Listing Realtor asking me to have mortgage lenders call her directly.
Listing Realtor asking me to have mortgage lenders call her directly.
So the listing realtor is collecting offers for a house and I supplied her with current pre-approvals letter I have from big lenders (like Better.com and a lender I got through Costco mortgage services .
I said that these national lenders won't call her, they are big financial institutions. So she says I need a "personalized lender" she can talk to.
She says she will not present my offer unless this happens.
This sounds bizarre. Has anyone heard of this before?
Thank you.
I said that these national lenders won't call her, they are big financial institutions. So she says I need a "personalized lender" she can talk to.
She says she will not present my offer unless this happens.
This sounds bizarre. Has anyone heard of this before?
Thank you.
Re: Listing Realtor asking me to have mortgage lenders call her directly.
If you have a pre approval letter, I don’t see why she needs anything else to make an offer. Is it actually pre approval as opposed to pre qualified? If you are only pre qualified, I can see why the realtor needs more.
https://www.investopedia.com/articles/b ... proved.asp
https://www.investopedia.com/articles/b ... proved.asp
Last edited by mhalley on Tue Mar 09, 2021 9:45 pm, edited 1 time in total.
Re: Listing Realtor asking me to have mortgage lenders call her directly.
Maybe she doesn't see you as a legitimate buyer since you don't have your own agent?
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Re: Listing Realtor asking me to have mortgage lenders call her directly.
But then, what's the chance the seller's agent would balk at splitting the commission, becasue they were the agent who initially showed the house to you.
I'd have thought the agent would prefer *not* to have another agent involved to split the commission.
I've never heard of the situation the agent is requesting (demanding). Is that a "thing" in some parts of the USA?
RM
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Re: Listing Realtor asking me to have mortgage lenders call her directly.
Yep, I guess I could just have Redfin make an offer pretty easily. Thanks.
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Re: Listing Realtor asking me to have mortgage lenders call her directly.
That's bizarre. I'd tell her that she can try to contact them if she wants but that if she doesn't figure it out in a couple of days you'll look for another agent (assuming you don't have a signed agreement with her)
Re: Listing Realtor asking me to have mortgage lenders call her directly.
These are full-fledged pre-approval letters where they have verified my credit, income sources, and financial assets through regular rigorous inquiries.mhalley wrote: ↑Tue Mar 09, 2021 9:44 pm If you have a pre approval letter, I don’t see why she needs anything else to make an offer. Is it actually pre approval as opposed to pre qualified? If you are only pre qualified, I can see why the realtor needs more.
https://www.investopedia.com/articles/b ... proved.asp
These are not just pre-qualifications.
Doesn't she have a legal obligation to present all offers?
No, I have no signed agreement with the realtor.
Re: Listing Realtor asking me to have mortgage lenders call her directly.
The agent represents a seller. Sounds like there are multiple offers ("she is colleting offers"). The seller has likely told the agent to help them select the best offer. Part of that is making sure there is a high likelihood of getting financed especially if there are offers that have more cash brought to the sale. Maybe also its a way to see if a potential buyer is easy to work with?ResearchMed wrote: ↑Tue Mar 09, 2021 9:50 pmBut then, what's the chance the seller's agent would balk at splitting the commission, becasue they were the agent who initially showed the house to you.
I'd have thought the agent would prefer *not* to have another agent involved to split the commission.
I've never heard of the situation the agent is requesting (demanding). Is that a "thing" in some parts of the USA?
RM
Re: Listing Realtor asking me to have mortgage lenders call her directly.
Exactly - she does not see him as a serious buyerdukeblue219 wrote: ↑Tue Mar 09, 2021 9:54 pmWhat listing agent would ever want to force a DIY buyer to go get an agent?
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Re: Listing Realtor asking me to have mortgage lenders call her directly.
She actually told me she does this with all buyers, even those that are represented with their own realtor. She says everyone must have their own personal lender she can talk to. She says this will be needed no matter what.
And I am putting close to 30% down and told her that. The pre-approval letters show this. I offered to show her bank statements and Fidelity statements that would show I have assets multiple times the entire mortgage, but she said no.
And I am putting close to 30% down and told her that. The pre-approval letters show this. I offered to show her bank statements and Fidelity statements that would show I have assets multiple times the entire mortgage, but she said no.
Last edited by rgs92 on Tue Mar 09, 2021 11:00 pm, edited 1 time in total.
Re: Listing Realtor asking me to have mortgage lenders call her directly.
If it is discrimination that sucks and I'm sorry and I would again advise getting your own agent, they could be a useful shield in that regard as well as not revealing all this financial insight to the other party.
I'm not saying there is anything wrong with a pre-approval letter or proof of balance letter. I recently did this same thing, in my town they are required with every offer. But I had my agent to tell me what is normal here, and who represented me to the sellers agent as a good buyer, and without over sharing. I didn't speak to the sellers or their agent even once.
I'm not saying there is anything wrong with a pre-approval letter or proof of balance letter. I recently did this same thing, in my town they are required with every offer. But I had my agent to tell me what is normal here, and who represented me to the sellers agent as a good buyer, and without over sharing. I didn't speak to the sellers or their agent even once.
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Re: Listing Realtor asking me to have mortgage lenders call her directly.
Realtors are legally obligated to present all offers. Get your own agent and submit the offer. Or file a complaint with the Board of Realtors. She should NOT be the first point of contact between you and YOUR lender. Sounds like she's looking to steer close of escrow to her kickback title company or somehow profits from the transaction outside of normal bounds. This is very fishy.
Re: Listing Realtor asking me to have mortgage lenders call her directly.
This might burn a bridge but consider contacting the owner directly with your concerns that the realtor is excluding qualified buyers and point out that this exclusion might be costing them money.
Between the idea And the reality...Between the motion And the act...Falls the Shadow - T. S. Eliot
Re: Listing Realtor asking me to have mortgage lenders call her directly.
So ... I didn't even let my own buyer's agent speak with my lender when I've bought houses. Mostly because I didn't want them to know anything about what I could actually afford. I think I'd walk, unless there's something really compelling about this property which makes it worth dealing with this roadblock (and each additional roadblock the agent throws up).rgs92 wrote: ↑Tue Mar 09, 2021 10:03 pm She actually told me she does this with all buyers, even those that are represented with their own realtor. She says everyone must have their own personal lender she can talk to. She says this will be needed no matter what.
And I am putting close to 30% down and told her that. The pre-approval letters show this. I offered to show her bank statements and Fidelity statements that would show I have assets multiple times the entire mortgage, but she said no.
(I sort of feel like this is some sort of discrimination.)
I'd also consider sending mail to the seller's address notifying them of this. We once got a pair of agents who were having a big pissing match with each other to get back to work by telling them that maybe we should just contact the seller directly and discuss the issue. Then all the sudden they were able to get over themselves. Realtor dominance and control games torque me off.
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Re: Listing Realtor asking me to have mortgage lenders call her directly.
+1.cchrissyy wrote: ↑Tue Mar 09, 2021 10:17 pm If it is discrimination that sucks and I'm sorry and I would again advise getting your own agent, they could be a useful shield in that regard as well as not revealing all this financial insight to the other party.
I'm not saying there is anything wrong with a pre-approval letter or proof of balance letter. I recently did this same thing, in my town they are required with every offer. But I had my agent to tell me what is normal here, and who represented me to the sellers agent as a good buyer, and without over sharing. I didn't speak to the sellers or their agent even once.
Re: Listing Realtor asking me to have mortgage lenders call her directly.
She says she will not present my offer unless this happens.
so she will 'present' your offer to the sellerNo, I have no signed agreement with the realtor.
from reading, this has the taste of an implied contract (implied agency). I am no expert but if you actually hire a realtor your interaction/communication w/ this realtor in this capacity could become an issue.
I recall getting a letter from my lender w/ the address of the home on it and my specific offer....took 10 mins via email to get the letter and then put in an offer. Its somewhat unclear (to me) what specifically you are doing.So she says I need a "personalized lender" she can talk to.
She says she will not present my offer unless this happens.
This sounds bizarre. Has anyone heard of this before?
More I read, the more information seems to be missing from this story.
Re: Listing Realtor asking me to have mortgage lenders call her directly.
Find another house to buy with a different listing realtor. A realtor is obligated to present all written offers to the seller. Did you present a signed contract offer which she said she would refuse to present to the seller? She has no right to communicate directly with your bankers and it is ludicrous for her to insist on this.rgs92 wrote: ↑Tue Mar 09, 2021 10:03 pm She actually told me she does this with all buyers, even those that are represented with their own realtor. She says everyone must have their own personal lender she can talk to. She says this will be needed no matter what.
And I am putting close to 30% down and told her that. The pre-approval letters show this. I offered to show her bank statements and Fidelity statements that would show I have assets multiple times the entire mortgage, but she said no.
(I sort of feel like this is some sort of discrimination.)
You might be right about discrimination being in play. This realtor's demands are outrageous, I've never heard anything like them. Maybe the demands are just designed to get you to go away.
"Be fearful when others are greedy, be even MORE fearful when others are fearful."
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Re: Listing Realtor asking me to have mortgage lenders call her directly.
Find another house to buy with a different listing realtor. A realtor is obligated to present all written offers to the seller. Did you present a signed contract offer which she said she would refuse to present to the seller? She has no right to communicate directly with your bankers and it is ludicrous for her to on this.
You might be right about discrimination being in play. This realtor's demands are outrageous, I've never heard anything like them. Maybe the demands are just designed to get you to go away.
[/quote]
Agree here 100%. However before moving on to another house, maybe:
Say to realtor that you’re confused.. just gonna double check that requirement with your State board of realtors bc you understood she must present all offers. Then send a nicely worded Ltr, copy her managing broker, if any, the seller personally, anybody else you could think of. Time is critical here bc she IS trying to get you to go away. Don’t let her get away with it.
You might be right about discrimination being in play. This realtor's demands are outrageous, I've never heard anything like them. Maybe the demands are just designed to get you to go away.
[/quote]
Agree here 100%. However before moving on to another house, maybe:
Say to realtor that you’re confused.. just gonna double check that requirement with your State board of realtors bc you understood she must present all offers. Then send a nicely worded Ltr, copy her managing broker, if any, the seller personally, anybody else you could think of. Time is critical here bc she IS trying to get you to go away. Don’t let her get away with it.
Re: Listing Realtor asking me to have mortgage lenders call her directly.
Thanks everyone. Yep, I am thinking of contacting the owner, but I am nervous about getting some sort of reputation as a difficult person.
There is really not much else to the story. I saw the home online, called the "showing contact", had a nice conversation with the the realtor, sent her my pre-approval letter, saw the house (with her colleague she asked to do this), and all went well.
One odd thing was that she said it seemed odd that it was a lending company and not a person. But I assured her that it was a major direct lender.
I called her and said I wanted to make an offer and she said there was a lot of interest and they were collecting offers but she would welcome it.
I gave her a good offer number (over asking price) and she called back and told me the sellers liked it and were interested.
Then she said before she would let me do a formal written offer, she needed to have the lender call her personally. When I said I didn't think I could make this happen, she said I needed to find a "personalized lender."
And that's where this stands.
There is really not much else to the story. I saw the home online, called the "showing contact", had a nice conversation with the the realtor, sent her my pre-approval letter, saw the house (with her colleague she asked to do this), and all went well.
One odd thing was that she said it seemed odd that it was a lending company and not a person. But I assured her that it was a major direct lender.
I called her and said I wanted to make an offer and she said there was a lot of interest and they were collecting offers but she would welcome it.
I gave her a good offer number (over asking price) and she called back and told me the sellers liked it and were interested.
Then she said before she would let me do a formal written offer, she needed to have the lender call her personally. When I said I didn't think I could make this happen, she said I needed to find a "personalized lender."
And that's where this stands.
Re: Listing Realtor asking me to have mortgage lenders call her directly.
Present a formal written offer in real estate contract forms at appropriate for your locale. Make sure it is delivered with some sort of receipt even if has to be certified mail. Cc the listing agent’s broker/brokerage house.
Re: Listing Realtor asking me to have mortgage lenders call her directly.
Until it's in writing, it is not an offer. Once the offer is in writing, and the offer meets the minimum requirements per the listing agreement, the agent will present it to the Seller as the agent has a fiduciary duty to do so. (Minimum requirements can mean deposit & down payment size, pre-approval letter, and/or approval from specific lenders. If the minimum requirements are not met, the Agent has no obligation to present the offer.)rgs92 wrote: ↑Tue Mar 09, 2021 11:17 pm Thanks everyone. Yep, I am thinking of contacting the owner, but I am nervous about getting some sort of reputation as a difficult person.
There is really not much else to the story. I saw the home online, called the "showing contact", had a nice conversation with the the realtor, sent her my pre-approval letter, saw the house (with her colleague she asked to do this), and all went well.
One odd thing was that she said it seemed odd that it was a lending company and not a person. But I assured her that it was a major direct lender.
I called her and said I wanted to make an offer and she said there was a lot of interest and they were collecting offers but she would welcome it.
I gave her a good offer number (over asking price) and she called back and told me the sellers liked it and were interested.
Then she said before she would let me do a formal written offer, she needed to have the lender call her personally. When I said I didn't think I could make this happen, she said I needed to find a "personalized lender."
And that's where this stands.
And yes, you should shop around for a buyer's agent to represent you, and more importantly, to address issues such as your initial post. Moreover, your agent can lobby on your behalf. In a seller's market, with multiple offers over listing, someone who knows you and your interests well can do a better job making the pitch on your behalf; a discounter like redfin ain't likely to cut it.
Re: Listing Realtor asking me to have mortgage lenders call her directly.
OP here. The realtor gave me a contact of someone at a local mortgage broker. I looked up this place on Yelp and they had awful reviews. I just backed out of the whole thing. She said "they can help me."
And I was thinking I don't need any help getting a mortgage from the major lenders commonly discussed here on Bogleheads. So I just got a funny feeling about what was going on and didn't trust them and decided to move on.
Thanks everyone for the advice.
By the way, the comment just above here said Redfin is not too good and a discounter. You get a small rebate as a buyer, but that's it. I wouldn't consider them a "discounter" based on that, since there is not much of a discount for me, the buyer. But is their service really that sub-par? Thanks again.
And I was thinking I don't need any help getting a mortgage from the major lenders commonly discussed here on Bogleheads. So I just got a funny feeling about what was going on and didn't trust them and decided to move on.
Thanks everyone for the advice.
By the way, the comment just above here said Redfin is not too good and a discounter. You get a small rebate as a buyer, but that's it. I wouldn't consider them a "discounter" based on that, since there is not much of a discount for me, the buyer. But is their service really that sub-par? Thanks again.
Re: Listing Realtor asking me to have mortgage lenders call her directly.
Our realtor asked for a pre-approval (not qualification) letter from a local lender when taking offers on our house.
There was no requirement that the buyer use that lender if their offer was accepted, but there had to be a local lender who would vouch for the buyer.
I’m guessing that it’s pretty easy to forge a letter from a national lender and that realtors/buyers have burned in the past.
Our potential buyers all complied; not sure what she would have done if one had not.
I can understand your frustration, but it diesn’t seem like that onerous a request. Why don’t you ask the realtor to give you the name of a local lender and get approved/qualified through it?
There was no requirement that the buyer use that lender if their offer was accepted, but there had to be a local lender who would vouch for the buyer.
I’m guessing that it’s pretty easy to forge a letter from a national lender and that realtors/buyers have burned in the past.
Our potential buyers all complied; not sure what she would have done if one had not.
I can understand your frustration, but it diesn’t seem like that onerous a request. Why don’t you ask the realtor to give you the name of a local lender and get approved/qualified through it?
One thing that humbles me deeply is to see that human genius has its limits while human stupidity does not. - Alexandre Dumas, fils
Re: Listing Realtor asking me to have mortgage lenders call her directly.
That's nonsense. Get your own buyer's agent. Won't cost you a dime and if your state permits realtors to rebate a portion of their commission, you can likely find an agent who will rebate a portion of the commission back to you. There is no reason not to have your own agent.
If you are interested in the house, have your agent put in a written offer. Be up front with your dealings thus far with the listing realtor. If you end up purchasing the property and there is a commission dispute, a complaint to her managing broker about her conduct might result in a prompt resolution.
On the other hand, you may just want to pass on this house. Dealing with that listing realtor may be more trouble than it is worth. Either way, I'd recommend you secure the services of a buyer's agent.
Good luck!
Re: Listing Realtor asking me to have mortgage lenders call her directly.
There continues to be significant bias in the real estate industry against non-traditional lenders, such as Better.com. The online lenders have less of a track record and some of them are truly awful. In general there is concern among realtors about the ability of these lenders to close on time, and these lenders are not established enough for the realtors to know which of these lenders are reliable. That risk, whether actual or perceived, will be disclosed by the agent to the seller, and puts your offer at a disadvantage. This may be why the agent sent you to a traditional brick and mortar agent. If you want to combat this bias, you may want to get a letter from a regular brick and mortar bank, just so you don't face that issue.
And, to echo the sentiment of others, this is where a qualified agent can help you. If the norm in your area is to get a mortgage from a traditional brick and mortar bank, you will continue to have problems with your letters.
And, to echo the sentiment of others, this is where a qualified agent can help you. If the norm in your area is to get a mortgage from a traditional brick and mortar bank, you will continue to have problems with your letters.
Best thing that ever happened to me was being too busy in 2008 to pay attention to my portfolio.
Re: Listing Realtor asking me to have mortgage lenders call her directly.
I don't know why brokers ask. Why would a buyer waste his/her time signing contracts and hiring lawyers if he/she didn't think he/she could get financing?
I once had a conversation with a broker regarding a client who has having one of his trusts buy an apartment. The broker wanted some evidence that he had the money to buy the apartment. It went something like this:
Me: have you ever been to Manhattan?
Broker: yes.
Me: did you see that there were many tall buildings?
Broker: yes.
Me: the buyer's family built and owns some of them.
We ended up giving the broker a letter saying that the trustee will make the necessary funds available for the purchase.
I once had a conversation with a broker regarding a client who has having one of his trusts buy an apartment. The broker wanted some evidence that he had the money to buy the apartment. It went something like this:
Me: have you ever been to Manhattan?
Broker: yes.
Me: did you see that there were many tall buildings?
Broker: yes.
Me: the buyer's family built and owns some of them.
We ended up giving the broker a letter saying that the trustee will make the necessary funds available for the purchase.
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Re: Listing Realtor asking me to have mortgage lenders call her directly.
We've worked with national lenders for mortgages before. In all cases, they would assign a "single point of contact" (I'm sure they had a more official sounding title) who essentially acted as the face of the lender. If we had questions or wanted to get statuses, we would contact him/her. Likewise, if the lender had questions or needed info, he/she would reach out to us. This prevented us from having to deal separately with the underwriter, the appraiser, the funding department, etc. Could that person satisfy the realtor's requirement?rgs92 wrote: ↑Tue Mar 09, 2021 11:17 pm Thanks everyone. Yep, I am thinking of contacting the owner, but I am nervous about getting some sort of reputation as a difficult person.
There is really not much else to the story. I saw the home online, called the "showing contact", had a nice conversation with the the realtor, sent her my pre-approval letter, saw the house (with her colleague she asked to do this), and all went well.
One odd thing was that she said it seemed odd that it was a lending company and not a person. But I assured her that it was a major direct lender.
I called her and said I wanted to make an offer and she said there was a lot of interest and they were collecting offers but she would welcome it.
I gave her a good offer number (over asking price) and she called back and told me the sellers liked it and were interested.
Then she said before she would let me do a formal written offer, she needed to have the lender call her personally. When I said I didn't think I could make this happen, she said I needed to find a "personalized lender."
And that's where this stands.
That said, I have never hear of the seller's realtor needing to reach out to somebody at the lender directly. Perhaps since you aren't represented by a buyer's agent, she wants to do some due diligence to make sure that your credit is truly solid. Of course, the cynical side of me says that she may be fishing to see if you could afford to pay more, so this is a negotiating ploy. Or maybe she wants to direct you to her "personalized lender" friend because she gets a kickback. If it were me, I'd want to get a straight answer on why this is needed, since it isn't normal to me.
Re: Listing Realtor asking me to have mortgage lenders call her directly.
Make the highest offer, I bet she presents it!
Re: Listing Realtor asking me to have mortgage lenders call her directly.
Also consider contacting the Realtor's broker. what you describe is not normal.
Perhaps I'm overly cynical, but is it possible this realtor has a personal stake in who buys the house (they have a friend or family member who has made an offer?) Is it possible this is an attempt to discriminate against you for illegal reasons?
When my last realtor was dragging her feet, I mentioned that I might go to seller directly - it was amazing how quickly she moved after that.
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Re: Listing Realtor asking me to have mortgage lenders call her directly.
Not necessarily true. When we bought our last house, I collected the 3% that would have gone to a buyer's agent for myself. This was accomplished with a purchase price adjustment. Personally, I feel like the vast majority of realtors add no value, and prefer to keep them out of transactions to the extent possible.galawdawg wrote: ↑Wed Mar 10, 2021 10:44 amThat's nonsense. Get your own buyer's agent. Won't cost you a dime and if your state permits realtors to rebate a portion of their commission, you can likely find an agent who will rebate a portion of the commission back to you. There is no reason not to have your own agent.
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Re: Listing Realtor asking me to have mortgage lenders call her directly.
I always wondered how it works if you bring in a buying agent after already having made first contact with the seller and toured the property. For example, the sign-in sheets at open houses usually say something about the buyer’s agent needing to be disclosed up front.galawdawg wrote: ↑Wed Mar 10, 2021 10:44 am If you are interested in the house, have your agent put in a written offer. Be up front with your dealings thus far with the listing realtor. If you end up purchasing the property and there is a commission dispute, a complaint to her managing broker about her conduct might result in a prompt resolution.
Re: Listing Realtor asking me to have mortgage lenders call her directly.
Just sold my parents' house in a hot market (CA Bay Area). Unbeknownst to me, my listing agent did call the lender who had signed the Buyer's pre-approval letter just to confirm that it was legit before we accepted. And the Buyer was represented by another Agent.humblecoder wrote: ↑Wed Mar 10, 2021 11:48 amWe've worked with national lenders for mortgages before. In all cases, they would assign a "single point of contact" (I'm sure they had a more official sounding title) who essentially acted as the face of the lender. If we had questions or wanted to get statuses, we would contact him/her. Likewise, if the lender had questions or needed info, he/she would reach out to us. This prevented us from having to deal separately with the underwriter, the appraiser, the funding department, etc. Could that person satisfy the realtor's requirement?rgs92 wrote: ↑Tue Mar 09, 2021 11:17 pm Thanks everyone. Yep, I am thinking of contacting the owner, but I am nervous about getting some sort of reputation as a difficult person.
There is really not much else to the story. I saw the home online, called the "showing contact", had a nice conversation with the the realtor, sent her my pre-approval letter, saw the house (with her colleague she asked to do this), and all went well.
One odd thing was that she said it seemed odd that it was a lending company and not a person. But I assured her that it was a major direct lender.
I called her and said I wanted to make an offer and she said there was a lot of interest and they were collecting offers but she would welcome it.
I gave her a good offer number (over asking price) and she called back and told me the sellers liked it and were interested.
Then she said before she would let me do a formal written offer, she needed to have the lender call her personally. When I said I didn't think I could make this happen, she said I needed to find a "personalized lender."
And that's where this stands.
That said, I have never hear of the seller's realtor needing to reach out to somebody at the lender directly. Perhaps since you aren't represented by a buyer's agent, she wants to do some due diligence to make sure that your credit is truly solid. Of course, the cynical side of me says that she may be fishing to see if you could afford to pay more, so this is a negotiating ploy. Or maybe she wants to direct you to her "personalized lender" friend because she gets a kickback. If it were me, I'd want to get a straight answer on why this is needed, since it isn't normal to me.
OP: personally have no issues with discount brokers, and have used them in the past. But in a Seller's environment when multiple offers are coming in over listing, IMO you do yourself a disservice by not using a full service broker, particular as a Buyer.
Re: Listing Realtor asking me to have mortgage lenders call her directly.
+1 - considering most of the country is in a seller's market, the agent is trying to ensure the quickest close possible. My last home purchase, I used the mortgage broker and lawyer my agent recommended and we closed fast. In my case, closing fast was more important than saving every last dollar.Ellie wrote: ↑Wed Mar 10, 2021 11:24 am There continues to be significant bias in the real estate industry against non-traditional lenders, such as Better.com. The online lenders have less of a track record and some of them are truly awful. In general there is concern among realtors about the ability of these lenders to close on time, and these lenders are not established enough for the realtors to know which of these lenders are reliable. That risk, whether actual or perceived, will be disclosed by the agent to the seller, and puts your offer at a disadvantage. This may be why the agent sent you to a traditional brick and mortar agent. If you want to combat this bias, you may want to get a letter from a regular brick and mortar bank, just so you don't face that issue.
And, to echo the sentiment of others, this is where a qualified agent can help you. If the norm in your area is to get a mortgage from a traditional brick and mortar bank, you will continue to have problems with your letters.
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Re: Listing Realtor asking me to have mortgage lenders call her directly.
There it is.
If I had been in your shoes, I would have felt like the realtor were trying to force me to a lender with whom she has some kind of relationship. I would probably have presented a formal, written offer and pressed her on the issue if I really wanted the house, but circumstances and personalities differ.
Best of luck with the house hunting.
Re: Listing Realtor asking me to have mortgage lenders call her directly.
I understand the urge to get justice and vindication. If not discrimination, then some other unsavory motive is behind this on the part of the realtor.rgs92 wrote: ↑Tue Mar 09, 2021 11:17 pm Thanks everyone. Yep, I am thinking of contacting the owner, but I am nervous about getting some sort of reputation as a difficult person.
There is really not much else to the story. I saw the home online, called the "showing contact", had a nice conversation with the the realtor, sent her my pre-approval letter, saw the house (with her colleague she asked to do this), and all went well.
One odd thing was that she said it seemed odd that it was a lending company and not a person. But I assured her that it was a major direct lender.
I called her and said I wanted to make an offer and she said there was a lot of interest and they were collecting offers but she would welcome it.
I gave her a good offer number (over asking price) and she called back and told me the sellers liked it and were interested.
Then she said before she would let me do a formal written offer, she needed to have the lender call her personally. When I said I didn't think I could make this happen, she said I needed to find a "personalized lender."
And that's where this stands.
But remember you are actually trying to buy yourself a house, not fight with an unethical reator. This realtor has fatally poisoned this transaction. Don't forget your primary purpose is to buy yourself a house, not to fight with crazy people. Every second more that you invest in this is that much more stress, waste of time, and distraction from your goal: buying a house.
I have found that one of the smartest things a person can do in life is to completely cut "toxic" people out. As soon as possible. (Family members are a bit more complex...) The toxicity level of this realtor is sky high. Cross out this house from your list, cross out this realtor, (i.e. you need to avoid any further listings with the same realtor, and perhaps the same brokerage), cross out this seller. Excise all of them from your life, immediately.
Move on and find a different house to buy from a seller and a realtor who are acting in good faith and actually want to sell the house to you.
Now, as for what you do about rectifying possible illegal behavior by this realtor--I would probably wait until you have closed on whatever house you intend to buy before taking any such action. Realtors can be very "clubby" in various communities and if it becomes known that you are going after one of the locat realtors who is in the "club" you may find yourself secretly put on a "do not sell to this person" list.
So, get your house, first. Then, you can start your restorative justice campain (or not). You should of course document everything that has happened, as it happens, and keep those notes, emails, texts. There are a number of things you can do after you have bought a different house: You can contact the realtor's brokerage. If a national chain, you can contact someone in a regional office, or even the president of the whole company. There may be licensing agencies or state boards you can file a complaint with. You can also consider a civil lawsuit but you would need to talk to an attorney re: viability. They can be really time consuming and expensive. Consumer protection laws may also be relevant to this.
And please--whatever you do, whoever you contact about this whether orally or in writing, strive to express your concerns in a manner which cannot be turned around on you with a "defamation" accusation by the suspect realtor. This can be difficult and like walking a tight rope. It is very very tempting when one has been abused to post things on the internet, send emails, texts, letters, phone calls, etc. that cross the line from legitimate criticism protected by the First Amendment to arguably defamatory conduct. You want to avoid that at all costs. No name calling; no accusations; no characterizations. Try to remain as factual as possible and the more you can keep things to quotations of what the realtor said and did, the better off you will be. Be careful. You may want to consult with an attorney prior to taking any such actions. A realtor's reputation is their livelihood, so if this snake of a realtor believes who are trying to destroy their livelihood, given the displayed lack of ethics shown already, they will come after you with everything they have, and they won't be afraid to lie either. This person sounds like a real "piece of work."
Again, with extreme toxic people, you often find yourself in a "no win" situation if you try to tangle with them and your best strategy is to excise them as soon as possible, and move on. But definitely get yourself a house first.
Edited: I wouldn't even present an offer at this point. You've given the realtor several chances to take a step back on this completely unreasonable, and possibly illegal, demand that she be able to directly contact your lender, or the inference that this realtor has some kind of "say" over who you do or don't choose as your lender. There is something very fishy going on, beyond discrimination, and you've spent enough time wastng it with this realtor. At best, she is trying to solicit an offer from you to then say to other buyers "Look at this offer! You have to beat this offer!" which is totally unethical but no doubt that wouldn't stop this realtor. Again sometimes in life you have to draw firm lines, and you have to be aware of when someone is trying to "play" you even if you can't quite figure out what's in it for them or what their end game is.
IMO this is one of those times. Move on, find another house listed by another realtor. There is always another house.
Last edited by Peaceful on Wed Mar 10, 2021 12:30 pm, edited 1 time in total.
"Be fearful when others are greedy, be even MORE fearful when others are fearful."
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Re: Listing Realtor asking me to have mortgage lenders call her directly.
Very well could be something fishy here.
My sister was selling her house in a smaller town outside a top 5 metro area. The offer came with an approval letter from a well known suburban bank around the metro. Her agent did not want to accept the offer because “it wasn’t a local bank she was familiar with” I told sister that was bs and her agent was probably trying for a kickback. I told her she should call the agency boss if this continued. The offer was accepted as is.
You may be in a no win situation
My sister was selling her house in a smaller town outside a top 5 metro area. The offer came with an approval letter from a well known suburban bank around the metro. Her agent did not want to accept the offer because “it wasn’t a local bank she was familiar with” I told sister that was bs and her agent was probably trying for a kickback. I told her she should call the agency boss if this continued. The offer was accepted as is.
You may be in a no win situation
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Re: Listing Realtor asking me to have mortgage lenders call her directly.
How did that work out for the listing agent? Their contract says 5 or 6% sales commission regardless of whatever concessions the seller gives you. If the listing agent agree to share their commission, then that’s not a purchase price adjustment. If the listing agent still got their commission, then the seller essentially paid 8 or 9% commission. I’m just not seeing that as realistic.alfaspider wrote: ↑Wed Mar 10, 2021 12:02 pm Not necessarily true. When we bought our last house, I collected the 3% that would have gone to a buyer's agent for myself. This was accomplished with a purchase price adjustment. Personally, I feel like the vast majority of realtors add no value, and prefer to keep them out of transactions to the extent possible.
Re: Listing Realtor asking me to have mortgage lenders call her directly.
The difference in your sister's situation obviously is that your sister as the seller, had a much greater control over her own realtor, and the property, than OP does.Murgatroyd wrote: ↑Wed Mar 10, 2021 12:30 pm Very well could be something fishy here.
My sister was selling her house in a smaller town outside a top 5 metro area. The offer came with an approval letter from a well known suburban bank around the metro. Her agent did not want to accept the offer because “it wasn’t a local bank she was familiar with” I told sister that was bs and her agent was probably trying for a kickback. I told her she should call the agency boss if this continued. The offer was accepted as is.
You may be in a no win situation
"Be fearful when others are greedy, be even MORE fearful when others are fearful."
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Re: Listing Realtor asking me to have mortgage lenders call her directly.
Listing agent got her 3% same as if she had sold to a party with a buyer's agent. Seller's agent rebated the portion of the fee that would have gone to the buyer's agent to the seller, and then we did the math and reduced the purchase price in the contract such that her commission remained the same. This was all part of the offer. At least in Texas, it's standard to provide a draft contract with offers, and we wrote these terms into that contract with our offer.TropikThunder wrote: ↑Wed Mar 10, 2021 12:30 pmHow did that work out for the listing agent? Their contract says 5 or 6% sales commission regardless of whatever concessions the seller gives you. If the listing agent agree to share their commission, then that’s not a purchase price adjustment. If the listing agent still got their commission, then the seller essentially paid 8 or 9% commission. I’m just not seeing that as realistic.alfaspider wrote: ↑Wed Mar 10, 2021 12:02 pm Not necessarily true. When we bought our last house, I collected the 3% that would have gone to a buyer's agent for myself. This was accomplished with a purchase price adjustment. Personally, I feel like the vast majority of realtors add no value, and prefer to keep them out of transactions to the extent possible.
Last edited by alfaspider on Wed Mar 10, 2021 12:41 pm, edited 2 times in total.
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Re: Listing Realtor asking me to have mortgage lenders call her directly.
We bought a house a few years ago in the Boston suburbs and the seller's agent wanted to speak regularly with our mortgage person, before the initial offer was accepted and at several points along the way. We've bought houses in three other states and I've never encountered anything like that. Our realtor thought it was perfectly normal though and was really thrown when we said no way.
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Re: Listing Realtor asking me to have mortgage lenders call her directly.
Did you not read my final sentence?Peaceful wrote: ↑Wed Mar 10, 2021 12:33 pmThe difference in your sister's situation obviously is that your sister as the seller, had a much greater control over her own realtor, and the property, than OP does.Murgatroyd wrote: ↑Wed Mar 10, 2021 12:30 pm Very well could be something fishy here.
My sister was selling her house in a smaller town outside a top 5 metro area. The offer came with an approval letter from a well known suburban bank around the metro. Her agent did not want to accept the offer because “it wasn’t a local bank she was familiar with” I told sister that was bs and her agent was probably trying for a kickback. I told her she should call the agency boss if this continued. The offer was accepted as is.
You may be in a no win situation
Re: Listing Realtor asking me to have mortgage lenders call her directly.
If the agent is making unreasonable demands you can complain to their managing broker and if they can't resolve it consider filing a BBB complaint or one with the NAR. If your state has a real estate licensing board you could also make a complaint to them.
Some realtors in hot markets seem to think they can make up their own rules. I have been down this path and doing the above, I did all but the last one, gets their attention PDQ.
Some realtors in hot markets seem to think they can make up their own rules. I have been down this path and doing the above, I did all but the last one, gets their attention PDQ.
AA: 40/41/19 - equities/positive return-zero volatility/bonds
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Re: Listing Realtor asking me to have mortgage lenders call her directly.
Oh that makes sense, thanks.alfaspider wrote: ↑Wed Mar 10, 2021 12:39 pmListing agent got her 3% same as if she had sold to a party with a buyer's agent. Seller's agent rebated the portion of the fee that would have gone to the buyer's agent to the seller, and then we did the math and reduced the purchase price in the contract such that her commission remained the same. This was all part of the offer. At least in Texas, it's standard to provide a draft contract with offers, and we wrote these terms into that contract with our offer.TropikThunder wrote: ↑Wed Mar 10, 2021 12:30 pmHow did that work out for the listing agent? Their contract says 5 or 6% sales commission regardless of whatever concessions the seller gives you. If the listing agent agree to share their commission, then that’s not a purchase price adjustment. If the listing agent still got their commission, then the seller essentially paid 8 or 9% commission. I’m just not seeing that as realistic.alfaspider wrote: ↑Wed Mar 10, 2021 12:02 pm Not necessarily true. When we bought our last house, I collected the 3% that would have gone to a buyer's agent for myself. This was accomplished with a purchase price adjustment. Personally, I feel like the vast majority of realtors add no value, and prefer to keep them out of transactions to the extent possible.
Re: Listing Realtor asking me to have mortgage lenders call her directly.
It works whatever way the parties can negotiate an agreement to. Obviously realtors will do what they can to protect their commissions. However, the standard real estate listing contract is between seller and seller's agent. Seller is fully responsible for any commission agreed to in that contract. It is standard for commissions to be split if there is a buyer's agent so usually language about that is in the listing agreement too. Also it is not uncommon for some realtors to give their seller a discount on the commission if there is no buyer's agent or selling agent (even if not a buyer's agent specifically) to split it with.TropikThunder wrote: ↑Wed Mar 10, 2021 12:05 pmI always wondered how it works if you bring in a buying agent after already having made first contact with the seller and toured the property. For example, the sign-in sheets at open houses usually say something about the buyer’s agent needing to be disclosed up front.galawdawg wrote: ↑Wed Mar 10, 2021 10:44 am If you are interested in the house, have your agent put in a written offer. Be up front with your dealings thus far with the listing realtor. If you end up purchasing the property and there is a commission dispute, a complaint to her managing broker about her conduct might result in a prompt resolution.
As a potential buyer at an open house, you are under no obligation to disclose anything to the seller or the seller's agent at an open house. Period. Of course, the seller is in turn under no obligation to sell to you either. If you bring in a buyer's agent and that is perceived as unacceptable by the seller, then they presumably won't accept your offer. Also presumably if your offer is overall better than any other offer, they will take it.
"Be fearful when others are greedy, be even MORE fearful when others are fearful."
Re: Listing Realtor asking me to have mortgage lenders call her directly.
You omitted it, so I supplied it as a courtesy. You're welcome.Murgatroyd wrote: ↑Wed Mar 10, 2021 12:41 pmDid you not read my final sentence?Peaceful wrote: ↑Wed Mar 10, 2021 12:33 pmThe difference in your sister's situation obviously is that your sister as the seller, had a much greater control over her own realtor, and the property, than OP does.Murgatroyd wrote: ↑Wed Mar 10, 2021 12:30 pm Very well could be something fishy here.
My sister was selling her house in a smaller town outside a top 5 metro area. The offer came with an approval letter from a well known suburban bank around the metro. Her agent did not want to accept the offer because “it wasn’t a local bank she was familiar with” I told sister that was bs and her agent was probably trying for a kickback. I told her she should call the agency boss if this continued. The offer was accepted as is.
You may be in a no win situation
"Be fearful when others are greedy, be even MORE fearful when others are fearful."
Re: Listing Realtor asking me to have mortgage lenders call her directly.
I bought my house in the Seattle area using Redfin. This was at a time when the market was booming, and every house we viewed had at least 3 offers. The first we bid on we were outbid by $150k--and this was on sub $1MM house. It was standard practice to waive appraisal, inspection, etc. In other words, a hot market. Our Redfin agent was great and the experience was smooth the whole way. We also ended up getting $5-10k back in the rebate (can't remember the exact amount), so a significant discount. Friends have had similar experiences. I recommend them to everyone.rgs92 wrote: ↑Wed Mar 10, 2021 10:27 am By the way, the comment just above here said Redfin is not too good and a discounter. You get a small rebate as a buyer, but that's it. I wouldn't consider them a "discounter" based on that, since there is not much of a discount for me, the buyer. But is their service really that sub-par? Thanks again.
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Re: Listing Realtor asking me to have mortgage lenders call her directly.
The agent who was selling our current house to us house did contact my mortgage broker who assured her that our finances were in top notch shape. This sellers agent might want to do the same thing but shouldn't withhold your offer if they cant.