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I'm looking for some thoughts on our current situation. We just began looking for a new home. I picked a local agent, met with him briefly and he took us to one showing of the house that we found that we are interested in. We have not spent any more time together than that (which has been about 45 minutes total) and we have not signed anything.
Yesterday I was speaking to our lender and they referred me to a different agent. They said we should consider using this agent because she is well versed in the type of loan we are getting. The lender is aware that we have already seen the house with the original agent. I chose the original agent because of his knowledge of the town we are moving to but I don't think he has much experience with our kind of loan which is concerning. Plus if we use the lender-referred agent there are "perks" for us after closing.
I don't want to be rude and just abruptly switch agents but we want to do what we can to ensure a smooth process. Is it common for this to happen? Will I offend the original agent? I need to decide soon as the new agent has already left a message to call her.
I'm looking for some thoughts on our current situation. We just began looking for a new home. I picked a local agent, met with him briefly and he took us to one showing of the house that we found that we are interested in. We have not spent any more time together than that (which has been about 45 minutes total) and we have not signed anything.
Yesterday I was speaking to our lender and they referred me to a different agent. They said we should consider using this agent because she is well versed in the type of loan we are getting. The lender is aware that we have already seen the house with the original agent. I chose the original agent because of his knowledge of the town we are moving to but I don't think he has much experience with our kind of loan which is concerning. Plus if we use the lender-referred agent there are "perks" for us after closing.
I don't want to be rude and just abruptly switch agents but we want to do what we can to ensure a smooth process. Is it common for this to happen? Will I offend the original agent? I need to decide soon as the new agent has already left a message to call her.
I think you need a new lender. The loan is the lender's job, and should not be dependent on any particular familiarity on the agent's part. If there is specific language or terms to enter into the contract or during negotiations, the lender should be quite capable of guiding the agent how to work it.
Stick with your first agent. Your lender is out of line here trying to steer business to another agent unless he knows something that he isn't telling you. I hate this kind of crap.
I'm looking for some thoughts on our current situation. We just began looking for a new home. I picked a local agent, met with him briefly and he took us to one showing of the house that we found that we are interested in. We have not spent any more time together than that (which has been about 45 minutes total) and we have not signed anything.
Yesterday I was speaking to our lender and they referred me to a different agent. They said we should consider using this agent because she is well versed in the type of loan we are getting. The lender is aware that we have already seen the house with the original agent. I chose the original agent because of his knowledge of the town we are moving to but I don't think he has much experience with our kind of loan which is concerning. Plus if we use the lender-referred agent there are "perks" for us after closing.
I don't want to be rude and just abruptly switch agents but we want to do what we can to ensure a smooth process. Is it common for this to happen? Will I offend the original agent? I need to decide soon as the new agent has already left a message to call her.
I'm curious as to what are the perks. Would you mind sharing?
Not knowing what these perks are, two things raise a red flag with me:
1.) That you are being offered perks to go with this agent (other than the obvious benefit of their knowledge of your loan type)
2.) You spoke with your lender yesterday, and her agent is already calling you. At least give you some time to think about it!
If you had a good experience with the original agent, then at least find out what they do know about the type of loan you're going with. Also, I wouldn't automatically drop that agent just because he's not familiar with the loan.
I don't know - something seems sketchy with this lender/agent relationship.
Editing to Add: Before you switch, find out if you can do this. In some states, you cannot see a home with Agent A and then have Agent B represent you.
Even though I'm versed in many different loan types and loan programs, I'm not the licensed mortgage person and have no need to be "familiar" with any of the loans. What your lender is saying is a load of crap.
Even though I'm versed in many different loan types and loan programs, I'm not the licensed mortgage person and have no need to be "familiar" with any of the loans. What your lender is saying is a load of crap.
My initial impression was the same but I've been out of the business for ages now, so thought perhaps things had changed with how things are done.
IMO, the lender is acting unethically by offering "perks" for going with the lender she recommends. I would stick with the original agent, and find another loan officer.
I agree with the others.. not cool! It's one thing for a lender to refer an agent ( preferably several agents for you to choose from) if they didn't know you had been in contact with someone else. As long as you are good with working with the 1st agent, I would stick with him.
I will say that I know of a couple banks/credit unions that recommend agents and offer kickbacks and the way it works is that the agent is getting the business and the bank gets some kind of benefit ( I was told a cut by one agent, that is hard to believe) and the agent gives the client a rebate. In both cases, the service for the client was marginal at best, they typically work for 1/3-1/2 of what they normally would get. It took forever to get responses, communication back and forth was nonexistent to the detriment of their client, and it was very obvious that they were extremely busy and naturally service may slide if they don't have the proper systems in place. Just something to be aware of.
if I'm viewing a home with a client, and there appears to be a defect that might be an issue with the particular type of financing, I will mention it (and follow up with the lender if my client is entertaining moving forward)
other than that, I typically shift loan related questions to the loan officer.
I'm scratching my head as to what type of loan would require special experience/knowledge??
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