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Agent and lender reputation

When submitting an offer on a condo in a highly competitive market, how important is the name of your agent and lender? Would the seller be more or less inclined to accept your offer based on how well known the agent or lender is?
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January 30 - Hoboken
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Answers (8)

I am located in mount laurel NJ , exit 4 of the NJTP, and do a lot of loans in north, central and southern NJ. I pride myself on being hnest with my borrowers and getting the needed docs in asap to expedite the process to run smoothly. I am always available on my cell and attend the closings all over the state. The orocess will take place mostly over the phone but I make sure to attend the closings for a more personal service.

Bottom line if you feel comfotable with the loan officer whether it is over the phone or in person that is who you should go with. Some people will try and play a rate battle with you but I do not, I give you the best pricing you qualify with that day since the market changes daily.

Good luck and best wishes!

Scott
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February 05
I will chime in once more on this subject and agree with Mack on the point of working with a Loan Officer that is local and knows what it takes to get a loan funded in the market in question.

Most of the problems I have encountered with lenders are the ones that the client has found online, the client has never met the loan officer and the loan officer tries to lend on homes from New York to California.  You can tell when the loan officer does not know local procedures, does not read the contract and only looks at the closing date.

Each state and each local market has their own contract and their own customary way of doing business.  It just goes a lot smoother when the loan officer and his/her team know the local market.

It does not matter if it is a big bank or a local community bank, just find a LO that you can sit down with, discuss your needs, build a relationship with, someone you can call with a question (not an 800 number).
I think the listing agent and seller will also know that they will have a better chance of closing if the lending team knows the process and doesn't surprise you at the last minute with some crazy request because it is on their check list and they never got it into the file.
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January 31
Of course.

Very few real estate agents are famous enough to have a reputation, but some are well-known AND well-regarded in their community. Some are well-known and not so highly-regarded. The listing agent will be the one who communicates this to the seller, if at all.

As far as lenders go, I think the seller expects their agent to see to it that things go well. Although, in a competitive situation, I advise my buyers to go with a local lender, rather than an internet lender.

All the best,
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January 31
Profile picture for sunnyview
Your agent makes almost no difference unless they are known by other agent to be extremely difficult. Keeping your offer clean without contingencies, showing you are pre approved, offering a more substantial deposit and a reasonable escrow period are more important.
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January 31
Profile picture for yonahboy99
Appreciate the responses.  Keep in mind, this is in a competitive market where there will likely be multiple offers. 
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January 31
Probably not
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January 30
The agent is important in that your offer needs to be presented properly and that the agent presents you as real people and in the best light.Sellers like to know the new owners of their home are nice people and will love their home like they do.
The lender is important as the sellers want to be sure that the transaction will run smoothly. In the past some of the pre qualification letters have been less than stellar and deals have fallen through as a result. 
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January 30
I think the most important thing to concern yourself with is how good the service your agent and lender are providing you.  Of course, most lenders and agents that have a good reputation have earned it by providing good service. 

From my perspective I look at lot more at the way the offer is written. It is easy to tell if the agent knows what they are doing by the way they write their offers.  As for lenders, I like to speak with the loan officer if at all possible. You can also gauge the pre-approval letter to see if they have actually qualified the buyer or just looked at their credit.

The listing agents job is to get the seller the best offer possible, not to concern themselves with who the agent is.
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January 30
 
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