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Old 06-04-2018, 07:25 PM
 
Location: Central New Jersey
48 posts, read 65,010 times
Reputation: 35

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I used the USAA Real Estate rewards program to purchase a new home. It was easy for us as we know what we wanted and just brought along the agent to get the rebate. For buying I would recommend however for selling I'm not sure as you want to mark sure they know your market.
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Old 06-04-2018, 07:40 PM
 
Location: Raleigh NC
7,758 posts, read 6,119,124 times
Reputation: 6883
Quote:
Originally Posted by FreedomPenguin View Post
oct 2016. It was my first mortgage and it was so fast, I couldn't believe how easy it was. The sellers, I had spaghetti dinner with them before closing and they was astounded how quick it all went, they invited me out to give me a lot of paperwork/receipts thats been done to house for if I ever have issues in future. Very nice couple! lived here 37 years

They weren't competitive by beating anyones rates, they basically matched the rates. I chose them over other creditors just because of my ecosystem. If they have same rates as others I wouldn't shy against them. each their own.
that's good to hear. I was wondering if it was pre-recession somehow, since the rules have certainly changed since 2009. Buyers/borrowers should ALWAYS go with who they're most comfortable with - who they have the best relationship with.
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Old 06-04-2018, 08:03 PM
 
Location: Los Angeles (Native)
24,166 posts, read 13,675,815 times
Reputation: 11368
I heard of another company that was doing this strategy . It could be a good deal for the seller if you get a good agent . I would wonder as BoBromhal mentioned why they would work for a discounted rate if they are really good but I guess they might view it as a commission they wouldn’t otherwise have.

Kind of like places offering Groupon deals even though they don’t make as much on the customers .
Some are more focused on a volume business .
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Old 06-04-2018, 09:14 PM
 
Location: Alaska
222 posts, read 143,801 times
Reputation: 606
We had our second home mortgage through USAA and no issues, that was 2009. We are now in the middle of purchasing our third home and set to close on the 21st. No real issues at all so far but we aren't finished yet. We are waiting on the appraisal which was done today. Communication has been good, documents requested fairly standard for our situation (we moved last year, still own prior home etc). So I guess we'll see in two weeks the ultimate test - will we close in time with no major hiccups. Our mortgage processor has been very responsive throughout. I know there are bad experiences out there but I'm hoping ours continues on as it has so far and stays positive.

As for the rewards, we didn't end up participating. Alaska doesn't allow for the rebates and we landed inadvertently with an awesome buyer's agent and just stuck with him.

We also wanted to go with USAA because we bank, have insurance, credit cards - just makes life a lot easier.
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Old 06-05-2018, 05:05 AM
 
Location: Northern Maine
9,494 posts, read 14,291,662 times
Reputation: 8919
I am a half century member of USAA. I am a real estate broker. I never heard of such a program.
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Old 06-05-2018, 05:47 AM
 
Location: Medford, MA
101 posts, read 66,332 times
Reputation: 236
I've worked with many clients that have used it (mostly buyers), and have even entered people into the program who weren't aware of it. You have to be a 'certified' USAA agent to work with clients using the program, which means that you pay them a certain amount of money once a year and take refresher training on the program.

They hold us to a fairly high standard, and give the client every opportunity to say they want another agent if they don't like who was assigned. Yes, the rebate, plus other fees, come out of the agent's commission, but like another poster said, it's one that we wouldn't otherwise have, and we have the opportunity for future referrals from that customer, and to maintain contact with them for future opportunities.

You do NOT have to use USAA for financing (or any of their other products for that matter) to qualify for the rebate, but they are the 'preferred lender'. They have recently moved to 30 day closings, which is great, and their customer service has been ok, from my agent perspective (not great, but ok). I wish they would step up their pre-qualification letters to more of a pre-approval or advanced pre-approval, because in my very competitive market the buyers need every advantage they can get. I've had to suggest to some clients that they move to another lender in order to put them in a stronger offer position.
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Old 06-05-2018, 05:56 AM
 
Location: Cary, NC
31,595 posts, read 55,320,924 times
Reputation: 30150
Quote:
Originally Posted by KJMoves View Post
I've worked with many clients that have used it (mostly buyers), and have even entered people into the program who weren't aware of it. You have to be a 'certified' USAA agent to work with clients using the program, which means that you pay them a certain amount of money once a year and take refresher training on the program.

They hold us to a fairly high standard, and give the client every opportunity to say they want another agent if they don't like who was assigned. Yes, the rebate, plus other fees, come out of the agent's commission, but like another poster said, it's one that we wouldn't otherwise have, and we have the opportunity for future referrals from that customer, and to maintain contact with them for future opportunities.

You do NOT have to use USAA for financing (or any of their other products for that matter) to qualify for the rebate, but they are the 'preferred lender'. They have recently moved to 30 day closings, which is great, and their customer service has been ok, from my agent perspective (not great, but ok). I wish they would step up their pre-qualification letters to more of a pre-approval or advanced pre-approval, because in my very competitive market the buyers need every advantage they can get. I've had to suggest to some clients that they move to another lender in order to put them in a stronger offer position.
I point my VA/veteran client/borrowers to NFCU over USAA.
Or to a local mortgage banker.

There is little reason to settle for "(not great, but ok)," IMO, and particularly in a hot market where USAA has diminished reputation for processing/underwriting efficiency.
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Old 06-05-2018, 06:12 AM
 
Location: Medford, MA
101 posts, read 66,332 times
Reputation: 236
Quote:
Originally Posted by MikeJaquish View Post
I point my VA/veteran client/borrowers to NFCU over USAA.
Or to a local mortgage banker.

There is little reason to settle for "(not great, but ok)," IMO, and particularly in a hot market where USAA has diminished reputation for processing/underwriting efficiency.
Agree, but when they were the source of the referral, I can't be out of the gate with that suggestion--it can set a bad tone right away, particularly with a client that doesn't understand the state of the market we're in and exactly why I'm making that suggestion.
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Old 06-05-2018, 06:23 AM
 
Location: Cary, NC
31,595 posts, read 55,320,924 times
Reputation: 30150
Quote:
Originally Posted by KJMoves View Post
Agree, but when they were the source of the referral, I can't be out of the gate with that suggestion--it can set a bad tone right away, particularly with a client that doesn't understand the state of the market we're in and exactly why I'm making that suggestion.
LOL
Yeah. Probably bad form to tell your new referral client, "Your lender is a knucklehead," at first encounter....
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Old 06-05-2018, 07:20 AM
 
Location: Columbia, SC
8,844 posts, read 17,443,646 times
Reputation: 6194
Quote:
Originally Posted by BoBromhal View Post
by the way, you didn't ask but I would add - I would strongly discourage you from using USAA for your mortgage. Find out what they'll do, and then find a local lender that can beat/match it, or get you within a few bucks a month. Unless you relish the chance to have unforseen hurdles pop up during the closing of the home you hope to move into.
Agreed. USAA Mortgage is a disaster. Go find a really good agent, make sure you have an escape clause in case they end up being a dud, and ask them to match the rebate (get it in writing). That way you get the rebate and have a top notch agent without having to deal with a difficult mortgage company.

I worked with many USAA clients with my former company. Full disclosure, they have a pay to play referral program. To be a USAA "certified" agent it just means you're with a company that is buying referrals from them and they went through a little 1 or 2 hour presentation about USAA. I don't think they disclose that they receive payment to refer you to an agent. Some of your best agents won't work with them because the fees are so excessive. They charge something like 42.5% of the agents commission off the top.
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