Posted on: 03rd Jan, 2008 12:06 pm
Are there companies that do both real estate and also do mortgages? Can you suggest some companies? I would love to keep my business all in one office.
Thanks a million!
Thanks a million!
Yes, there are and I really cannot give recomendations unless I knew what area of the country you are in. However, here is my take. You don't use a dentist for heart surgery. Beware of a Realtor that doubles as a lender or vise versa. There are some honest ones out there but too much room for conflict of interest.
uptight, i have to add my 2 cents to your response. i am going to agree with you on most of that; however, there does exist the relational sort of setup in which a realtor and a lender, though different entities, share the same office space. in that instance, it can certainly lessen the conflict of interest you are speaking of. of course, said lender would truly need to be independent of the realtor in order for every ounce of conflict to be eliminated.
and believe me i dont mean to impugn the integrity of any of our realtor friends.
and believe me i dont mean to impugn the integrity of any of our realtor friends.
I was speaking of the "dual agent" Lender/ Realtor. Renting office space is a whole different matter.
I'm hoping the comment:
"it can certainly lessen the conflict of interest you are speaking of. of course, said lender would truly need to be independent of the realtor in order for every ounce of conflict to be eliminated."
was intended as "potential" conflict. We still have fiduciary responsibilities. While dual agency leaves the door open 'wider' for unethical practices, it is the individual industry professional(s) that will choose to act with or without integrity and character. In CA all mortgage brokers (not bankers) are reqired to have real estate salesperson licenses (or real estate broker licenses) to legally originate and also a part of the required course and test covers mortgage financing. I appreciate the comment regarding dentists doing heart surgery, as there are many people out there being jacks-of-all-trades yet masters of none, but I know many people that use dual agency as a benefit to their clients. I'm not shy in saying that I'm in the mortgage industry and love what I do for a living. In a normal year I will represent two or three buyers within my personal database as a real estate broker. Their patience with my schedule being more limited than that of the typical real estate agent is always rewarded with a portion of my commission showing as an unexpected credit to their closing costs. I have never advertised these services and there are quite a few more buyers that I just refer to outside Realtors for a variety of reasons.
The bottom line, become educated enough to be considered a savvy consumer. Read ALL of the paperwork you sign and understand it. Look for character in all parties involved. If at all possible seek referrals from people that have had good experiences.
Best regards,
"it can certainly lessen the conflict of interest you are speaking of. of course, said lender would truly need to be independent of the realtor in order for every ounce of conflict to be eliminated."
was intended as "potential" conflict. We still have fiduciary responsibilities. While dual agency leaves the door open 'wider' for unethical practices, it is the individual industry professional(s) that will choose to act with or without integrity and character. In CA all mortgage brokers (not bankers) are reqired to have real estate salesperson licenses (or real estate broker licenses) to legally originate and also a part of the required course and test covers mortgage financing. I appreciate the comment regarding dentists doing heart surgery, as there are many people out there being jacks-of-all-trades yet masters of none, but I know many people that use dual agency as a benefit to their clients. I'm not shy in saying that I'm in the mortgage industry and love what I do for a living. In a normal year I will represent two or three buyers within my personal database as a real estate broker. Their patience with my schedule being more limited than that of the typical real estate agent is always rewarded with a portion of my commission showing as an unexpected credit to their closing costs. I have never advertised these services and there are quite a few more buyers that I just refer to outside Realtors for a variety of reasons.
The bottom line, become educated enough to be considered a savvy consumer. Read ALL of the paperwork you sign and understand it. Look for character in all parties involved. If at all possible seek referrals from people that have had good experiences.
Best regards,
Sorry, the above post was mine and not intended to be anonymous. I've come to find that the quick reply only identifies me as Guest...
Best regards,
Best regards,
Not to go on and on about the subject. As previously stated, there are honest ones out there.
Mom used to say, "It's like putting the baby too close to the cookie jar"
Mom used to say, "It's like putting the baby too close to the cookie jar"
well put, jason.
i appreciate your having pointed out that education is the key. unfortunately, as we see all too often on these forums, there is a profound lack of education among the public. not only that, but way too many people count on the advice of "friends" who are as clueless as they are.
until such time as the public takes steps to educate itself, it will be up to those of us in the industry to make it our business to provide expertise in places like this as well as in our individual offices.
it is far too easy for people to be misled due to their ignorance.
i appreciate your having pointed out that education is the key. unfortunately, as we see all too often on these forums, there is a profound lack of education among the public. not only that, but way too many people count on the advice of "friends" who are as clueless as they are.
until such time as the public takes steps to educate itself, it will be up to those of us in the industry to make it our business to provide expertise in places like this as well as in our individual offices.
it is far too easy for people to be misled due to their ignorance.
You are better of using a mortgage broker for mortgage loans and a realtor for buying and selling homes. You are more likely to get more competive quotes for each transaction separately. For example, the realtor may not have the best mortgage rates and vice versa. Shop around individually. [Links removed as per forum guidelines. Thanks.]