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Old 07-31-2008, 11:14 PM
 
Location: Tennessee
84 posts, read 434,275 times
Reputation: 66

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My hubby and I got pre-approved last Saturday. While we were at the mortgage company's office, the lady helping us asked if we had a realtor already & we told her that we knew of a couple but haven't gotten that far yet. She said she could reccommend someone and I told her that was fine. Immediately she got on the horn & called one & transferred the call into the room we were in to speak to her. I told her what our price range was & the features I was interested in, along with the locations we preferred.

So she emails me a few days ago with listings of homes that I was sooo not interested in! One was in a city I specifically had told her would be a definate no, another was out of our price range, and all except for one was missing an important feature we were looking for. She noted that many homes around here don't have that feature. Now that is totally not true because during my own research, I found numerous homes in our price range with that particular feature in the area we are interested in. Also I went to her company's web page and found that she isn't even in this area!!!

So, should we find someone else? My mom syas a lot of times realtors are in Kahoots(?) with the mortgage companies so they can make more money. Is this true? Should we find a local agent to help us?
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Old 07-31-2008, 11:16 PM
 
Location: Columbia, SC
8,844 posts, read 17,437,561 times
Reputation: 6194
Quote:
Originally Posted by aamazing75 View Post
So, should we find someone else? My mom syas a lot of times realtors are in Kahoots(?) with the mortgage companies so they can make more money. Is this true? Should we find a local agent to help us?
I wouldn't say a lot of times. Most lenders are good honest people and their referrals reflect good or bad on them. The lender probably has your best interest in mind but it is possible that yours doesn't.

The best way to get a good agent is the same you make any good hire. Interview multiple agents and hire the best.
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Old 07-31-2008, 11:24 PM
 
4 posts, read 7,462 times
Reputation: 10
Rather than trying to look into way you got a bad agent maybe you should just move on and find a good one. I love mine! Keep looking you will find someone who will listen to you.
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Old 07-31-2008, 11:33 PM
 
Location: Southwest Pa
1,440 posts, read 3,571,218 times
Reputation: 1681
I'd say find an agent you're comfortable with. Sounds like this particular reference is all wrong for you. That's not saying anything underhanded is going on, just a bad fit.

Myself....there are a number of mortgage brokers/lenders that I'm comfortable dealing with having had past experience. There's someone for all levels of finances from excellent credit to poor. But I never lead a client to anyone in particular and always advise them to check a few out. Lenders in turn do the same for me. No, there is nothing changing hands except leads and potential business.
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Old 07-31-2008, 11:33 PM
 
Location: Tennessee
84 posts, read 434,275 times
Reputation: 66
Thanks for your help! One more quick question, what kinds ofquestions should I ask the real estate agent while "interviewing" them?
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Old 08-01-2008, 05:35 AM
 
25,334 posts, read 37,463,648 times
Reputation: 13249
As you can read or see on CNN on the clicp they just found out that over 400 mortgage brokers are convicted felons just in the field to scam others. I had a convicted felon a sa realtor without knowing I had....so IMO there are very good realtors and mortgage brokers and probable more than bad once, but still you can only look for your best interest...no one is else will do that except for your family and friends! If you have a bad felling just go some place else, otherwise you will regret it later and this is not buying peanut butter.
Good Luck!
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Old 08-01-2008, 08:07 AM
 
Location: Columbia, SC
8,844 posts, read 17,437,561 times
Reputation: 6194
You do have to be careful. Did you Bentlebee had a convicted felon that was a Realtor! Gasp! After all, buying RE is not buying peanut butter!
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Old 08-01-2008, 10:27 AM
 
Location: Cary, NC
1,036 posts, read 3,627,137 times
Reputation: 503
The mortgage company and Realtor can not be offering each other money or anything else of value in exchange for referrals. That is illegal under RESPA.

Usually I refer Realtors (or Realtors refer me) because of prior experience and a working relationship. There are a few Realtors I trust and would recommend to my clients... but they are always free to choose their own.

You have to pick a Realtor that meets your needs and you are comfortable with. I know a lot of great agents that would not be a great fit for some clients, they just have different ways of viewing the process. So do not feel obligated to use the one the mortgage company recommends if they are not providing the service you desire.
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Old 08-02-2008, 08:22 AM
 
Location: Palm Coast, Fl
2,249 posts, read 7,894,050 times
Reputation: 1000
Find one you are comfortable with. And while you are at it, compare the mortgage broker with another one too. Shop out your loan with a couple of different venues...direct with a bank, another mortgage broker, etc. Put the Realtor® you choose and the mortgage broker or bank rep you choose together and there's your team.
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