Choosing the right Real Estate or Mortgage professional to assist you in the purchase of your home must be a very careful one. It is very evident that every day I hear stories or rather horror stories on how the agent did not give them all the information, or the loan officer promised them something and delivered something else.
Consumers must understand the intricacies of the transaction and handing your purchase to unprofessional people can be catastrophic. The biggest problem I see with today’s consumers is that they read up online about buying or selling a home but little do they REALLY understand what a purchase contract says or means. I know that many of you will disagree with me, but that is the truth.
Giving you an example- I have a buyer in a transaction on a home where the seller is buying a move up home. Our purchase is contingent on the seller’s purchase of their home. Easy, right? No its not ! The listing agent is a novice and has no idea what is going on. This person is a part time agent who has no clue on the implications of incomplete and wrongfully answered disclosures. This is a explosive mine for lawsuits. I have had this agent correct the disclosures three times already and yet they are incomplete. It is the seller’s agent’s responsibility to ensure that the seller answers all the disclosures truthfully, disclosing everything. Material facts hidden from buyers can be a major legal wrangle !!
Even with loan officers, in my experience over the last 9 years- having tried and tested many of them- choose the one who can get the loan done ! Very often I have seen consumers get enticed by the lower rate but what good is the rate when your deal cannot be closed? Not once but multiple times it has happened in my career when the consumer insisted on using a lender who was giving lower rates. Only to find out half way through that the rate never existed, or some God forsaken condition hit them in underwriting. This is called a classic bait and switch and many have fallen prey to it.
With the large national banks, choose carefully. There are many who are infamous for never completing the transactions on time. Trust your real estate professional( provided you chose the right one) to guide you to the right loan officer who will be professional in their execution of the loan. Be careful of shark agents and loan officers who throw money at your face to buy your business. More than likely, you will never see them again. Buying or selling your home is the largest transaction of your life…. would you trust that to someone who is not doing this business full time? Or trust your life’s savings to someone who is bribing you to do business with them? I have repeatedly seen folks fall prey to that age old trick. Take this visual with you- when you are buying or selling an expensive piece of jewelry, would you transact with a reputable jeweler or the mall kiosk? THINK !!