Home Buying in Portland>Question Details

Trulia Portl…, Home Buyer in Portland, OR

Do you have to work with a lender's recommended agent?

Asked by Trulia Portland, Portland, OR Sun Jun 2, 2013

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An seller can ask you to get pre-approved from a recommended lender but you do not have to finance your mortgage through their lender.
1 vote Thank Flag Link Sat Jun 15, 2013
Absolutely not!! You can select any agent that you want. Oh, and buy the way, as a buyer, you almost never have to pay a commission either; the sellers take care of that 99% of the time.
0 votes Thank Flag Link Sun Jun 16, 2013
Absolutely not. Many lenders and agents team up, and this can be quick and efficient for the buyer. However, this is not mandatory.
Whenever you get a recommendation from a buyer or seller, remember that it is just that: a recommendation. Choosing another lender will not void, cancel, or otherwise harm a deal. A bad lender can ruin a deal though, so choose carefully.
0 votes Thank Flag Link Sat Jun 15, 2013
No absolutely not.

A lender cannot force you to use anyone otherwise there are Anti trust violations.
Neither can a Realtor force you to use a specific lender or a particular Title Company.

Such violations are punishable by law, associated with fines, and can also result in
Loss of license and jail time.

Good luck
Web Reference: http://Ruthandperry.com
0 votes Thank Flag Link Sat Jun 15, 2013
Absolutely not. You can choose whichever agent you choose to and from whatever firm you choose. If you do not have an agent set up a few interviews with agents from different companies. Best of luck to you.
0 votes Thank Flag Link Sat Jun 15, 2013
No. if you already have an agent you want to work with, disregard the recommendation. however if you don't have an agent you want to work with you should consider using the lender recommended agent along with other agents recommended by family and friends and those featured on Trulia.

good luck
0 votes Thank Flag Link Sat Jun 15, 2013
No - might be worth asking the lender why they recommended that particular Realtor. As others have said, lenders and agents should be giving you more than one person to check with. No agent or lender can be a perfect fit for every customer.
0 votes Thank Flag Link Sat Jun 15, 2013
No, but sometimes there is an agreement on referrals so get anyone you want or get a referral from a friend. Thanks, Tom Inglesby, Broker
0 votes Thank Flag Link Fri Jun 14, 2013
Absolutely not. A good agent should provide you with at least 2 recommended lenders. I think it is only professionally to offer your clients choices.
0 votes Thank Flag Link Mon Jun 3, 2013
No; and I doubt your lender meant to imply that you had to. He/she probably thought you would appreciate a recommendation since you apparently weren't working with a Realtor.

There are a lot of long-drawn answers out there to this one. Simply put; you hire any Realtor you want.
0 votes Thank Flag Link Mon Jun 3, 2013
No it is not required for you to work with a lender's agent recommendation. It is highly recommended that you interview at least 3 different agent's to help determine your decision. Buying a home will be one of the biggest decision you'll have... you should be happy with all the people associated with it.

Good luck and I would love to apply for the job!
0 votes Thank Flag Link Mon Jun 3, 2013
It would be illegal to require it. In 33 years of business Ive most often seen real estate people recommending lenders but it goes both ways. As others said---we want our transactions to close. Most of us recommend people we KNOW will do the job. Can this be part of some type of corruption or profit kickback? Sure. Thats why it is illegal to try and force someone to do it. You know, its HARD for people to go choose on their own a lender, real estate agent or any other service provider. As a (EX as of 2009) mortgage broker it would be hard for me to tell you how to choose a good one. A good crook is one that isnt caught. This sounds very negative of me but there are always bad apples in every barrel.

I always recommend at least two, usually three, and they are not always someone Ive personally used. Ive told people who NOT to use, according to my personal experience but one walks a tightrope when talking down about another company. For example, after actually working in their back room I wouldnt recommend anyone use a Wells known bank, if you catch my drift
0 votes Thank Flag Link Mon Jun 3, 2013
No you can work with any realtor you are comfortable with.
0 votes Thank Flag Link Mon Jun 3, 2013
Of course not. But that said the lender likely has a good deal of experience with that Realtor and likely with a positive result, so it might be worth your time to have a conversation with them. Sometimes a lender and Realtor will have developed some sort of lead generation or reciprocal relationship that is not necessarily to your benefit, so do your homework and check online reviews and other sources of information to ensure you will have the best possible representation in your transaction. Good luck.
0 votes Thank Flag Link Mon Jun 3, 2013
Shortly: no. As a buyer you are responsible for the lender part of the deal. Someone you trust, feel comfortable to work with and one you decide will give you the best product for your needs. An agent can recomed to you not only one but several lenders but ultimately is up to you to decide. Too much to elaborate over this subject.
0 votes Thank Flag Link Sun Jun 2, 2013
I would think if a lender is recommending a Realtor to you it is because the Lender thinks you would be a good fit for one another and has confidence the Realtor will provide good representation for you.
That said, you have the right to work with any Lender and/or Realtor you choose.
0 votes Thank Flag Link Sun Jun 2, 2013
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