I feel that as agents we should be able to answer basic questions regarding mortgages but then tell the buyer for more details and specifics that they should really be asking the mortgage professional. This is just like when a loan officer gets asked real estate questions they should know surface things, but always referr to us as real estate agents.
Trust me, I get irratated too when lenders tell my buyers stuff like you never offer more than at least 10 -20% off of the asking price in this market for example. (True example by the way.) True if the house is not priced right, but not true when a house is priced to sell and there are 2 other offers on the table.
I can appreciate where you are coming from. We should always be helping each other out and referring back and forth to each other.
good luck out there!
Century 21 Tri-Dam Realty
Therefore it allows the realtor to bring in additional business for all assist the buyer or seller
Many very seasoned real estate agents should be a loan officer in some instances they know more than loan officers out there.
>>> "Realtors feel it's necessary to answer questions in finance when they have no clue what they are?.." >>>
Excellent question ...
This topic has been brought up many times, just under different subjects ... usually it gets shot down because everyone pretends it doesn't happen and hope no one will notice and it will quietly go away - it doesn't.
This is just one of the many that never get answered: "What do pros think about pros from outside their area answering "local" questions?"
Why do some realtors in California feel it's necessary to give property values in Virginia .. or, why do some realtors in New Jersey feels it's necessary to give values in Georgia.? .. or home inspectors, appraisers, etc etc ...
Consumers couldn't be anymore confused ....
Most agents are trying to do this stuff the old fashioned way. Asking for the business, drumming up referrals for their cronies so they can get referrals back from the same cronies. Some are shameless, others are well intentioned. It is a learning curve, when I first came to Trulia I posted my info at the bottom, until someone kindly pointed out the mustard on my tie.
Many of us Realtors are proficient in financing; however, the nuances are best handled by the loan professionals who are suited for this on a day to day basis. We attempt to be knowledgeable in a broad scope but some times we need a professional.
Bill K, the question really had to do with Trulia about answering posts without any substantial information.
There are a lot of Realtors who know a lot about loans, things are changing every day now (like you said Bill S), were seeing 4-5 rate changes per day, programs disappearing before we know about it, underwriting changes, I still have a stated/stated product which I'm just waiting to disappear, etc. It's a lot to keep up with.
Here is a good site if you haven't seen it yet: http://ml-implode.com/
I have to agree with you. It is enough to keep up with our end of the business to also try to stay on top of your end as well. I always advise our brokers to refer their buyers to a lender to answer their questions about mortgages since we don't usually know what the current requirements are at any point in time. I am sure that there are real estate sales people out there who still think 100% financing is readily available to even marginally qualified buyers.
At least this is what I do when I do not happen to know the answer.
Hope this helps.
RE/MAX Masters, Inc.