakery easily... Who needs a camera or alarm clock? Get where I'm going?

May 27, 2018 02:58 PM #26
Rainmaker
2,369,181
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Real Estate pie is still the sweetest dessert out there...

May 28, 2018 06:41 AM #27
Rainer
161,564
Bob Betel
Allstar Home Mortgage, Inc. - Sweetwater, TN
President, Allstar Home Mortgage, Inc

Not surprised at all. Could this be a result of Keller Williams opening up Keller Mortgage?  The only difference is what side you are on

May 29, 2018 04:33 AM #28
Rainer
192,857
Robert Hicks
United Country River City Realty - Savannah, TN

I missed this.. Thanks for sharing this, very informative. This business is constantly changing and we must always be aware.... 

May 29, 2018 06:43 AM #29
Rainmaker
343,809
M.C. Dwyer
Century 21 Showcase REALTORs - Felton, CA
Santa Cruz Mountains Property Specialist

Yep, I've been watching this development.    Unlike Zillow's in-house purchase offers which still offers the transaction to local agents who are paying a monthly fee to belong, they will have their own agents?     As you said, there's nothing like a "Full-Service (local) Realtor ...always focused on providing 100 per cent Client Service..."   

Just last month, one of my new buyer clients arrived with a Quicken Pre-approval.    I commended him on doing the homework to get pre-approved, AND advised him that in our local market, where 5-10 offers are the norm, the sellers and their agents would prefer to see a pre-approval from local lender who understood the particulars of our rural challenges.    Sure enough, that Quicken pre-approval got questioned sinced the listing agent had had poor service from Quicken recently on a different transaction.

My clients listened, they got a local lender, they won the bidding, and they got their dream home at the same interest rate through a local lender who was responsive to them 7 days a week.

May 29, 2018 08:57 AM #30
Rainer
144,273
Theresa Akin
CORPUS CHRISTI REALTY GROUP - Corpus Christi, TX

I despise Quicken in quintuple. Not easy people to work with. My buyer was out bid on every home he made an offer. The sellers saw who the lender is and moved onto the next. Buyer finally decides on the house he's rented for more years than he should've. Quicken tells him just write the offer on a piece of paper and they would handle it from there as they've done in the past. This is after the buyer asks me if I can let the appraiser into the house the following MOnday. I call the lender and ask him what's the idea of this. Buyer doesn't need an agent. He can handle everything (?). AND talks the buyer into paying more because they don't do loans under the amount the seller was asking for the house. (?) Buyer still believes in Quicken closing date set for May 7. nothing. No cooperation from the title company who couldn't log into Quickens portal. Quicken is upset title company needs a contract for the paperwork to have numbers in right order. Seller had no idea this was all going on. Quicken tells buyer seller wouldn't speak to them. Finally title company gets a closing disclosure but still no contract. Quicken sends copy of closing disclosure to the seller and seller is happy with the over asking price and decides no to budge and only needs ex-amount for closing costs. Really pounds the shaft into the buyer buy raising loan amount which increases loan origination fees. Quicken is now upset that agent is asking seller to pay a commission since binding contract needs to be in place. Buyer is now wondering if he's made a mistake. I told him it isn't too late to check with another lender. I've given him 3 local lenders. Will see what happens. 

May 29, 2018 10:54 AM #32
Rainmaker
1,191,739
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

My greatest issue with these online lenders and their ads is the "illusions" they try to sell to consumers, Endre Barath, Jr.  According to a commercial, it takes 8 minutes or less to be Pre-Approved.  I find that scary ... and infuriating at the same time.  And don't get me started on their promises regarding interest rates.  

Gene

May 29, 2018 11:16 AM #33
Rainmaker
377,264
John Wiley
Right Move Real Estate Group- EXP Realty - Fort Myers, FL
Lee County, FL Real Estate GRI, SRES,GREEN,PSA

Endre, there are many issues that arise from this latest Quicken Loan move.

Let me focus on the Lender. When I am working with a buyer, we need pre-approval to get started. In this market you have to move rather quickly with an offer. I need a local lender who is familiar with the market and is available for a quick turn around on paper work. To wait from Friday evening until Monday to get an answer will often lose the chance.

Also, we find that local lenders get appraisers that know the market and we have less problems.

Thanks for the update, I do not like the direction they are moving in.

It reminds us to keep up with the trends and bring our best, professional service to the consumer.

May 29, 2018 11:51 AM #34
Rainer
457,953
Kimo Jarrett
WikiWiki Realty - Huntington Beach, CA
Pro Lifestyle Solutions

Will this acquisition make a difference for Quicken, I don't know but it's their risk to take just as all business owners take with their business. Sometimes it's genius and other times it's a disaster. Time will tell, won't it and if it affects my business, I'll have to adapt and overcome the challenges because that's what being in business is all about, isn't it? 

May 29, 2018 04:38 PM #35
Rainmaker
947,752
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Spot on as always Endre.  Being available and  good communication are 2 of the primary reasons I have such a short list of lenders.  The times they are achanging!

 

May 30, 2018 02:48 PM #36
Rainmaker
3,005,594
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Laura Cerrano  thank you for commenting, interesting approach, Endre

Jun 11, 2018 01:55 PM #39
Rainmaker
3,005,594
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

William Feela  should be interesting where this goes, Endre

Jun 11, 2018 01:56 PM #40
Anonymous
michael

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Jan 10, 2019 04:35 AM #41
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Rainmaker
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Endre Barath, Jr.

Realtor - Los Angeles Home Sales 310.486.1002
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