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Answers (22)
- Urciel Gilbert, "urcielgi"
- Contributions:26
- Cathy Haney, "Irvine Expert"
- Contributions:48
That does not make much sense. Realtors should still be willing to represent you. I would suggest you call a few other Realtors in your area until you find one that is a fit for you.
- Wayne Chappel, "wchappel"
- Contributions:11
If you are purchasing a home in the U.S.A. I CAN HELP. Call or visit http://www.ReadyToBeYourRealtor.com
- Daina Burness, "burbankhomes"
- Contributions:44
I have no idea why a real estate agent would not work with you and your pre-approval. B of A is a direct lender which actually strengthens your offers. I am glad you found someone to represent you however paying both sides of the fees seems steep to me.
- R. E. Robbins
- Contributions:8
I find many of the replies very interesting. First of all can you give us a general idea of where in the US you are looking? Given the current market conditions I find it hard to understand why any agent/broker would turn away business just because they don't like the lender. Stranger things have happened I guess but, it just doesn't make sense.
Contact me and I will be happy either work with you if I can or refer you to an agent that will be more than happy to assist you in your purchase.
Contact me and I will be happy either work with you if I can or refer you to an agent that will be more than happy to assist you in your purchase.
- Patrick Morton, "mortct1"
- Contributions:25
The Realtors could have a bad experience with that lendor. They may know something you don't about them. Lendors fees can also be very different. There have been deals that have not gone through because of a lender. Some agents have been burned on this and tent to try and stay with lenders they know.
- Elise Timpe, "Corona CA Realtor"
- Contributions:76
The only reason I can see that a Realtor might have such an attitude is if your lender is new and part time. The number one reason sales fail to close is that the buyer doesn't get the loan. Sometimes, that is because the buyer is not completely honest and the secrets come out like hidden land mines and blow the sale apart. Other times, it is because the loan rep/broker doesn't have the experience to properly evaluate the buyer's qualifications, and when they "submit the loan" to the lender, the underwriter finds that the buyer isn't really qualified for a loan. Many new loan officers/brokers don't have the experience to develop a system of completing the proper steps at the proper times (they have a LOT of steps-certain steps done up front, can eliminate the most common problems that often show up later), or have "backup plans" in place in case something goes awry with "plan 1".
The only other thing I could think of is that maybe the lender has a negative reputation among local Realtors due to their business practices.
Another thing that could make Realtors shy away is a buyer that seems to be setting them up as contestants in a "race" to find you your home. This buyer will commonly say something like "I have several agents I'm working with. The one that finds me the right home will be my agent. Several pairs of eyes are better than one, right?"
Knowing that all Realtors have access to the very same data pool, an agent who runs this race is setting themselves up for failure. Since Realtors pay for everything they do in hopes of closing a sale for reimbursement & income, the odds of "winning" this race are prohibitive. Experienced agents generally will dedicate themselves to clients who commit to them.
Good luck in your search for a home. I hope I shed some light on your situation.
In my experience,
The only other thing I could think of is that maybe the lender has a negative reputation among local Realtors due to their business practices.
Another thing that could make Realtors shy away is a buyer that seems to be setting them up as contestants in a "race" to find you your home. This buyer will commonly say something like "I have several agents I'm working with. The one that finds me the right home will be my agent. Several pairs of eyes are better than one, right?"
Knowing that all Realtors have access to the very same data pool, an agent who runs this race is setting themselves up for failure. Since Realtors pay for everything they do in hopes of closing a sale for reimbursement & income, the odds of "winning" this race are prohibitive. Experienced agents generally will dedicate themselves to clients who commit to them.
Good luck in your search for a home. I hope I shed some light on your situation.
In my experience,
- David Nezri, "Direct Lender"
- Contributions:265
- Anne Wanchic, "RealEstAgentFinder"
- Contributions:27
Find a Real Estate Agent via Referral
When you are having trouble finding a good agent to help you find a home it can be just painful to keep looking.
Can I suggest that you get a referral?
There are free services that help you find just the right agent for your needs and you get to skip all the homework, interviewing, and other headaches. I provided a link above.
Best of Luck,
Anne Wanchic
The Real Estate Agent Referral Assistant
When you are having trouble finding a good agent to help you find a home it can be just painful to keep looking.
Can I suggest that you get a referral?
There are free services that help you find just the right agent for your needs and you get to skip all the homework, interviewing, and other headaches. I provided a link above.
Best of Luck,
Anne Wanchic
The Real Estate Agent Referral Assistant
- real estate mike
- Contributions:2001
I wouldn't mind paying the sellers fees also IF you're getting a below market price. Has your realtor shown you the sold comps for that neighborhood?
- tanti415
- Contributions:9
I don't think my lender is the problem cause i got preapproved by BofA. Well after the fourth realtor, I finally found a realtor that is willing to help, and my landlord is now selling his house to us, but her condition is that we pay for everything buyers and sellers fees. Our realtor would take care of everything.
- Ken Kopper
- Contributions:1578
tanti415, as Linda made reference to, I frequently get calls from both buyer's agent and listing agent to interview me. They ask for experience, info on Tenacity, etc...
I believe that most realtors are hesistant to work with lenders/brokers they have never worked with before or heard of because of communication. Its important to keep the realtors (mostly important the Borrower) in the loop of status, time frame, etc. so they are aware of the progress of the transaction as well as any issues.
Read some of the horror stories on the mortgage thread about disappearing LO's or horrible communication.
I believe that most realtors are hesistant to work with lenders/brokers they have never worked with before or heard of because of communication. Its important to keep the realtors (mostly important the Borrower) in the loop of status, time frame, etc. so they are aware of the progress of the transaction as well as any issues.
Read some of the horror stories on the mortgage thread about disappearing LO's or horrible communication.
- Angus Beal, "Angus Beal"
- Contributions:12
That is outrageous. Get a different agent. Obviously they have some sort of an agenda to pair you with another lender they have a certain deal with. That is really wrong.
- Linda Strasberg, "L Strasberg"
- Contributions:2315
- Johnny James, "Palmdale Mortgage"
- Contributions:406
- real estate mike
- Contributions:2001
When I work with buyers that came preapproved I could care less who the lender is. Some of the small mortgage brokers I've never even heard of. In fact some of these lenders were more efficient and could close quicker than huge banks can. It is my practice to contact the lender before submitting an offer so we're all on the same page. Some lenders have restrictions, for example one didn't want my buyers getting more than 2% closing costs from the sellers so that the buyers would have more into the property and therefore reduce risk of foreclosure. You did say different lender though so it makes me wonder if the agents best friend, spouse,etc is their preferred lender and they are trying to convince all their buyers to go that route. Some large real estate brokerage firms have in house lending and they try to maximize company profits?
- Patty Everitt, "Patty Everitt"
- Contributions:44
I agree with the comments below, the only thing i can think of , is they may have gotten burned by that lender , or heard bad things,
easy remedy - get pre aproved again- I would not let you go unless you have a credit score below the 600 , which is the cut off for the FHA loans, they only require the 3.5 % to the closing table. while a conventional loan is asking for lots more! sometimes 10-20%- so find a reputable agent and buy a house !! $8000.00 FIRST TIME HOME BUYERS CREDIT ONLY GOOD TILL DEC. 09!!!
easy remedy - get pre aproved again- I would not let you go unless you have a credit score below the 600 , which is the cut off for the FHA loans, they only require the 3.5 % to the closing table. while a conventional loan is asking for lots more! sometimes 10-20%- so find a reputable agent and buy a house !! $8000.00 FIRST TIME HOME BUYERS CREDIT ONLY GOOD TILL DEC. 09!!!
- girouard property RE
- Contributions:981
Hoang makes the most sense...find another realtor
- HomeSand.net, "White Picture"
- Contributions:4396
If I were you, I will look for another realtor.
- FriendshipProperties
- Contributions:783
In some instances sellers require you to get pre-approved by THEIR lenders as well. It doesnt mean you have to actually get the loan through them, they just want a reliable lender to confirm you can actually close on the house. Open the yellow pages and theres about 5000 loan brokers each with there own handful of loan officers, all competing for business. A handful are willing to do ANYTHING for a shot at some business including writing up pre-approvals out of thin air. Remember, its just an approval, it does not mean you need to use them for the final loan in most cases.
- Michael Emery, "MikeEmery"
- Contributions:7298
There have been situations in the past where Realtors have gotten burned by their clients using an unknown internet lender and either they ended up working way hard to get the deal done or the deal fell apart because of the lender. Alas that was mostly in the sub prime days.
If your lender is a well known reputable lender, I see no reason why they're turning away your business.
If your lender is a well known reputable lender, I see no reason why they're turning away your business.
- wetdawgs
- Contributions:26840
Realtors not willing to be my buying agent, because of my pre-approval thru a different lender. Why?
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