5,112,896
I don't care for it at all... what do they know about this most of the time?
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David Gibson CNE, 719-...
Colorado Springs, CO
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Kathleen Daniels, Prob...
San Jose, CA
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Liz Wallace
Rockville Centre, NY
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Greg Cremia
Nags Head, NC
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Jill Murty, Realtor - ...
Laguna Niguel, CA
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Richard Weeks
Dallas, TX
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Candice A. Donofrio
Fort Mohave, AZ
1,728,256
Fortunately, none of our lenders recommends home inspectors. Coaching on credit recovery is fine; on purchasing a home? Fine, as long as we are kept in the loop and have input.
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Greg Cremia
Nags Head, NC
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Jill Murty, Realtor - ...
Laguna Niguel, CA
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Michael Thacker - Re/M...
Louisville, KY
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Richard Weeks
Dallas, TX
2,191,808
They should stick to Knitting !!!
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Liz Wallace
Rockville Centre, NY
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Greg Cremia
Nags Head, NC
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Richie Alan Naggar
Riverside, CA
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Candice A. Donofrio
Fort Mohave, AZ
108,016
Don't paint us all with one brush.
Yeah, if I'm asked, I recommend a competent local home inspector to a client. In the event of a VA loan, getting a good pest inspector is absolutely critical. I've been at this a while and have a pretty impressive Rolodex.
Regarding coaching on the buying process--in my deals, I'm usually first contact. I will always oil up the machine and get them ready mentally for what's ahead. I don't want a prospect to give up after the first two or three tries. I'd rather they know the grueling ordeal that they are about to get into and be mentally prepared. I also want them to know options--like asking for seller credits--but also the downside of asking, since it may make other offers appear more attractive. My goal as a lender, and a licensed real estate agent is to educate--thoroughly. I then refer the well-prepped client to an agent.
Again, I make them aware that they have option--nothing more. A buyer that has been brought "up to speed" has a higher probability of making a deal.
If they're getting bad advice from an inexperienced lender, that's an entirely different situation...
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Greg Cremia
Nags Head, NC
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Bob Betel
Sweetwater, TN
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JoAnn Moore
Georgetown, DE
3,349,554
If they know their stuff and are not talking out of the bum ... no issues. My lender, John Meussner knows more and better than some agents I know.
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Greg Cremia
Nags Head, NC
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Bob Betel
Sweetwater, TN
45,957
I have very good relationships with the lenders I do business with. I haven't had any of them recommend a home inspector to my clients and they haven't tried to speak to my clients about how to buy a home other then to get them qualified for home much of a home they can buy.
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Greg Cremia
Nags Head, NC
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Bob Betel
Sweetwater, TN
4,582,434
Unless they are the principal in the transaction, they should be doing their own job.
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Candice A. Donofrio
Fort Mohave, AZ
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Greg Cremia
Nags Head, NC
3,167,614
Depends upon what aspect they are coaching. But I trust the lenders I recommend not to overstep their bounds.
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Liz Wallace
Rockville Centre, NY
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Greg Cremia
Nags Head, NC
400,356
I'm not a fan. I've had clients come back to me on a couple of occasions and say that a lender, financial planner, etc. gave them advice about their transaction. Huh. Really? Are they also a professional realtor? No? Got it.
If the person had actual experience with a home inspector who had done a good job for them, fine.
As for coaching them in home buying, that's just odd. The lender's part is preparing a valid pre-approval or getting the client on the pathway to it.
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Candice A. Donofrio
Fort Mohave, AZ
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Greg Cremia
Nags Head, NC
150,466
I have never heard of any of my lenders getting into either arena with my clients. They have their hands full with taking great care of my clients, and their marketing efforts.
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Bob Betel
Sweetwater, TN
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Greg Cremia
Nags Head, NC
4,901,858
Most barely know how to do their job much less mine.
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Greg Cremia
Nags Head, NC
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Lyn Sims
Schaumburg, IL
913,568
If they know a good qualified home inspector, that's one thing. But buyer doesn't have to agree with lenders recommendation on inspector. Coaching buyers should be limited to the part that the lender plays, which is make sure you do your research and issue an accurate and strong pre-approval letter.
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Greg Cremia
Nags Head, NC
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Jill Murty, Realtor - ...
Laguna Niguel, CA
3,988,013
I have had it happen a couple of times and didn't like it. It was more about the coaching and being a pseudo agent that I didn't like. One of these lenders was even out of state and didn't know how things work in my area. It was a problem. She even told the buyers they didn't need a home inspection because it was new. They refused to get one, too.
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Greg Cremia
Nags Head, NC
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Richard Weeks
Dallas, TX
5,877,455
Luckily the lenders I use leave that conversation to me, and they coach the buyer only on the lending part of the transaction.
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Greg Cremia
Nags Head, NC
3,742,048
6,418,429
My banker gives me tips and suggestions from time to time, I appreciate the advice and realize that it is in his best interest if I am successful too.
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Greg Cremia
Nags Head, NC
223,831
I prefer they stick to credit, DTI, and assets
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Greg Cremia
Nags Head, NC
617,935
Greg,
I have been a lender and IMHO it is a bad idea. There is there potential for violating the real estate license act as well as making yourself and your mortgage company liable. Mortgage management will say “don’t” if they know about it.
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Greg Cremia
Nags Head, NC
766,079
It depends on whether the buyer had the relationship with the lender before or after meeting me. If before, it's none of my business, if after, they're stepping on my toes.
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Greg Cremia
Nags Head, NC
1,078,191
Just as all agents aren't equal, all lenders are not, either. In certain areas I know some great home inspectors that do a heck of a job - why wouldn't I recommend them?
Re: coaching buyers how to buy a home, there have been times where I've HAD to step in and help, because their "fiduciary" was either directing things in a terrible way, or worse, was in absentia. I'd strongly prefer to stick to the lending side of things and guiding them through the financial aspects of the transaction, but if a real estate agent is dropping the ball, someone needs to pick it up. Overall, I'm here to be helpful -to my clients, to Realtors, to everyone involved. If I can help, I will help. If something comes up and I don't know what I'm talking about, I keep my mouth shut and point people in the right direction.
It's all about discretion -- no one needs to pull the spotlight to themselves - we're all in it together to make sure our mutual clients have a good experience.
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Greg Cremia
Nags Head, NC
1,209,215
If one of my lenders did that they would no longer be my lender. The main lender that I refer most of my business to has a very clear understanding about this. I don't step on his toes, he doesn't step on mine. It's a great team!
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Greg Cremia
Nags Head, NC
225,526
Hi Greg, this is one question that really had me thinking about my answer. I guess I have a problem with the word "coaching" and trying to figure out what is meant by that. I have read the answers other members gave and it seemed to hit a nerve for both them and me. The underlying tones is what bothered me most. When I have a client and they ask me questions, I answer them to the best of my ability. If they ask me for a home inspector, I would refer them to the agent, since they deal with them more than I do. As far as coaching goes, with first time home buyers, I explain to them both the buying process and the financing process. I talk more about the art of negotiations so they understand how things happen. I don't consider this stepping on the realtor's toes, but giving my borrower the tools they need to master. Some of the answers here, caught me by surprise, I must say. The agent/lender relationship is an equal partnership where we work as a team, together to arrive at a successful closing. I don't work for Realtors, and they don't work for me. We are equal. When I meet new agents, I tell them that it is an interview for both of us. I set up meetings so that I can find out if they are someone I want to work with, I not there to beg for their business. Some answers here state that I would be out of bounds, or say they "fired" their lender and they don't like lenders to refer THEIR customers to someone, but I think that is hypocritical, as agents refer customers all the time, and also explain loan programs to their clients. By saying "I fired" people, implys that they worked for them and they are the boss. Maybe it is just the tones I don't like, and it shows that the agent/lender relationships have a lot of changing to do. Thanks, another idea for a blog.
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Greg Cremia
Nags Head, NC
1,466,257
Greg Cremia I'll stick to real estate and they should stick to lending.
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Greg Cremia
Nags Head, NC
4,272,934
It depends how much commission they try to recommend out of my pocket...
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Greg Cremia
Nags Head, NC
7,864,108
I prefer that they focus on a successful mortgage transaction.
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Greg Cremia
Nags Head, NC
3,986,308
140,768
I don't have a problem with it as long as there aren't any kickback issues. If I don't like the inspector or advice, I'll pipe up. I'm in a small community so the chances that we are recommending the same are pretty good
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Greg Cremia
Nags Head, NC
1,506,163
It's outside their area. If I had a lender do that, I'd see how they'd like it if I started coaching buyers on loans and lenders.
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Greg Cremia
Nags Head, NC
2,310,576
I recently fired a lender for doing this. Guess he thought he could do my job as well as his. NOT!!!!
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Greg Cremia
Nags Head, NC
152,661
I had a client tell me their lender was pushing them to use a service provider because it was her husband. I don't think lenders should recommend anything to their client except financial services.
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Greg Cremia
Nags Head, NC
797,457
I am not fond of anyone referring anybody to my clients.
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Greg Cremia
Nags Head, NC
1,847,041
What's their scope? Are they all 3 - don't think so. I would not use that inspector ever again.
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Greg Cremia
Nags Head, NC
2,375,711
I think any advice is welcomed by buyers but they are frequently suspicious of everyone too! My lenders don't do things like that - probably that is why they are my lenders.
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Greg Cremia
Nags Head, NC
1,056,432
They will only work within 200 feet of me ONCE. Butt out, bozo.
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Greg Cremia
Nags Head, NC
921,504
....and some are actually telling buyers to insist on a kickback from the agent. As reported by a previous AR participant, this was a credit union.
When these things happen, get the docs then EXPOSE THEM BY NAME to other agents.
"Home inspectors and coaching buyers' is the gateway activity for lenders to fabricate value, not too far from what agents do. So, build into the contract PENALTIES when the LO misses the deadlines.
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Greg Cremia
Nags Head, NC
1,231,853
Does that happen in your market? Not in Erie
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Greg Cremia
Nags Head, NC