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There are laws that prevent lenders, inspectors, etc from giving us agents referral fees or incentives. I would not want them so I can honestly say I'm doing whats best for the client without any outside incentive or influence.
I want my buyers to use the absolute best lender I can find. Once we get them under contract on a home it's pretty well up to the lender to perform at their best to get the job done. I don't want some poor lender from keeping my client from getting the house of their dreams and worse costing them money if they can't get the loan delivered.
When it comes to lenders, inspectors and any others we recommend, I only want the best.
Most states prohibit any kind of direct monetary compensation for recommending a specific mortgage source -- when ethical agents make a recommendation it is generally because they have had other clients report (or direct experience) with a speedy and straightforward process. Speed and accuracy ensure that closings happen as scheduled and the agent gets paid for a clean closing.
You ought to shop around. I and others have put lists of things that should be positives and red flags. Search function should bring 'em up...
Nope. Not for myself. The only thing I get out of it is knowing that they might have better success with their loan than if they chose someone at random.
I have about 4 lenders that I know that would get the job done and get the best deal for the clients. There is no incentive for us whatsoever. The same thing goes with inspectors or for any service providers.
Most of us have our business based mostly on client referrals, so we want to make sure that it goes smoothly and the client gets the best deal possible and is happy. We have seen enough empty promises from lenders that would say they could do the transaction and pull a bait and switch at the closing table.
About 4 years ago a buyer I was working with needed to have a home inspection done, she picked someone from the yellow pages because she thought that I would get some kind of kickback if she used someone I referred her to. The inspector ran the water in the bathtub and he went outside to have a cigarette or 2, turns out the bathtub was clogged and filled up and flooded the master bedroom with the brand new carpet. We also found out that he didn't have insurance either. Imagine what a mess. She ended up buying another house with me.
thanks for all the input...you have eased my mind!
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