4,584,846
People ask lots of questions...my response depends on the situation, my mood and the always present snarkiness factor. Cheerios or wheaties...come on...let's have a piece of pie.
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Ryan Huggins - Thousan...
Thousand Oaks, CA
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Kathleen Daniels, Prob...
San Jose, CA
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Bob Crane
Stevens Point, WI
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Tony and Suzanne Marri...
Scottsdale, AZ
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Debe Maxwell, CRS
Charlotte, NC
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Lyn Sims
Schaumburg, IL
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Nina Hollander, Broker
Charlotte, NC
717,185
We have had listing agents encourage their sellers to accept one offer over another based on the lender (typically it is a local lender over an out of town lender no one knows), but never anyone tell someone to use their personal lender.
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Debe Maxwell, CRS
Charlotte, NC
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Lyn Sims
Schaumburg, IL
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Nina Hollander, Broker
Charlotte, NC
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Roy Kelley
Gaithersburg, MD
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Kasey & John Boles
Boise, ID
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Kathleen Daniels, Prob...
San Jose, CA
511,314
Do I question the Buyer's Agent? Maybe, but I realize the BA may not have a lot to say about the choice. However, I will let the Seller know what to expect before accepting the offer. I recently had one where the buyer came with a Pre-Approval from one of the big banks and the LO was not even in our state. I simply told my seller to be prepared to close late. Sure enough, we closed 3 days late.
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Kathleen Daniels, Prob...
San Jose, CA
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Debe Maxwell, CRS
Charlotte, NC
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Nina Hollander, Broker
Charlotte, NC
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Roy Kelley
Gaithersburg, MD
-
Kasey & John Boles
Boise, ID
2,785,746
I may question everyone until I am at ease with the deal...
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Lyn Sims
Schaumburg, IL
-
Nina Hollander, Broker
Charlotte, NC
-
Roy Kelley
Gaithersburg, MD
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Joseph Domino 480-390-...
Scottsdale, AZ
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Kathleen Daniels, Prob...
San Jose, CA
2,684,769
The only time we discuss the Lender is to get a professional opinion of them. "Oh, I see you are using Jane Doe at ABC Bank... I've heard of her, but haven't had a deal through her. How is she to work with?"
I cannot imagine the agent on the other side suggesting that I or my Buyer go to some other Lender.
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Debe Maxwell, CRS
Charlotte, NC
-
Lyn Sims
Schaumburg, IL
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Roy Kelley
Gaithersburg, MD
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Michael Jacobs
Pasadena, CA
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Kathleen Daniels, Prob...
San Jose, CA
809,258
Chase, US Bank, Wells Fargo, ugh....we have local credit unions that are good, but in our area in multiple offers there are listing agents that advise againts the offers with big banks ans the lender. -Kasey
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Kathleen Daniels, Prob...
San Jose, CA
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Debe Maxwell, CRS
Charlotte, NC
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Lyn Sims
Schaumburg, IL
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Nina Hollander, Broker
Charlotte, NC
2,403,621
Pretty common here Kathleen Daniels . Any Minot ND Realtor who has had their license for a couple of years fear hearing that the Buyer is using WF. WF may be good in some areas of the country but in Minot ND they have been an absolute nightmare.
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Kathleen Daniels, Prob...
San Jose, CA
-
Debe Maxwell, CRS
Charlotte, NC
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Lyn Sims
Schaumburg, IL
-
Nina Hollander, Broker
Charlotte, NC
5,035,643
Only have asked when it's an Internet Company!
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Brenda Mayette
Glenville, NY
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Debe Maxwell, CRS
Charlotte, NC
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Nina Hollander, Broker
Charlotte, NC
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Kathleen Daniels, Prob...
San Jose, CA
1,555,240
The answer is yes from past experience, when it comes to USAA, but to your point, no I don't, nor do I typically care who the lender is unless a previous issue was attributed to them like it is with USAA, then I take issue with it.
I agree I hate to see most credit unions and big old banks on the deal.
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Debe Maxwell, CRS
Charlotte, NC
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Lyn Sims
Schaumburg, IL
-
Nina Hollander, Broker
Charlotte, NC
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Kathleen Daniels, Prob...
San Jose, CA
1,712,876
Yes I have questioned it at times when I know that they have a bad reputation.
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Debe Maxwell, CRS
Charlotte, NC
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Nina Hollander, Broker
Charlotte, NC
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Kathleen Daniels, Prob...
San Jose, CA
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Fred Griffin Florida R...
Tallahassee, FL
5,117,808
I have on occasion if it's a lender who is unknown and out of the area. (Can't quite join for the Wheaties... don't eat cereal, but I did have my two scrambled eggs already.)
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Kathleen Daniels, Prob...
San Jose, CA
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Bob "RealMan" Timm
Minot, ND
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Lyn Sims
Schaumburg, IL
1,625,735
Well, I see a lot of requests recently for a ''free no obligation'' preapproval from a lender of Sellers choice. So, in other words, the sellers question every lender out there.
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Kathleen Daniels, Prob...
San Jose, CA
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Bob "RealMan" Timm
Minot, ND
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Debe Maxwell, CRS
Charlotte, NC
5,063,430
I can see being concerned about an online lender, or maybe someone they had had direct experience with where things were a disaster - not naming names.
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Kathleen Daniels, Prob...
San Jose, CA
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Debe Maxwell, CRS
Charlotte, NC
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Nina Hollander, Broker
Charlotte, NC
3,988,013
I have asked why the buyer chose a really unknown lender more as a bit of research to see how these things tend to happen.
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Kathleen Daniels, Prob...
San Jose, CA
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Debe Maxwell, CRS
Charlotte, NC
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Nina Hollander, Broker
Charlotte, NC
3,350,774
I left a comment for Fred Griffin in the wrong space and now I cannot delete this. Where did I leave my keys? Oh well.
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Debe Maxwell, CRS
Charlotte, NC
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Lyn Sims
Schaumburg, IL
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Fred Griffin Florida R...
Tallahassee, FL
3,590,666
Kathleen as long as they provide the proper pre-qual I don't question agents. Some agents here get a little pushy about this topic and I just move along and let them know they are extremely well qualified - period.
No cereal for me!
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Debe Maxwell, CRS
Charlotte, NC
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Nina Hollander, Broker
Charlotte, NC
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Kathleen Daniels, Prob...
San Jose, CA
91,335
Pass the Wheaties (Breakfast of Champions, right?) I'm right by your side about using Chase for a loan.
You could have said GR is faster, and if your loan officer says the client is good--you know you won't have any surprises from the lender. Or you could have asked her if she's trying to steer your client for some reason?
As a listing agent, the only time I concern myself with the buyer's lender (whom I investigate when I get an offer) is if it's an online lender. You know the one I mean. I might counsel my seller to request the buyers also be pre-approved by a bricks & mortar lender I'm comfortable with, as a condition of accepting the offer.
Given two more or less equal offers, I would counsel my seller as to which lender is more likely to be problematic, based on my experience and that of the other agents at my office. (We do hear horror stories, don't we?) .
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Lyn Sims
Schaumburg, IL
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Nina Hollander, Broker
Charlotte, NC
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Kathleen Daniels, Prob...
San Jose, CA
613,494
I think that sometimes listing agents just think they are in control of everything.
Strange question that does not need an answer...
Eve
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Lyn Sims
Schaumburg, IL
-
Kathleen Daniels, Prob...
San Jose, CA
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Fred Griffin Florida R...
Tallahassee, FL
3,071,589
Michael Jacobs nailed this one!
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Kathleen Daniels, Prob...
San Jose, CA
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Michael Jacobs
Pasadena, CA
5,259,116
YES and for a couple of reasons:
- I've had a horrific experience with buyers' lender
- Online lenders NEVER Close on time - NEVER!
- Buyers are using a branch lender of a large bank
I'm not the least bit snarky about the buyers' lender - I very politely ask what experience the buyers' agent has had with said lender to start the conversation. I've had to have my lenders save many deals that my sellers' buyers' lenders can't get to the table and the buyers' agents appreciate that.
Remember, my job is to protect my seller and to get them to the Closing table - If I know of a reason or past experience that will prevent that, yes, I do make that request (but, not to go with Chase!!).
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Kathleen Daniels, Prob...
San Jose, CA
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Bob "RealMan" Timm
Minot, ND
1,728,967
No, but if an on-line lender we will often warn them that the seller may not accept any extensions and in California we do often with the sellers' approval require cross-qualification with a known lender.
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Kathleen Daniels, Prob...
San Jose, CA
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Debe Maxwell, CRS
Charlotte, NC
1,848,031
Why does it matter unless they have had a few bad mishaps with G Rate? I would think that a suggestion of Chase shows they are not doing much business.
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Kathleen Daniels, Prob...
San Jose, CA
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Bob "RealMan" Timm
Minot, ND
914,218
Yes, when I know the lender they are using is awful. ( remember e-loans)? If they want to submit an offer with a pre qual that they printed out off the internet with no letterhead or contact info for the loan officer, the offer will just be rejected by sellers. I wouldn't suggest other lenders unless they asked me to.
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Kathleen Daniels, Prob...
San Jose, CA
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Debe Maxwell, CRS
Charlotte, NC
7,872,250
Yes. Some make poor choices.
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Kathleen Daniels, Prob...
San Jose, CA
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Debe Maxwell, CRS
Charlotte, NC
1,231,853
Love your 'fortitude' wherever it comes from, Kathleen Daniels
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Kathleen Daniels, Prob...
San Jose, CA
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Lyn Sims
Schaumburg, IL
3,986,308
Yes...often
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Kathleen Daniels, Prob...
San Jose, CA
-
Debe Maxwell, CRS
Charlotte, NC
5,773,392
Kathleen,
Why would this person ask if you have all the documentation? The buyer decides on the bank. A
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Nina Hollander, Broker
Charlotte, NC
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Kathleen Daniels, Prob...
San Jose, CA
2,074,080
intestinal fortitude.... :-)
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Lyn Sims
Schaumburg, IL
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Kathleen Daniels, Prob...
San Jose, CA
400,356
It's never occurred to me to ask why a buyer chose not to obtain a mortgage from the same place where they bank. As long as they have a pre-approval from a trusted lender, why would I care?
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Nina Hollander, Broker
Charlotte, NC
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Kathleen Daniels, Prob...
San Jose, CA
6,426,300
As a seller, I ask the buyers agent all sorts of uncomfortable questions until I am certain that everything is likely to go through.
Especially if they are asking me to put up with an out of state lender, or govt programs like fha, wheda, or va.
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Kathleen Daniels, Prob...
San Jose, CA
991,952
Nah, even my buyers surpise me quite often with the lenders they choose
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Kathleen Daniels, Prob...
San Jose, CA
92,713
I have had agents question the lender my buyer is using before. I respond (after the initial response in my head of course) that the buyer is buying the property not the other broker. So they should use the lender they feel is best for them!
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Kathleen Daniels, Prob...
San Jose, CA
1,466,257
Kathleen Daniels No, it's the buyer's decision as to who they choose to use for their lending.
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Kathleen Daniels, Prob...
San Jose, CA
1,617,916
599,734
It's none of my business who they use. I'm just concerned with them being funded.
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Kathleen Daniels, Prob...
San Jose, CA
854,022
If it's an unknown lender or a lender with a "bad" reputation based upon past experience I will talk to the other agent about their choice. In the past, one came across my desk that made me cringe, we talked about it and her experience, we went with it and all was well. In our market, our local credit unions are big and welcomed players in our transactions. Enjoy the Wheaties!
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Kathleen Daniels, Prob...
San Jose, CA
5,247,573
Not really. A couple of times I have questioned a lender's ability to perform after having had bad experiences.
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Kathleen Daniels, Prob...
San Jose, CA
3,416,088
As a listing agent ONLY when it is an internet or no name lender.
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Kathleen Daniels, Prob...
San Jose, CA
4,908,528
I'm more of a corn flakes, rice krispies kinda guy.
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Kathleen Daniels, Prob...
San Jose, CA
921,504
Not so long ago some White Tower real estate agencies required buyers to get preapproval by the in-house lender. They made it clear the buyer was not required to use the in-house lender for a mortgage, but did suggest the vetting process was more reliable.
We all know you can generate a 'proof' document on line or from private lenders that are not worth the paper wasted to print them. From one source made avaiable via those 'Get Rich trough Real Estate'Seminars without risking any of your money," a 2 Mill proof of funds can be created.
I always defer to the seller, with the 'assurance of closing' discussion when dealing with 'kissing the chainsaw' lenders like Chase and Wells Fargo.
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Kathleen Daniels, Prob...
San Jose, CA
1,507,123
I applied for a loan once with chase. They held me hostage for 3 hours to fill out the paperwork. Then they jerked me around for months. Finally I told them to "eff off". I'd never use Chase for loans and I almost took my money out from that experience. I advise against using Chase.
I will ask the buyer's agent why a certain lender, if it's an out of area lender or one I don't know. Usually the lender is either:
- The in house lender.... (that throws a red flag)
- The lender is a rockstar and highly recommended by the agent (I've picked up new lenders this way).
- The lender is a friend of the buyer.
4,800,132
I've asked when it's an out of town lender or on-line lender and have even had sellers turn down an offer because of the lender involved.
4,319,873
Kathleen Daniels - I do not question - instead be prepared for what's going to come depending on who the lender is.....lol!
280,599
Yes, because I want to let my seller know if we are going to have to "Chase" the close date.
4,968,149
5,583,328
we are very careful about buyer choices....and will insist that the buyer apply to another lender if they submit a pre-approval from BOA, as one example!!!!
4,434,177