A qualified buyer using an internet banker calls you...Do you tell them to get a new banker?

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William Feela, Realtor, Whispering Pines Realty 651-674-5999 No. (WHISPERING PINES REALTY)

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Rainmaker
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John McCormack, CRS

Albuquerque Homes Realty - Albuquerque, NM

Honesty, Integrity, Results, Experienced. HIRE Me!

Educate. Educate.

Jul 06, 2015 07:51 AM

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John McCormack, CRS

Albuquerque, NM

Rainmaker
699,277

Chris and Dick Dovorany

Homes for Sale in Naples, Bonita Springs and Estero, Florida - Naples, FL

Broker/Associate at Premiere Plus Realty

We use mortgage brokers and they are all over the place. If they get the money then so be it. I'm not going to tell them to stay local in this era. No local banks here.

Jul 06, 2015 06:10 AM

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John McCormack, CRS

Albuquerque, NM

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3,168,284

Tammy Lankford,

Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA

Broker GA Lake Sinclair/Eatonton/Milledgeville

It really depends on who the on line lender is. I have had some very successful closings with some and there is one I highly recommend.

Jul 06, 2015 03:12 PM

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Rainmaker
2,224,473

Debbie Laity

Cedaredge Land Company - Cedaredge, CO

Your Real Estate Resource for Delta County, CO

I do recommend to buyers to use a local lender as the underwriters understand the way things are handled around here.

Jul 06, 2015 01:39 PM

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Rainmaker
4,319,873

Praful Thakkar

LAER Realty Partners - Burlington, MA

Metro Boston Homes For Sale

William Feela - I do share pluses and minuses of Internet lender and mostly they know the benefit of working with a local lender. Happened once when buyer ended up closing late by a month and had many issues in getting mortgage commitment.

Jul 06, 2015 01:35 PM

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Rainmaker
2,443,250

Evelyn Johnston

Friends & Neighbors Real Estate - Elkhart, IN

The People You Know, Like and Trust!

Eventually yes, but not before I meet them and see if we can work together.

Jul 06, 2015 01:12 PM

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Rainmaker
914,198

Jeff Pearl

RE/MAX Distinctive / LIC in VA - Lovettsville, VA

Full Service Full Time Realtor

It depends. I'll get permission to speak with their loan officer. If they refuse, that's usually a good tip off the internet lender hasn't done much to pre-approve the buyer. I will also mention that they'll have a much better chance of getting an offer accepted if they have a solid pre-approval from a local / major lender.

Jul 06, 2015 11:14 AM

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Rainer
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Ed Macias

Real Estate Teammates - Miami, FL

Miami FL-REO Property Management Multifamily

No I just make sure it's legit

Jul 06, 2015 10:53 AM

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Rainmaker
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John Pusa

Glendale, CA

William, it is important to educate the buyer.

Jul 06, 2015 08:14 AM

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Rainmaker
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Michael Setunsky

Woodbridge, VA

Your Commercial Real Estate Link to Northern VA

William Feela All you can do is try to educate them on the benefits for using a local lender. I worked a deal where the buyer, whom I did not represent go through two Internet lenders. This resulted in three 30 day extensions from my seller before using a local lender and closing.

Jul 06, 2015 06:41 AM

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Rainmaker
809,829

Bob Force (REALTOR®)

Weichert Realtors - Aspen Hill - Mount Airy, MD

The FORCE in Maryland Real Estate

I prefer a local banker/lender - one I can reach out and slap inthe fce if necessary. I tell the buyer I will not submit a offer without a lender letter and geting one in a timely fashion may be a issue.

Jul 06, 2015 06:22 AM

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Rainmaker
687,136

Hella Mitschke Rothwell

(831) 626-4000 - Honolulu, HI

Hawaii & California Real Estate Broker

If they ask my advice, I will give them a list of those I've worked with successfully. I would not force them to use anyone, or even discourage them out of their choice. Sounds to me like a liability issue.

Jul 06, 2015 06:15 AM

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Rainmaker
921,504

Annette Lawrence , Palm Harbor, FL 727-420-4041

ReMax Realtec Group - Palm Harbor, FL

Making FLORIDA Real Estate EZ

I have had buyers close with eLoan without problems.

However, I always prefer a local lender who has a real plan B.

Jul 06, 2015 05:48 AM

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Rainer
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Evelyn M Epperson

Coldwell Banker Residential Brokerage - Johns Creek, GA

A Tradition Of [Excellence, Trust & Service]

Yes they need one of the lenders I have used not some internet banker who can not close a home in Ga.

Jul 06, 2015 05:31 AM

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We use mortgage brokers and they are all over the place. If they get the money then so be it. I'm not going to tell them to stay local in this era. No local banks here.
It really depends on who the on line lender is. I have had some very successful closings with some and there is one I highly recommend.
I do recommend to buyers to use a local lender as the underwriters understand the way things are handled around here.
William Feela - I do share pluses and minuses of Internet lender and mostly they know the benefit of working with a local lender. Happened once when buyer ended up closing late by a month and had many issues in getting mortgage commitment.
Eventually yes, but not before I meet them and see if we can work together.
It depends. I'll get permission to speak with their loan officer. If they refuse, that's usually a good tip off the internet lender hasn't done much to pre-approve the buyer. I will also mention that they'll have a much better chance of getting an offer accepted if they have a solid pre-approval from a local / major lender.
William Feela All you can do is try to educate them on the benefits for using a local lender. I worked a deal where the buyer, whom I did not represent go through two Internet lenders. This resulted in three 30 day extensions from my seller before using a local lender and closing.
I prefer a local banker/lender - one I can reach out and slap inthe fce if necessary. I tell the buyer I will not submit a offer without a lender letter and geting one in a timely fashion may be a issue.
If they ask my advice, I will give them a list of those I've worked with successfully. I would not force them to use anyone, or even discourage them out of their choice. Sounds to me like a liability issue.
I have had buyers close with eLoan without problems.

However, I always prefer a local lender who has a real plan B.
Yes they need one of the lenders I have used not some internet banker who can not close a home in Ga.