Hello,I always recommend shopping Mortgage brokers to my clients.The most important thing in choosing a lender is not choosing the one that gives you the cheapest good faith estimate, but choosing the one that seems the most trustworthy, knowledgeable and reliable and tries to give you the most realistic good faith estimate possible at this point. If you have a friend or relative who can recommend a lender, that's a great place to start.Make sure you get Pre-Approved, not just Pre-Qualified. Pre-qualified is a quick approval that hasn't gone through the Underwriters yet. After that is completed and you are Pre-Approved, keep paying your bills, don't hit up your credit report for any other credit cards etc, don't extend your credit limits.. Your credit will have to be re-pulled right before closing and you want to be in the same credit standing if not better then when you applied. Hope this helps.
Commissions are negotiable. However, typical commissions range from 5% to 6% in the current market. A well made investment.
Lenders approve a short sale based on what they think the current "as is" value is and their current approval percentage. (Lenders assess the "as is" value of a property using a variety of sources. The first and most prevalent is the the Broker's Price Opinion (BPO) and the second type of valuation would be through an Appraisal.) It is possible that the second lender will counter offer in order to reach their approval percentage. The listing agent is hopefully communicating with the lenders to gain insight on what those percentage numbers are. A counter offer is not a bad sign, but a good sign that the lender is willing to work with you. If they counter, negotiations should be made with all involved: the first lender, the brokers commission as well as your offer. In short: Lenders are considering the entire short sale package, the homes "value" and if the offer presented fits into their approval percentage. So, No. A lender will not counter because you didn't offer market value and they aren't considering a "discount" to you. They have a financial formula that is being considered. A short sale can be worth the patience if you can stomach through it. Good luck!
Dear Poster, First and foremost, I am so sorry you were clearly led wrong and let down by a fellow Realtor. My advice would be to request a sit down with the agent and her broker. provide the broker with any agreements or written communication you've been given by the agent. If the rebate was not written into the agreement, in the very least you can be sure this agent does not do this again to another buyer. Perhaps the broker will also work something out with you, but of course, that will be at their discretion. Best of luck to you in your new home.
I have a very nice couple interested in a finding a Realtor in Ventura County, CA. They are looking for a "green" home. Green Certification helpful.*Please, only Professionals with Agent Profiles reply.
SoCal_Engr, It's great to see where consumers are going when looking and considering hiring a professional. I appreciate your input greatly. @ Tiffany, I absolutely love the manner in which you provide valuable knowledge for consumers as well as keeping certain agents in line. It is so needed in this Industry and a valuable asset to sites such as these. For us, the professionals as well as the consumers. sense of humor in real estate....please! Much needed! I agree 100% with you on the "flat" "generic" responses or posts on agent's sites. Yikes. Which is why I've taken my first few weeks here to review posts, how zillow works and how to truly be a valuable asset to this community and not just self serving. Hence, why my profile is only begun. I look forward to reading some of your posts!
@ wetdawgsWow i didn't expect to get educated on the ways of Zillow but I do appreciate all the time it took you to go through my profile as well as underline what I can do and shouldn't do. I am new to Zillow and expect to review all I can in the Zillow Academy. @Tiffany, so great to see the positive response that only helped me to understand how the threads work best and how they can affect myself as a Realtor. Looks like we can all learn from Tiffany's response.
I would have done exactly the same thing. "it is better to travel well then to arrive" Buddha. If more agents cared like yourself, owners wouldn't get away with things like this. Great job!
Hi Everyone! I posted the same thread interest here recently! Great idea. I'm in San Diego, have 10+ years experience and would treat your referrals with the utmost professionalism and care. I offer a generous referral fee. Would love to connect and maybe even meet in person one day. Please reach out!
Update: Had a contact finally early this morning from a lovely man needing a condo.