HOME BUYERS: GET A REALTOR, PLEEEEZ! A Loan Officer Rant

ar129869443192321The MN Mortgage Mom is on a rant. I’m a little crazy right now.

ATTENTION BUYERS! Long gone are the days of easy real estate, no doc financing and everything in between. Let me direct your attention to “today’s world”:

  • Short sales, foreclosures, banks and asset managers…are you really equipped to deal with these realities?
  • Declining values, appraised values, overpriced, underpriced…what kind of tools do you have in your back pocket to ensure you are getting the BEST value and deal available to you?
  • Seller paids, seller concessions, seller carry backs….bet you can’t even define these potential opportunities!
  • Negotiations, multiple offers, cover letters and preapprovals…I know, I know, you got more saavy than Donald Trump, right?

ATTENTION BUYERS! Did you know, as a buyer you do not pay any commissions? Yes, you get the luxury of working with a LICENSED professional free-of-charge.

My blatant aversion toward unrepresented buyers does not come unfounded. Recently, I have had the un-pleasure of working with: #1, a buyer who was trying to purchase on their own and #2, a buyer who was working with a VERY part-time real estate agent.

The unrepresented buyer thought he could do a better job on his own. Why? I’m still scratching my head. He was a jack of all trades and a master at none. As the “relationship” progressed, I found myself in a position where he expected me to advise and assist on the real estate side. “Hello! I am not a licensed Realtor!” And then he was fired, Donald Trump style (yep, I had my saavy on that day!)

The buyer with the VERY part-time agent. This agent had not done a real estate transaction in a VERY long time. Long story short, the agent ended up screaming at me because I did not offer his investor client 100% financing for his upcoming duplex purchase. Are you serious? 100% financing on investment property? Under what rock did you crawl from? Now, I’m not trying to “diss” part-time real estate agents, but for pete sake, lending guidelines change as fast as I change my mind. There is a lot to be said for Realtors who make this business a career. They KNOW 100% investor financing does not exist and would not lead their clients to believe so. This is yet a mere example of what a “career” real estate agent knows. I could write a book on others. For starters, refer to the bullet points above.

Bottom line….BUYERS, the housing and lending industries are tough these days. They are ever changing. GET YOURSELF REPRESENTED BY AN EXPERIENCED, FULL-TIME REAL ESTATE AGENT. THIS GREAT SERVICE IS FREE. In the end, you may get your new home, price negotiated to save thousands, with seller paids, beating out those other offers and at lending terms that leave you grinning ear-to-ear. And did I mention? You actually closed ON TIME because your Realtor successfully drove that transaction from start to finish.

The formula is easy!
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Senior Mortgage Consultant, NMLS 287770

Cell: 612-363-1106

Email: sherri@iloanhomemortgage.com

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The ONLY civilized way to search for homes!

The Home Buyers Scouting Report® is provided directly to the buyer by HBM II, a licensed national real estate brokerage service company, not to or through a lender. The FREE home finding service is provided directly to prospective homebuyers by HBM II and its real estate brokers, as part of their ordinary real estate brokerage services. HBM II, Inc. works cooperatively with other real estate agents across the United States in attempting to find ready, willing and able buyers for homes listed for sale. The role of the Preferred Loan Officer is to assist in determining a comfortable home price range for Home Buyers Marketing II, Inc. (HBM II) to use when it is searching for property listings within the buyer’s search criteria.

Web: www.sherrisherpy.com

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