FHA Loans

[scgraham]

Originally Posted by renriq02

In the State of NC...so do mortgage brokers, but neither one are qualified as legal experts.

I am not speaking of legal advice. An attorney can read the contract and tell the buyer what it means. Generally, that would be the extent of legal advice offered.

What I am talking about is a buyer's agent who is legally held accountable for any negligence, incompetence and/or not keeping information confidential to promote the buyer's interests only. This includes getting the best possible price, terms and disclosing any material facts that would affect the buyer's decision. All other parties to the transaction are not held to this standard.

Perhaps you have never encountered a buyer's agent, only a selling agent. There is a huge difference.

Respectfully,

[renriq02]

I deal with buyer agents as I'm a mortgage broker, and they use me to obtain financing for their buyers. My extent with dealing with the sellers agent is very minimal. Anyone in the business would know that loan officers hardly deal with the sellers agent.

In the state of NC we have a responsibility to obtain the best rates/programs/products for every borrower. We have more of responsibility than anyone in the transaction. You dont hear of the realtors being blamed for this economic problem we're having. Also, all parties have to follow the privacy policies.

All realtors have E&O insurance which cover them when something bad happens. Mortgage brokers have their own pockets to protect them.

I have taken a realtors course to become a realtor, but it's not going to benefit me in the long run. HUD prohibits a loan officer from writing FHA loans, and working as a realtor/appraiser/DE underwriter.
The average realtor closes less than a dozen homes annually.
The average loan officer can close that in 2months.

Originally Posted by scgraham

I am not speaking of legal advice. An attorney can read the contract and tell the buyer what it means. Generally, that would be the extent of legal advice offered.

What I am talking about is a buyer's agent who is legally held accountable for any negligence, incompetence and/or not keeping information confidential to promote the buyer's interests only. This includes getting the best possible price, terms and disclosing any material facts that would affect the buyer's decision. All other parties to the transaction are not held to this standard.

Perhaps you have never encountered a buyer's agent, only a selling agent. There is a huge difference.

Respectfully,

[scgraham]

A selling agent is not the listing agent. A selling agent shows the buyer homes in the MLS and hopes to "sell" one to the buyer. There is no legal connection to the buyer. The agent works for the seller as a subagent. That is a selling agent; albeit, many people call this a "buyer's agent". Not so.

A seller's agent (listing agent) lists the property for sale and works for the seller.

On the other hand, a buyer's agent helps the buyer to locate suitable properties as well as all the things listed in the aforementioned post.

These are 3 different types of agencies. All are very different, as only one role promotes the buyer's interests.

The term buyer's agent is thrown around too casually.