I am going to show you how to find the best lenders to work with, that so few home buyers understand and so many agents know, but they don’t get it across to their buyers in strong enough terms to get the buyers to listen to them.
If you are a potential home buyer, listen closely.
If you are a home owner you may have some interesting stories to share with us.
If you are a real estate agent, you will likely agree and have many of your stories as I do. This brings up the real reason I am writing this post now after knowing it for many years.
This is so simple and yet so few people actually get it… First let’s take a look at a pie chart that is included in the just released annual National Association of Realtors® Profile of Home Buyers and Sellers for 2009. NAR polled people that purchased homes to gather this data.
So if you look at what “Buyers” want from real estate agents. It seems only 2% want there agents to help them find financing…
What Buyers Want from RE Agents - 2009 NAR
This clearly shows that home buyers don’t consider their real estate agent as a good source of a referral to a lender. Let me make something crystal clear.
Buyers, you need to find a Great Realtor® that you trust, choose wisely. Typically a good buyers agent does not charge you since the seller of the listed property pays your agents fee, yet your agents legal fiduciary responsibility is to represent you to get you the best possible price and terms.
But one of your agents first responsibilities is to have you meet with at least one lender to get pre-approved for a mortgage. Ahhh, this was the simple part the article was leading up to. Just like any other business you want to deal with, you want a good referal to a lender and who better to give that referral than a real estate agent that works with them all the time.
Why is this so important? …
Lenders that I work with know that if they treat our clients like royalty we will not only have happy clients at the end of the deal, we will benefit by future referrals because they will tell friends and family what a great job we did for them.
When the buyer chooses a lender on their own that does not have a business relationship with your real estate agent, these are the deals that I see get ugly over and over, year after year. If you call me I can tell you a whole lot of stories about real bad deals I’ve experienced with poor mortgage brokers and bankers.
NOTE: This article was written because I just went through another one of these with an unorganized, file loosing, lying mortgage broker that convinced my buyers how great he was only to miss closing deadlines, blame others for his own lack of organization and on and on. I would love to lay out the details of this transaction and the lenders name, but I can’t and will not go there.
Just take my word…. A referral from your Realtor® to a lender or a few lenders will be one of the most important decisions you make.
Dennis Pease / Broker, CDPE, e-PRO, ABR
Phone: (541) 844-9287 Fax: (541) 868-8322
RE/MAX Integrity
4710 Village Plaza Loop, Suite 200
Eugene, Oregon 97401
Email: Dennis@DennisPeaseteam.com
Website: www.DennisPeaseTeam.com
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