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Old 07-10-2014, 08:42 AM
 
56 posts, read 57,026 times
Reputation: 25

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We purchased our first home at the start of the housing crisis and I had read that it was best to go directly through the bank instead of a mortgage banker and you'd get a better interest rate - boy was that wrong information. We went with a big name bank with whom I had somewhat of an established relationship with (I will leave the name out, but I have ceased all business with them due to numerous poor customer service situations!) who had horrible customer service (not returning phone calls #1), kept hemming and hawing over everything, kept requesting more paperwork, more paperwork, MORE PAPERWORK and then kept pushing the date, telling us the underwriters weren't done yet only to end up denying the whole thing a week before we were to move out of our apartment and close on the house. I talked with our realtor and she recommended a mortgage broker and he had us approved within the week so we could move out of our apartment on time and we got a great rate......the loan was then picked up by a different big name bank after only a month and I have had great customer svc with them. I guess it just depends on the broker......sounds like yours isn't really working for you.
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Old 07-10-2014, 08:56 AM
 
Location: San Antonio
437 posts, read 778,773 times
Reputation: 282
Quote:
Originally Posted by jenny82 View Post
We purchased our first home at the start of the housing crisis and I had read that it was best to go directly through the bank instead of a mortgage banker and you'd get a better interest rate - boy was that wrong information. We went with a big name bank with whom I had somewhat of an established relationship with (I will leave the name out, but I have ceased all business with them due to numerous poor customer service situations!) who had horrible customer service (not returning phone calls #1), kept hemming and hawing over everything, kept requesting more paperwork, more paperwork, MORE PAPERWORK and then kept pushing the date, telling us the underwriters weren't done yet only to end up denying the whole thing a week before we were to move out of our apartment and close on the house. I talked with our realtor and she recommended a mortgage broker and he had us approved within the week so we could move out of our apartment on time and we got a great rate......the loan was then picked up by a different big name bank after only a month and I have had great customer svc with them. I guess it just depends on the broker......sounds like yours isn't really working for you.
I never recommend a bank; rates do tend to be higher and they don't seem to really care whether the loan gets done or not. The description of your experience with big bank is right on. Most real estate agents have a few mortgage brokers they like to work with. From experience, we know which mortgage brokers can get the loan done with professionalism and in a timely manner.
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Old 07-10-2014, 10:16 AM
 
Location: San Antonio
4,149 posts, read 9,323,136 times
Reputation: 3308
Quote:
Originally Posted by Azure110 View Post
Makes more sense to me now. Thanks for the informative post there.

In a free market, shouldn't the seller or buyer have the freedom to go to whoever offers the best service for that seller? For example if Best Buy says I have to buy their stereo with a crappy warranty and long delivery time because I am bound by contract to do so, even though Wal-Mart is selling the same stereo for a better price with better warranty and they have it in stock for pick up. Does that seem right? It seems like these rules are more to protect the real estate agents rather than the customer.

Maybe I am just not seeing the big picture here, although I do understand what the violation is by you stating the rules of the TREC earlier.
Yes and no. Yes...the client has the right to choose who can represent them. Absolutely. And they should always do their research.

What the public doesn't really understand though is that the way Texas law works is unless the buyer actually HIRES the buyer's agent via a representation agreement, I cannot legally represent you or give you advice. I have to basically represent the seller as a sub-agent, even though they're not my client. When someone hires me, that gives me the power to now go and find out every single thing I can about a property and work WITH the buyer to help negotiate them the right deal.

A buyer's representation agreement is as much of a promise and contract from me to the buyer as it is the other way. It's not a way of locking them down. In fact, all MY contracts state that they can fire me at any time if they feel I'm not doing my job. Lots of agents I work with do the same.

The Texas Real Estate Commission is actually a commission to look out for the client. Not the Realtor. They're a cloud constantly hovering over us keeping US in line. We've got the association of Realtors for our interests (even though I often doubt they really DO look out for our interests)

Basically, unless someone officially hires me, I'm nothing more than a guy that can open a door. I cannot give advice, negotiate for them, etc.

But even so you've got to look at it from another angle too. If I'm working with a client, I'm committing a LOT of time and resources to them. I don't get paid hourly. I only get paid if I help someone successfully negotiate a deal that works for them. It's not uncommon to have people hire us, spend HOURS of our time and then just go buy something elsewhere without our knowledge. Personally, things like that cost me over $60,000 in 2013. It sucks. It's time I could have spent with other folks actually making a living. Instead I drove around for days and weeks for nothing. Not a dime.

Could I sue? Absolutely. Will I? Not a chance. It's not worth a lawsuit and it's not worth me being the guy who sues his clients.

There's a TON to real estate law and it's one of the most highly scrutinized professions out there. We're constantly under the gun (rightfully so). It's also one of the professions where people have no IDEA what we REALLY do behind the scenes, the legal risks we take every day and realize the difference between a GOOD agent and just someone who has their license. And believe me, there's a HUGE difference. I've done some deals with other agents where I cannot believe they haven't gotten sued, or gotten their clients sued. The amount of ineptitude in this industry is amazing, but at the same time, there are some unbelievably talented agents.
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Old 07-10-2014, 04:08 PM
 
Location: Northeast
1,887 posts, read 1,791,926 times
Reputation: 3737
Quote:
Originally Posted by sshurgot View Post
It's pretty obvious the OP is referring to a mortgage broker, NOT a real estate broker or agent.

And as far as "getting a better offer and more commissions for themselves"...do the math. Do people really think a real estate broker would screw up a transaction on purpose? For what? An offer that's higher by $10,000 only means a couple hundred bucks difference in commission. It would be unethical, could lead to a lawsuit, penalties, loss of license. Definitely not worth it!!
Give me a break, i didn't see any info about an offer just 10,000 grand higher..for all you know it's 50,000
grand higher and yes doing the math adds to many dollars...

And spare me the ethical wine about brokers not breaking the rules. There broken every day.

The only reason i got a RE license was because my father was a home builder, and we worked with a
local credible RE company where his homes where listed but i was the primary sales agent. I never showed the
homes or did any marketing..we let the RE company do that but we got our 2.5 % or 3 % back to us upon sale. On occasion would beet em down to 5% on sale instead of the typical 6 as every penny matters..

And also I've scene it all..from forged deeds on un known owner land and a lawyer, drunk and builder make
that un known piece of land known and an asset (cheap building lot for the builder and unethical)..I've witnessed things like that..

And to answer your question many RE agents do unethical acts to line their own pockets for sure. Not all, but many do..

I won't even touch upon the mortgage side of the business..
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Old 07-10-2014, 04:44 PM
 
Location: San Antonio/Houston
37,949 posts, read 55,692,297 times
Reputation: 89597
Hmmm... guys, is this still San Antonio related??
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Old 07-12-2014, 05:19 PM
 
Location: Northeast
1,887 posts, read 1,791,926 times
Reputation: 3737
Sorry for going off topic elnina...but folks shouldn't be that naive when it comes to the RE business is all and with that i wish the OP well..
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Old 07-13-2014, 07:22 AM
 
Location: East Coast
673 posts, read 577,240 times
Reputation: 648
Default Great info!

Quote:
Originally Posted by Paka View Post
ABSOLUTELY WilGar!! If ONLY I had not been so naive and believed the "oh, too easy since we already hold your loan" spiel to begin with. HOPEFULLY sharing this will help others looking to refinance and realize that it is not always in the best interest to say, "Hey same great rate so I'll take the easy route".
Quote:
Originally Posted by WilGar View Post
The lesson being, Go to someone who will financially benefit from the transaction rather than the one you have diligently kept faith with.
-I've read through this thread with interest, as we're beginning the process of house-buying. Lots of wise information here....thank you!

Quote:
Originally Posted by Paka View Post
Yes, I agree a paid mortgage is wonderful, but a 2.65% interest on a 15 yr note, AND the deduction for interest, we are actually MAKING money having a mortgage and investing that additional money with MUCH better returns.

--That's exactly what we're thinking as well. Just wondering, from the posts, if it's worth the headache trying to acquire one of these mortgages in order to free up our funds for investments elsewhere!

Quote:
Originally Posted by BoerneMan View Post
After reading some of these posts, I wanted to add my two cents related to one of the topics at hand. When refinancing your home, you will almost always get a worse deal then the market would offer if you only call your incumbent lender. Don't do it! It will cost you more in fees and interest then if you were to call several lenders or hire a mortgage broker.

Yes, your lender may act very friendly and offer great service and a quick close, but it will typically cost you quite a bit over the term of your loan. An extra hour of checking around can easily save you thousands of dollars, especially if you have great credit and lenders are hungry for your business (and they are hungry today).
--Didn't know this...thanks BoerneMan!

Quote:
Originally Posted by sshurgot View Post
I never recommend a bank; rates do tend to be higher and they don't seem to really care whether the loan gets done or not. The description of your experience with big bank is right on. Most real estate agents have a few mortgage brokers they like to work with. From experience, we know which mortgage brokers can get the loan done with professionalism and in a timely manner.
--Ditto. Will take all of this knowledge with me as we buy our house! Thanks y'all! -It wasn't this bad prior to 2008 when we bought and sold our homes.

-Dandi
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Old 07-22-2014, 12:22 PM
 
Location: San Antonio
7,629 posts, read 14,373,108 times
Reputation: 18706
Making 17% (in todays stock market and YES, you DO have to educate yourself and take certain risks!) vs the current interest rate with great credit, it is a no brainer. NOW, IF you should want to relax and not monitor the market and what is going on with your savings OR if you have less than stellar credit, the options might not be great and should be carefully considered to ensure you are doing the best with what you have for YOU!
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Old 07-23-2014, 08:41 AM
 
Location: East Coast
673 posts, read 577,240 times
Reputation: 648
Quote:
Originally Posted by Paka View Post
Making 17% (in todays stock market and YES, you DO have to educate yourself and take certain risks!) vs the current interest rate with great credit, it is a no brainer. NOW, IF you should want to relax and not monitor the market and what is going on with your savings OR if you have less than stellar credit, the options might not be great and should be carefully considered to ensure you are doing the best with what you have for YOU!
Quite true...it does take a lot of careful monitoring. DH is great at that...will probably go with that option, despite the problems in securing a mortgage!

Thanks, Dandiday
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