Home Buying in 55422>Question Details

Carrie, Home Buyer in Minnesota

Can I change realtors and loan officers?

Asked by Carrie, Minnesota Thu Jan 29, 2009

Hi! My husband and I are first time home buyers and found a realtor through the internet. She works on your own as a loan officer/realtor. I did not have a good feeling about her the moment we stepped in her office, but my husband insisted we give her a try. She is a legitimate realtor. As she was taking our information for the loan process, she skipped a lot of common questions like car payments, etc. We were preapprove, but later found out she only used my husband's income. Shouldn't she had told us this information when proceeding witht he application? I don't like the fact that she doesnt tell us important information, untill we ask. I know its good to do your research before, but I literally feel like I have to know eeverything about the loan process and closings/offers to not miss anything. I feel if we continue to use her, we'll never know the little things we should know about. We did put in an offer for a home, which I think she did a crappy job on.

Help the community by answering this question:

Answers

10
CArrie
You can work with whomever you want.
Building trust is an important part of the home buying process.

You might want to read the Realtors Code of Ethics. If you deal with a Realtor, it is more than just a licensed person.

Good luck. If you would like a referral to a great REaltor in your area, let me know.
1 vote Thank Flag Link Thu Jan 29, 2009
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
Is the offer your agent presented on your behalf still in negotiations? If so, you may be bound to have this agent represent you unless something really egregious happens. Please read the contract you have between her and you.

If you are that unhappy, you should seek advice elsewhere, but you cannot sign another contract unless/until you have severed ties with the first agent.

Please let me know if you wish to have further communication about representation. Good luck!
1 vote Thank Flag Link Thu Jan 29, 2009
Carrie,

Sorry to hear about you bad experience it is very unfortunate, not all realtors and loan officers are like this and I would recommend that you talk to your friends, relatives, or co workers and see if they have anyone they would refer, or check to see if there are any complaints on file at the MN Commissioner of Commerce Office for the next agent you hire. You certainly have the right to fire your agent, you should re-read the contract between you and your agent to see what the cancelation language say's.

Good Luck!
Web Reference: http://www.jmsemler.com
1 vote Thank Flag Link Thu Jan 29, 2009
Hi Carrie

Regret to hear of your challenges and issues with your Realtor. Clearly, there is lack of trust, doubts about capabilities. Clearly there is a lot going on for your Realtor in managing the detailed loan paper work now required as well as managing the real estate buying transaction.

If your transaction is still in process you need to continue with your Realtor, if your buy offer did not pan out
Then it maybe prudent to move on.

Trust you have not signed any agreement with her.

Best regards
Perry
Web Reference: http://www.ruthandperry.com
0 votes Thank Flag Link Wed Aug 4, 2010
If you dont feel comfortable with her then its not a good sign. You should always feel the person you are hiring to help you with the biggest purchase of your life is there to help you and guide you.
Web Reference: http://www.lennyfrolov.com
0 votes Thank Flag Link Fri Jan 15, 2010
If you dont feel comfortable with her then its not a good sign. You should always feel the person you are hiring to help you with the biggest purchase of your life is there to help you and guide you.
Web Reference: http://www.lennyfrolov.com
0 votes Thank Flag Link Fri Jan 15, 2010
Hi Carrie,

You have gotten some great information. The best I can say is to trust your instincts! Good luck.
0 votes Thank Flag Link Sat Jan 31, 2009
You have gotten advice about contacting the broker and possible cancellation of the contract. I'll just add a couple of things. If your agent is also a loan officer she must be working as a loan officer for a company that does not do FHA loan. Loan officers are no longer allowed to have a real estate license and originate FHA loans. This is only important if an FHA loan would have been better for you. Car payments and credit card information comes up on your Credit Report and is usually more accurate than the applicants memory. Using just your husband's income would be the case if she could only use your husbands credit history and scores. If you qualify with just your husbands income and credit it was probably done to get you the best rate with the least amount of underwriting problems. All these items should have been discussed with you but they are not unusual things to do in a loan process. Talk to her and voice your concerns.

Best of Luck
Devery Weeks
0 votes Thank Flag Link Fri Jan 30, 2009
Carrie,

Most MN contracts for representation contain a cancellation clause - you will need to review your documents and find out what is required to cancel your contract. In most situation (on MAR Approved Forms) contracts can be cancelled by mutual written consent. If your agent won't let you out of the contract you can certainly ask the broker to be reassigned to another agent.

As far as switching loan officers. As long as you haven't signed a contract to have her represent you on the loan (very rare but possible) you should be able to switch loan officers at will.

Good luck with your purchase.

Cameron Piper
Web Reference: http://www.campiper.com
0 votes Thank Flag Link Fri Jan 30, 2009
Just know that this is one of the largest investments you will make in your lifetime. If your gut says somethings wrong, somethings wrong. If you ARE in a contract of sale already and you still don't like the agent, call the broker and see if he/she will step in to help. In my line of work, this is the solution we use with this situation.
0 votes Thank Flag Link Thu Jan 29, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer