How can your REALTOR help you when it comes to finance?!

As a REALTOR I have a lot of contacts in my industry. I am always there to help when possible by sharing those.

A question or buyers or potential/future buyers; do you prefer your REALTOR to suggest loan/finance service providers to you, or would you prefer to seek on your own?

I look forward to reading your responses!

Michael Thacker
REALTOR
Louisville, KY
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November 13 2013 - Louisville
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Answers (8)

When clients need advice on finding financing, I ask a few questions:

Who do you bank with? And do you have a relationship with there? Why not start there?

Are you a member of a credit union? Often the best loans with easier qualifications.

Are you a veteran? I'm surprised sometimes to find veterans forgetting about the VA loan.

Any other special affiliations? Farm Bureau comes to mind since I married an Aggie!

Then I ask what kind of lender they want. A first time buyer may want someone hands on to walk them through. On the other hand if this ain't my clients first rodeo they may appreciate someone who is direct and fast.

A smooth transaction requires a team. Teams work better if they like each other.
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November 18 2013
Michael,

    I have multiple "preferred lenders" who I use. I always give my clients the option to use them. I always ask my clients to shop around and go with who they feel will best serve their interests.
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November 18 2013

Premier Realtors are just as hard to come by as Loan Originators.  They both work with select agents, infinity partners and a heavy referral source from their past clients.  The term 'birds of a feather...' comes to mind and is a great one to describe with either party referring their clients.  I believe everyone will agree the client should be educated.  Premier Agents and Originators have a proven system of exceptional education to the client that along with systems in place lay the ground for happy clients.  Happy clients love the referrals of professionals and unhappy clients tend to choose people, for various reasons, that are not professionals.  Real estate is not quite rocket science.  Many may feel it is that complicated because of the people they choose to navigate them thru the process.  
Our agents are proven in volume/ units, education (themselves & to clients), and systems.  That combination leads to a Premier referral partner and generally an overall great person with the clients needs set in the crosshairs.    

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November 18 2013
The "buying public" isn't really known for answering Zillow advice questions. They just ask all sorts of very basic ones that indicate that they need to be recommended to professionals of all trades, and professions. As a long time Home-Builder, REA, and a currently practicing LO, I can say that the motivation for doing so is what matters. The "preferred lender" situation is often questioned on Zillow. Referrals need to be "value added" and not affiliated profit centers masquerading as convenience.
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November 13 2013
Realtors, especially those who do many transactions, have the experience of working with good lenders who can get the job done and close on time.  Typically, buyers do not have this experience, so a Realtor referral is key to ensuring a smooth transaction with an on time closing.

Many times, buyers will look to their local bank branch or credit union, where a guy who sells home loans, auto loans, and checking accounts sits behind a desk waiting for the business to walk in.  The big banks are great for refinances, when there is no close date to worry about, but for your purchase transactions, you need to work with a professional mortgage banker or broker who makes his or her living doing purchase business.
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November 13 2013
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I appreciate lender or inspector recommendations from my agent, but I expect the other professionals not to share my financial information or work on the agent's behalf behind the scenes. People should interview lenders carefully and ask them what their existing relationship is with their agent before they decide who to hire. 
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November 13 2013
Absolutely we are REALTORS can always suggest lenders, inspectors, etc. to our clients, but was wondering what the buying public prefers or what their thoughts are?!

I know myself, I only suggest those trades men and women that I myself would want to do business with spending my hard earned money. If I recommend them, that means I would use them if I was buying or selling!

Thanks for the response John!! Have a super day!

Michael

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November 13 2013
Real estate agents can suggest ways in financing.
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November 13 2013
 
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