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Replies (3)
- Planners
- Contributions:322
Let me make it clear that I am not doing anything like that, but I am seeing a lot of quotes that require some kind of action to become effective, and woudl like to see Zillow tell us all what is allowed so we are all competing on the same basis.
Tom O'Leary
- D Ww, "feder1"
- Contributions:35
- Planners
- Contributions:322
More common the other way around, where Realtors try to do the loan, too. I was just using it as an example. There are a lot of quotes here that require you to do something special to get the deal. It can be as simple as getting an impound account to as major as using a specified realtor or paying an $3,500 upfront fee for a HOA "Program".
Now I feel that a quote should be unconditional and stand on it's own, but it's Zillow's site and if they want to allow conditional quotes that's fine, they should just come up with a policy that we all can follow.
While we're at it, I have another policy question about flagging. Is it appropriate to flag quotes that are for loan programs other than what the client requested? For example, a lot of times people ask for 10/1's, and get quoted 30/30's or 5/1 programs, not to mention the HOA scams that occasionally pop up. I have not flagged anyone for that so far, but think it is probably a good idea. Still, I would like Zillow to tell us how they want to handle this.
Tom O'Leary
Need Policy clarification from Zillow about Conditional Quotes
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- 5.0/5.0
- (3 reviews)
Contributions:322I would like Zillow to publically tell us all their standards for conditional quotes. These are quotes that are only good if you do a certain thing, such as use a particular realtor, open an account at a particular kender, require an impound account and so forth.
For example, in CA, most brokers have Real Estate Licenses. I woudl quite happily work for free on the loan, and give up two or three thousand dollars, if I can be their Realtor and make ten times that amount. I could even afford to subsidize a borrower's rate by a point or so. Am I allowed then to post rates below my wholesale cost, and just make a comment about what is required to actually get that deal?
Tom O'Leary
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