Use the same realtor to buy the house and handle mortgage application?

Asked by Julia, Los Angeles County, CA Sat Mar 2, 2013

I have some doubts about using the same realtor to handle buying and mortgage.

I had a realtor handling buying and mortgage. When we were going to submit offers, the realtor asked me to submit higher prices than I wanted. Plus other things, finally I decided not to work with that realtor any more. I have to find another realtor.

However, this time I have hesitation to use the same realtor to handle buying and mortgage.

The mortgage application requires my social security number(SSN), and other personal information, (e.g. birth date, address, bank account information). Using multiple realtors to handle buying and mortgage means I will spread my personal information among all these people which I don't really know. I am seriously concerned about identify thief.

My question is, should I use the same realtor to handling buying and mortgage, or should I use a lender broker separately to handle mortgage? What do people normally do to handle this situation? Please advise. Thank you.

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Allan S Glass, Agent, Los Angeles, CA
Sat Mar 2, 2013
Dear Julia,

Your concern is valid and one worth discussing. It also seems from your question that your concern is two fold.

First, is it safe to share personal financial information with a real estate professional and does the risk of that information falling into the wrong hands increase each time you share it.

Second, you seem to be uncomfortable with the real estate professional you've chosen to represent you while finding a home.

To the first point, real estate professionals "should" be exactly that, professional. These professionals should handle your personal information with proper care. Ensuring those you chose to work with fall into this category depends on your diligence. You should not work with someone on such an important transaction without full faith and trust in their capabilities. If you get a bad feeling, choose someone else.

To your second concern, there are several strategies you and your chosen agent may use to get your offer accepted. Regardless, the one you implement should be one you agree with. If your agent is insistent even after you've asserted your objections you may again choose to move on to another agent to represent you.

It's worth noting that sharing personal information in a real estate transaction is both common and necessary in order to complete a transaction. How many professionals you use to help you complete the deal should have little to no bearing on how safely your personal information will be handled so long as you use common sense and diligence in choosing your representatives.

Best of luck!
Allan S. Glass
ASG Real Estate Inc. ®
149 S. Barrington Ave, Suite #660
Los Angeles . CA 90049
Mobile: 213.952.9052
Direct: 213.973.8637 (213.97.FUNDS)
Fax: 213.947.4461
CA License: 01154002


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1 vote
Kawain Payne, Agent, Seal Beach, CA
Tue May 28, 2013
You can do this, but I do not recommend it.

I truly believe buyers are better served when they use dedicated professionals for services. I like to allow realtors to handle real estate related work...Lenders do the financing and lawyers handle any legal questions

Some of us may be jacks of all trades, but in buying a home lean to professionals who are master in ONE!

Best of success to you!!!

Kawain Payne, Realtor
0 votes
Andrew richa…, , Texas
Mon May 27, 2013
yes you can use it thesane realtor
0 votes
Gail Mercedes…, Agent, Los Angeles, CA
Mon May 27, 2013
There can be a conflict of interest if realtor represents you on purchase and also on the mortgage. I am a realtor but not a mortgage broker. Will give 100% for buyer's home purchase, but will not handle mortgage. Therefore, I suggest that buyers use independent direct lender. Normally, realtor in for purchasing or selling property. Separate, the mortgage broker facilitates loan.

Gail Mercedes Cole
EXP Realty
(310) 853-9933
0 votes
Gregorio Den…, , San Diego, CA
Sun Mar 3, 2013
I suggest you use a licensed loan officer who is also DRE licensed in California, but not actively working as an agent. This way you have someone who holds the same license as a Realtor but specializes in mortgages.
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0 votes
John Walin, Agent, Libertyville, IL
Sat Mar 2, 2013
I dont see how it is in your best interest to have your agent also be the source of the mortgage. We as agents are to place your interests ahead of our own and dont see how the mortgage piece advances that ethics requirement.
0 votes
Xochilt Ortiz, , Los Angeles, CA
Sat Mar 2, 2013
Hi Julia,

I'm sorry to hear about your situation. It sounds like a major issue of trust. Which ever agent you choose to work with should be building a personal relationship with you. After all they are there to help and direct you into a major life decision. Buying a house is no little thing.

I personally don't think that a agent doing both should be an issue of concern. Many agents work close with loan brokers and lenders. They are not necessarily doing it all alone. I for example work well with a broker who I have a great relationship with. I trust him for my clients because I have used him personally. If he is good enough for me he is good enough for my clients.

Plus, an agent may want to ask questions and prequalify you to make sure you are serious.

My advise to you, is get to know you agent. Talk to that person and make sure you express any concerns upfront. If you want to have better control of your information you can go directly with your personal bank. They all ready have access to your social and other relative info.

Xochilt Ortiz
The Real Estate Group
0 votes
carlos parra…, Other Pro, Monrovia, CA
Sat Mar 2, 2013
You should handle mortgage application yourself with separate mortgage broker.
0 votes
allan erps,A…, Agent, Pearl River, NY
Sat Mar 2, 2013
It is your decision, but if not comfortable go with your instincts!
0 votes
Dorene Slavi…, Agent, Torrance, CA
Sat Mar 2, 2013
Hi Julia,

I personally prefer to separate the two jobs because they are specialized fields and it's not easy to be up on both at the same times.
When you work with a Realtor or a loan officer there has to be an element of trust between you. For some reason, it does sound like this essential ingredient is missing. I believe this will cause issues for you when asking for advice, negotiating and making decisions, and might turn your home buying into a very stressful situation for you.
So here's my advice:
Begin to interview Realtors and settle on one who you can develop a good rapport with.
You can easily use your "own" bank to finance your loan, get your pre-approval there and allow them to handle your loan.
Best of Luck to you!
0 votes
Endre Barath, Agent, Beverly Hills, CA
Sat Mar 2, 2013
Julia, I find that Realtors who work for a large Real Estate Brokers specialize in representing the buyer and the seller. They usually find you a reputable Mortgage Broker or Mortgage Lender who specializes in finding the best loans for their buyers' needs. On the other hand small mom and pop Real Estate companies or one person operations want not only the Real Estate Commissions but the Mortgage Commissions as well. Personally I am not a big fan of that because what is the old saying....if you are into too many things you become the master of none....

As a Realtor we have Fiduciary Responsibilities to our Buyers and/or Sellers and by also being the Mortgage Broker I think this creates a "fine line" to maneuver, at least from a perception....what is the old saying: Perception is Realtity?

Should you need a Realtor who will focus on your needs 100 per cent feel free to reach out to me directly.

Endre Barath,Jr. Prudential California Realty, Beverly Hills, 310.486.1002(m)
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0 votes
Janey Bishop, Agent, Calabasas, CA
Sat Mar 2, 2013
It is less common to see a realtor/loan officer because there is a lot of activity for each aspect but there is no reason someone good couldn't do it.

Our area is hot right now so if you don't make a strong offer you won't get the property. The first agent may have been giving you good advice.

Find someone good and then trust their professional opinion.

If you're looking in the San Fernando Valley I would be happy to help you.
0 votes
Susan Bo'ur, Agent, Manhattan Beach, CA
Sat Mar 2, 2013
Hi Julia,
Clearly this is a concern for you. I would suggest then you keep the two seperate. A realtor has no need for your social security number.
I'd be more than happy to assist.
Susan Bo'ur Realtor
Coldwell Banker
(310) 600-4240
0 votes
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