Home Selling in California>Question Details

Scott Messier, Real Estate Pro in Solana Beach, CA

When you list a home for sale do you ever get contacted by the buyer's Mortgage Broker?

Asked by Scott Messier, Solana Beach, CA Thu Oct 4, 2007

I was curious on what percentage of your listings under contract do you get a personal call, email or status update on the buyer's loan? Have you ever received business cards, a follow up fax, an introduction letter or any marketing piece from the lender? My team tries to make it a point to notify and update the listing agent on all new purchase transactions so EVERYONE is aware of what's going on good or Bad! Thanks for the input.

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Hi Scott. No, I have never received a call or update from the buyer's LO. I believe that it's the job of the buyer's agent to keep me posted and to let me know if there's a problem. If I don't receive the information that I should receive, I contact the buyer's agent first. I had one transaction in which the buyer's agent went on a two-week vacation during the time when the buyer was supposed to remove contingencies, including loan contingencies. I contacted the loan broker directly to inquire about the status of the loan. I believe that the buyer's LO is limited on what he/she can share with the listing agent due to privacy concerns. Unless there are issues that jeopardize the closing of the escrow, I would not expect tha the buyer's LO shares with me what obstacles they had to overcome. I care about the pre-approval letter, appraisal and verification of funds to close, inspections and removal of contingencies in a timely fashion. I met one of my preferred LOs when he represented the buyer of one of my listings. He never initiated contact with me, but the buyer's agent kept me apprised of everything I needed to know, including the LOs trip to San Francisco to meet with the buyer for loan signing to ensure a timely closing (that's a 6-hour round trip). I have to admit that it would have felt strange if the LO had contacted me to let me know that he was going to meet with the buyer in S.F. to get loan documents signed. It was I who contacted the buyer's LO after the close of escrow as I was impressed with his willingness to go above and beyond the call of duty.
Web Reference: http://www.go2kw.com
1 vote Thank Flag Link Fri Oct 5, 2007
Ute Ferdig -…, Real Estate Pro in Newcastle, CA
MVP'08
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Amazingly, I have never received any notification from the buyer's mortgage broker automatically.

I am sure if you provide that service, the agents will love that. However, I do get pre-apporval letters from the mortgage broker, so I am not sure it that counts a busiess card/follow up fax, or intruduction letter. Also, I am not quite sure what you meant by 'New' purchase transaction. Do you just inform the L.A. when the contract first went into escrow, or do you notify both listing and purchase agents along the way?

When you are a listing agent, you are always worried about whether the loan can go through. The worst part is when the mortgage brokers do not return your phone calls - yes, that have happened to me, you automatically assume that there is problem with the loan; which can add strain to the transaction, whether it's true or not. So, communication is very important.

If you provide this kind of service, I am sure you will be loved by all the Realtors. I know you are an expert on this but I am sure you have already received O.K from the buyers to do so.

Also, along with the problem I stated above from the listing agent side, if there there is problem with the loan; and it is way before loan contingency removal time, and buyers and buyers' agent are aware of the problem and are trying to work that out somehow. They might not want to get the sellers panic at that stage. But if you are contacted by the listing agent, I think you want to convey all that truthfully, with the clarification that the problem is being worked on. Either way, I think you want to consult the buyer agent on how to communicate that fact.

Sylvia
0 votes Thank Flag Link Sat Oct 6, 2007
Sylvia Barry,…, Real Estate Pro in Novato, CA
MVP'08
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Jim,
You have charm that I lack because your batting average is so much better than mine. I am so jealous :-)
Deborah
0 votes Thank Flag Link Fri Oct 5, 2007
Deborah Madey, Real Estate Pro in Red Bank, NJ
MVP'08
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In the past fifteen years,on about 80 financed listings I would estimate that the buyers loan officer maintained adequate contact without too much prompting about half the time, the other half required additional effort on my part or the lender preferred to route everything through the buyers agent. Once it gets to the doc drawing and funding department, I have had to go over the mortgage brokers head and harass the funding company directly.a few times. About one in ten times I am impressed enough with the performance of a (new to me) LO enough to even want a business card for my rolodex. Often it is not the LO's fault but it was their processor, their underwriter, their appraiser, the review appraiser, the quality control reviewer, their conduit, their investor, their doc drawer, or their funder. Most often it is because the buyer didn't provide documents, or conditions,. an insurance binder, or good funds to closing that they clearly knew about (but my seller, the buyers agent and I didn't know about, and the buyer didn't understand)
0 votes Thank Flag Link Fri Oct 5, 2007
Jim Walker, Real Estate Pro in Carmichael, CA
MVP'08
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This goes with the saying "nothing happens by accident", no I am never contacted by the buyers agent Mortgage Broker. I always contact them and keep an eye on the process, if they seem a little put off by the call that becomes the first red flag.
Web Reference: http://www.MichaelRicks.com
0 votes Thank Flag Link Fri Oct 5, 2007
Scott, Just as Deborah said- they have never called me unsolicited- but I contact them to try and make certain that things will move along smoothly. I'd probably fall over if they initiated the call first!
0 votes Thank Flag Link Fri Oct 5, 2007
As a listing agent I always contact the buyers mortgage broker to check on buyers financing and contact info on the appraisal. I usually do a weekly follow up but the calls are usually initiated on my side.
0 votes Thank Flag Link Thu Oct 4, 2007
Pam Winterba…, Real Estate Pro in San Ramon, CA
MVP'08
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I have never received a call from the buyers mortgage broker that was unsolicited. I have initiated contact myself to obtain updates and information on the buyers loan. I have met every kind of response imaginable. I have been ignored, given a courtesy call back with minimal or no information, and received calls from mortgage brokers who were terrific and helpful.

I say hats off and thumbs up to the mortgage broker who keeps everyone in the loop.
0 votes Thank Flag Link Thu Oct 4, 2007
Deborah Madey, Real Estate Pro in Red Bank, NJ
MVP'08
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Everytime. I personally follow up, to help insure the deal happens, and in a timely manner as best as possible.
Web Reference: http://www.iansellsnola.com
0 votes Thank Flag Link Thu Oct 4, 2007
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