Robert T Gorman

Mike

I am both a Real Estate Broker and a mortgage loan officer in CT . When working with a buyer client I stress the very competitive nature of the mortgage business and that no one really knows for sure what the best deal is on financing since it is so much of a commodity these days. I can't say that I have the lowest rate, fees or best approval procees because I may not. But I do know that I earn a fair income in any mortgage I provide and never have to defend it as excessive.
I sometimes have people choose to have me do both. In some cases I have offered to do the mortgage with no income (this is not a standing offer).
In all cases, I have represented the client with the greatest level of service I could regardless of whether I was earning 1 commission or 2 . The priviledge of representing someone in the purchase of their home and the responsibility it carries to do the right thing for the client should be in the forefront of any practitioner who is able to provide both services.
One observation I'll make when it comes to the mortgage business in 2008 is that there are some lenders out there offering great deals for purchases. As a Realtor I want my client to know of those lenders even though they don't work with mortgage brokers. A satisfied real estate client is far more valuable than a satisfied mortgage client.
You should keep in mind the fact that you as the client always have the right to switch to another loan officer for your mortgage for any reason. You may have seen an ad with a better deal or may have found the service on the mortgage application to be less than you desired. Local customs may require you to pay a fee up front with any application, check this for your area before applying with a second lender.

Happy House Hunting to You! - Tue Apr 1 2008, 19:21

Gena

NAR published a figure of less than 3% of home selling as the result of a public open house.

An agent I worked with had one streak where 3 of 4 listings sold from public open houses he ran.

Rob Gorman - Thu Mar 6 2008, 21:23

Chad

According to the NAR statistics most recently compiled the buyers of properties see 9 before purchasing.
Since this is an average it may have little meaning to most people.
Interestingly, NAR doesn't publish a similar figure for how many showings a listing may average prior to a sale.
Keep in mind that in the current media barrage of woeful real estate doom and gloom sound bites, any meaningful data from the past has no relavence.

Rob Gorman - Thu Mar 6 2008, 21:02