Could I use the same lender and agent as seller?

Asked by Melanie Garcia, Newark, CA Thu Mar 25, 2010

I would like to buy my mothers home for the cost of $216,000... and i would like to save on closing costs..
if I get a mortgage loan with her current lender would that help me save?

Also, could we both use the same real estate agent??

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Anna M Brocco, Agent, Williston Park, NY
Thu Mar 25, 2010
If you are purchasing the property from your Mother, you really don't need an agent, however you do need the services of an attorney who specializes in real estate for all related paperwork, general advice, etc.--As for a mortgage use any lender you would like.
1 vote
Elizabeth Me…, , Rockaway, NJ
Sat Aug 13, 2011
You don't need a real estate agent to buy your mother's house. If your mother has the house listed, work through her realtor. If she hasn't listed the house, just ask someone to draw up a contract for you and take it from there. It doesn't make sense for your mother to give away 5% or more of her money to a realtor if she's going to sell to you, and you've already agreed upon the price.

Shop for a mortgage loan to get the best rate. Using your mother's lender may or may not help you save money.
0 votes
Dorene Slavi…, Agent, Torrance, CA
Fri Aug 12, 2011
Dear Melanie,
Using the same agent will not save you any money. Even using the same mortgage company won't help. You might save lots of money by working with a great negotiatior who is YOUR buyer agent. That's their job . It's not t he listing agent's job to save you money but to get the most money possible for the seller.
0 votes
Ron Thomas, Agent, Fresno, CA
Fri Aug 12, 2011
wrong, Anna,
we don't use an Attorney in California like you do in N.Y.
0 votes
Rodney Mason, Mortgage Broker Or Lender, Atlanta, GA
Fri Aug 12, 2011
Each new mortgage comes with its own closing costs. There would be no monetary savings by using your mother's current mortgage company. As Jane stated, since you are purchasing from a family member, it will be considered a non-arms length transaction.
0 votes
Jane Pacheco, Agent, Fremont, CA
Thu Jul 29, 2010

Work with the lender that gives you the best deal, and the one you feel most comfortable with. Know that since this is a non-arms length transaction, there will be a lot of scrutiny in the underwriting review process.

As for hiring a real estate agent, you don't really need to hire agents for this transaction, although doing so won't hurt. Since you are the buyer, you don't need to be represented by an agent in dealing with your mother as the seller (unless you feel you need it). If you know the purchase process, and have a valid purchase agreement, your purchase should not have a problem.

I'm always available for your questions.

Jane Pacheco
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0 votes
Matthew Bart…, Agent, Glendora, CA
Fri Mar 26, 2010
Hi Melanie,

As long as you feel comfortable & confident that they are the best agent to represent you. Yes, you may use the same Lender and Realtor to assist you in the purchase of your mothers home. With regards to any savings with the Lender, you would have to confirm that with them directly. It certainly would not hurt to ask the question. I would also recommend that you speak with a couple more Lenders to secure additional quotes to make sure you receive the best possible deal. Best wishes!

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