: Have a question? - Posted by Sherry W

Posted by AWWMi. on January 17, 2001 at 20:12:37:

Would that put the mortgage lender in a position as a real estate agent. Supposing he didn’t have a license could he be boiled in a pot of stew? Ed, did I get it right? Curious. Thanks :wink:

: Have a question? - Posted by Sherry W

Posted by Sherry W on January 17, 2001 at 07:40:39:

Have 2 houses on market(retail). Sent interested buyer thru lender to get pre-approval for financing. Lender calls me and says could not do anything for them. Buyer calls me later that afternoon and says they went to lenders office and was approved 80%(I am willing to take back 2nd, and had already told lender).

Lender wanted to send them to look at other houses and buyer told him NO they wanted my house.

Is this normal? I finally find a lender who gets buyers approved(unless they have really bad credit).

How to handle this? I had a previous buyer (for same house) 3 wks. ago and find out he has been sending them to look at other houses. The lender tells me last wk. that this buyer calls last Wed. and says they want my house.

But I been unable to get in touch with them. So now I have another interested buyer and lender wants to show them other houses?
How is the best way to handle this? This lender gets them approved, where I have not been having any luck getting people approved.

Any suggestions on how to handle lender and be able to still send buyers thru him?

Re: : Have a question? - Posted by Ben (FL)

Posted by Ben (FL) on January 17, 2001 at 15:54:50:

I would forget about this lender and send your buyers to Ed Garcia for financing. Ed was able to find 90% financing for a tenant/byuer of mine that had filed bankruptcy 4 years ago. I took back 5%, and with rent and repair credits the buyer put down another 5%. I was very happy with how the deal worked out. I’m sure if you email him, he’d be more than happy to give you his phone #.

Re: : Have a question? - Posted by Jim IL

Posted by Jim IL on January 17, 2001 at 15:43:56:

I’d fire this broker.
He obviously does not have your best interest at heart.
There are a ton of brokers out there, and if you are in a small town, goto another town nearby.
I’m sure you can find another broker to work with.
To help avoid this from happening again, get the buyers to sign a purchase agreement with you.
Just either place a clause in the agreement or an addendum that states the buyer has x number of days to get financing in place.
This way the buyer is somewhat locked into buying your home, IF they get the loan needed to close.
Also, make sure if the broker claims to have gotten a buyer approved, you get a copy in writing of something showing this to be true.
Maybe even include that in your agreement.

Good luck,
Jim IL

Re: : Have a question? - Posted by Houserookie

Posted by Houserookie on January 17, 2001 at 15:09:26:

When you have a buyer under contract with subject to financing clause. Include a statement that says, “Seller will assist buyer in obtaining financing.”

I would hate to see you lose a deal in the future because some lender or buyer says he could’t get “suitable financing.”


Re: : Have a question? - Posted by JPiper

Posted by JPiper on January 17, 2001 at 10:32:37:

A couple of comments.

The lender get them approved? But how many loans has he actually CLOSED?

This guy wouldn’t get even one more chance with me. You can’t trust him. And in connection with that trust, how do you know that his approvals are any good either? How do you trust anything this guy has to say?



Posted by TMac on January 17, 2001 at 10:17:59:

I’ve found that some mortgage brokers/lenders have connections with other investors and Realtors. He may be using you to get business for them. Also, he may be an investor as well & have several properties he’s trying to unload.

You need to keep in control of the process. Before you send another person to this lender, communicate your concerns. Let him know you are aware of what he has done with YOUR prospects and not under any circumstances will you do business with someone who’s not going to work with you! You need to clear this up pronto.

Also, unless you’re in a very small town, I would suggest you locate another broker to assist with your buyer pre-quals. You don’t want to have all your eggs in that basket.

Good Luck


Re: : Have a question? - Posted by Ed Garcia

Posted by Ed Garcia on January 17, 2001 at 09:50:49:


If you want to continue working with this lender, you need an UNDERSTANDING. I would, with discretion, confront the lender and lay my cards on the table. I would tell them that I never want that to happen again. I would also at the same time tell the lender that if by chance there should have someone looking for a house and refer them to you, you will pay a referral fee.

The lender knows what they’re doing, hopefully after that they’ll back off.

Sherry, this issue need to be addressed??.

Ed Garcia