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I notice you're a Realtor (although you haven't designated yourself as one) so I'm surprised you would post incorrect information, unless that's how you and you're team work. I'm not sure if you're making this up or actually believe it but I've never heard of a lot of the gibberish you're posting. Maybe Palm or TK can let me know if practices like this are common in FL but...
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Originally Posted by Dee2e
Often real estate companies pressure customers to use their preferred lender and title company. However, no one can force you to use that lender or title company.
Correct...in my case I know I have honest lenders that can close on time so I prefer clients use them but clients can choose anyone they want.
Quote:
Originally Posted by Dee2e
In many real estate offices, the Office Manager or Broker gets a bonus based on the volume of loans or title requests an office throws their way.
Many? I've never even heard of such a thing. Can some of the other agents verify or refute this? And it doesn't matter too much anyway, because most of the time the client never even meets the BIC.
Quote:
Originally Posted by Dee2e
As for title company pressure, often companies dangle agent commissions in exchange for using their title company. There policy might be something like agent's get paid at closing if they get their seller's to use the in house title company but if not, it's ok but you won't get paid for 2 weeks. Then they let the agent decide on the title company. Great practice....NOT!
What? Again, I've never heard of such a thing. I'm sure if a company tried something like holding back an agents paycheck they'd be reported so fast their head would spin? Are you making this up? And the agent never picks the title company, the client always has the final choice.
Quote:
Originally Posted by Dee2e
The advice about a GFE is good advice but be sure the numbers are as close to accurate as possible.
Yes it is. I notice your a mortgage broker and a Realtor? Do you think that's a conflict of interest? Do you push your clients to use you on both sides?
I notice you're a Realtor (although you haven't designated yourself as one) so I'm surprised you would post incorrect information, unless that's how you and you're team work. I'm not sure if you're making this up or actually believe it but I've never heard of a lot of the gibberish you're posting. Maybe Palm or TK can let me know if practices like this are common in FL but...
Correct...in my case I know I have honest lenders that can close on time so I prefer clients use them but clients can choose anyone they want.
Many? I've never even heard of such a thing. Can some of the other agents verify or refute this? And it doesn't matter too much anyway, because most of the time the client never even meets the BIC.
What? Again, I've never heard of such a thing. I'm sure if a company tried something like holding back an agents paycheck they'd be reported so fast their head would spin? Are you making this up? And the agent never picks the title company, the client always has the final choice.
Yes it is. I notice your a mortgage broker and a Realtor? Do you think that's a conflict of interest? Do you push your clients to use you on both sides?
I am a licensed mortgage broker who has not written a loan since 2006. In that year, I did 3 loans, all conventional, all refis. I have never closed a loan on my real estate deal.
Next, I worked for 2 large chains in my market who practiced just as I said and left them both because of it. To me, forcing buyers to use a specific lender is wrong. They get around the law by saying buyers only have to prequal, they don't have to close. I could name at least 25 offices in my market that have this same policy. The same is true of title companies. Just because you have not encountered this does not mean it is not true. Just look at the real estate brokerages that own the mortgage and title company too. And, by the way, many own insurance companies. They sell buyers on "one stop shopping".
And my profile clearly says I'm a Realtor, mortgage broker etc.
Before you make slanderous remarks, you should get your facts straight.
So you're basing "many" off of your 2 experiences. That seems like a very broad term and the primary point of my contention. Perhaps some do but many is a strong word. Also, you cannot "force" a buyer to use a certain lender and it would be wrong if you could and did.
As far as withholding a paycheck...I'm sorry I find some of that hard to believe. And I'm with one of the big companies (ERA) that provides the "one stop shop". Sometimes I suggest ERA Mort and sometimes I don't. It depends on what's right for client. Nobody ever has given me grief or "forced" us to use ERA Mortgage.
My facts are straight, so I challenge you to name those 25 companies.
PS-You can get the house logo and have the Realtor designation by your name. That's what I was talking about.
As far as withholding a paycheck...I'm sorry I find some of that hard to believe.
"Withholding a paycheck" is ackward language.
As you know, a check is cut for each broker, at closing. Title companies offer the option of paying the affiliated agent, at close. Most agents I know decline, because of privacy issues and the HUD form.
Back when, in some shops, agents would wait 1-2 weeks for their paycheck. With direct deposit, this is a non issue, nowdays.
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