Real Estate is a hard enough gig these days with cooperation but without cooperation it can be just pure havoc! If only people would realize it takes an entire team to get a transaction closed.
If one person drops the ball someone else must intercept. Sounds like football..Nah..I say it's teamwork...plain and simple. T-E-A-M 
W-O-R-K!
If you pick up a key, return it, how hard can it be? If we made the arrangements for you to have the key in a timely fashion, why is it so difficult to return the key once you are done.
Be cautious in how you address me. Please don't be offended or yell about "The Offer!" It's an offer and your snide remarks may prevent the buyer to negotiate any further and influence the seller into not countering.
Your sarcasm and your personal opinion is not necessary. It is your responsibility as a Realtor to present all offers regardless of how you feel about them personally.
Why do you insist on acting as an attorney? Why would you hand write your clauses in addendum's when we have so many to choose from that were written by the Florida Bar and Realtors?
If you are going to use MLS stat's against us, make sure your information is accurate. We have memberships in 4 of the local boards, don't assume all our stat's go into one board!
If you are showing houses, how could you not have any business cards on you? It's simple no business card, no entry in our listings. How are we providing protection by allowing a so called professional in their house and no business card.
Continue to bring in unqualified buyers Why would you put yourself through this? Why would you put a seller through this? Imagine getting an offer, accepting it and taking the property off the market and loosing valuable market time. Why on earth would you do this to someone? Why?
If you are not seasoned and well versed in selling commercial real estate or pre-foreclosures, Why are you doing it? What right do you have to play with people's lives? Take classes and learn. Can seller's really afford to be a Guinea pig right now! 25% of something is better than nothing!
Why are your requesting feedback on your overpriced listing and then get upset when I don't return your call? Do you honestly need my feedback on an overpriced listing when you have the comps and the seller was provided a CMA by YOU!
Why Issue Pre-approvals without pulling credit and doing your homework? Without doing your homework and pulling credit your pre-approval is as valuable as a handwritten approval on a napkin written by me!
Get the message....worthless!
Where's the Good Faith Estimate? Often times, I ask a buyer for their good faith estimate, why, because I plan on selling a house! I want to know the price and terms that is needed to write a good sound offer.
Will there be closing cost contributions or a specific way the contract needs to be written in order for it to be accepted by the lender?
For me, I want to do it right the first time.
Why not include taxes and insurance in your good faith estimate? Aren't these numbers important enough to be included in the monthly payment. Why should we have to attempt to calculate or estimate? Remember you are the financial expert and I am the real estate expert and I need your help!
Why do you insist on the buyer using your appraiser when they have someone else in mind? Is that legal? Is it really a requirement? Do you think the buyer feels comfortable using your personal appraiser?
Part of your job requirement is to sometimes give bad news. That means you should have a good idea whether you can do a loan or not! Don't make people hopeful by delaying the inevitable. If they do not qualify tell us! Let us know. Why waste our valuable time, energy and level of expertise on someone who cannot benefit from our services today?
If a lender discontinues a loan program why can't you be honest enough to tell us? Instead of me speculating and questioning your ability, tell me.
If you can't do the loan, you can't do the loan.
Be a person of your word! So if you tell me you are going to call me or e-mail me within a certain time-frame, do it! If you are going to shop for lenders do so and get back to me.
If you tell the customer your are going to call then do me a favor just do it!
Why can't you get a transaction closed in a timely fashion. If you tell us you can close within 3weeks, then close in 3weeks.
You dictate the time-lines....so be truthful. Don't tell us what we want to hear, tell us the truth!
I say live by the golden rule, do what is right! Cooperation is vital in customer relations. If you think a customer won't notice...Trust me they will. Why take the risk? Real Estate Agents and Loan Officers really need to support one another! Build relationships and understand how the other works. In most instances we can't have one without the other! Can't we all just get along?
Nice post Midori ----
also you should add for loan officers - ( which is a requirement in my company ) no commitment letter will be issued without reviewing bank statements, W 2's and paystubs..............
MM,
Amen! It takes effort from everyone in todays RE market to close a transaction.
Good variation of points. One thought, though. Why do you need the GFE to tell you the loan amount and seller contribution? A pre-approval letter will state how much is being lent and the Seller Contribution required. Your cleint can tell you. You could even call the LO!
As for the buyer steering the appraisal to their buddy - that is hardly objective from a lender's point of view.
Very well said!
Unfortunately you'll always have issues like these when entry into a profession is as easy as it for Realtors and Mortgage Brokers.
Hopefully this downturn will weed out those that give the rest a bad name.
Midori, I will comment on a couple of things:
Re keys, don't you use lockboxes? The Supra box we use in AZ records entry, hence, less need for cards.
I have 10 years in the business, never have sold a short or preforclosure. That means if I have your buyer, I'll need your help. I will respect you, but I will request and expect it. I will not do commercial or land, I'll refer them.
I have a couple of nice Arizona properties, when you get tired of hurricanes, bugs and gators, bring me an offer, any offer. We can work it out.
Don't get me started on Loan Officers. If the buyer brings them, BE AFRAID.
Well...to the point...no doubt about it!
Good Post!
Midori......
REALLY NOW.......... how do you really feel about this?? hehehehehe!
In any profession it is the lazy, incompetent people
who pull down the reputation of a group.
I wish it was not like that... it is sad but TRUE....
That is why I have GREAT contacts and associates LIKE YOU, SIS!!
Missy-I agree teamwork! thanks for commenting
Sally-I was going to add escrow but it would have been longer....but I agree....thank you for commenting
Lewis- Ok! My biggest gripe is don't tell me someone is approved and issue no letter, don't tell me you can do it and not call me back when you said you would let me know by 4! I think if Loan officers have to guts to say to me they can do the loan...we'll back it up! Thanks for commenting
Midori,
As long as the other party gets a long with me and is respectful than I reciprocate...it is when the bad-boys hide from me and the spanking they will get:) The theory of follow up? Does anyone respect that?
Scott-Thanks and I enjoy when you visit.... :)
Alan-I like the good faith estimate for many reasons. For one I am a former mortgage broker.. Just like an application or a contract...humans fill it out....sometimes humans forget to place vital information such as taxes insurance.... As realtors we need to know this. Closing costs needed etc. etc. An approval letter is just that and in most instances I have never seen an approval letter specify closing costs or a break down of their monthly. These are all important components of writing a sales contract.
It's an estimate but I want to see how far or how close the estimation is. It's required by law right? Do you know how many times I have worked with people and they never got a good faith estimate. See Alan we are the real estate experts so we go to loan officers for financial expertise. A good faith estimate says a lot in regards to expertise.
Armando-this post really was to say that we need each other, we don't always like working together but we need each other and we need to understand how the other works. Often times a realtor has no clue as to the entire loan process. thanks for commenting
Jayne-Thanks for commenting
Bill-thank you...
Jim- Our office is located outside a subdivision called Pelican Bay, it is a gated community. We have many listings there and the keys are in the office. Why you ask? You have to pass our office to get in or out of the community. Some are on lockbox and some you have to pick up the key. So if we make the key available to you....return it on your way out!
Not sure how to take your second comment but I will tell you we recently had an incident where a deal went south why, listing agent had no idea how to handle a short sale! We are ranked in the top 3 nationwide. You tell me is it right to handle a short sale and risk foreclosure when you don't have a clue? How about with commercial real estate? Do you have any idea how many commercial deals go south because one of the agents have never done it before? As professionals we have to decide what we should and should not be doing. Its an individual decision....I say do what's right for the customer.
I love Arizona and I would love to move to Sedona....my hubby wouldn't be too thrilled. I do love Florida, hurricanes don't bother me but I admit we have the biggest bugs you have ever seen. Still adjusting to the Daytona Beach bugs....much bigger and scarier and different from the south florida bugs. The upside is here we have lightening bugs I haven't seen them since I was a little girl in PA. If ever I decide to move that way I will be sure to contact you.....
As far as buyer's and their loan officers, yes it's scary....fortunately we do provide Mortgage services through Century 21 Mortgage. Definite answer...yes or no....that simple. We run into problems when we use outside loan officers...I can't and won't say always but it seems to be the trend in most cases.
Joan-Thanks for your comments and I appreciate you stopping by.
Julie-Can you tell that I have had a challening 2 weeks? Yes I have felt this way many times throughout my career. It is a lot easier if everyone works as a team! Thanks for commenting
Hi Alex-I don't think it's lazy people, we are just dealing with people. We live in a time where everyone blames the other but never to pay attention to what the other person does for the transactions. There are lots of agents and loan officers who do not understand what the other does or goes through. We are a team...we need to work together and act like it. Thanks so much for commenting
Neal-I do respect follow up...if promised I expect it. Everyone sets the parameters so if you tell me you are going to call....well there you go! I treat everyone as good as they will allow me too...sometimes too defensive gets on my last nerve. The blame game...it gets on my nerves....I say just do what you say.
Diane-Now you know how I feel about overpriced properties. But we have to take a stand...otherwise no one will be selling properties. Yes I agree the DOM is a clear indication. Thanks for commenting
Midori,
You go Girl!!!! Well done, I got the point, even though I already follow the good guidelines anyway :0)
Tom Weiss
Midori, just curious about the lockbox thing, here I have never had to go to a listing office for a key.
I wouldn't list a short sale, but I would offer on one. That's what I meant.
Hi Tom-Good....Based on what you do online and what you write about I would say you are one of the good guys. I do think realtors and loan officers need to learn how to work better side by side. Thanks for commenting
Jim-We don't encourage owners to not use lockboxes. It's just in that particular subdivision we are right outside the guard and you have to go by our office to get into the development. Most of our properties are on lockbox as we provide them to the agents. Pretty nice huh? I wasn't sure what you were trying to say and I was trying hard not to offend. Thanks for clarifying.
Gary-Thank you!!! I guess old salts have a lot to share! BTW my husband Navy. Thanks always for your support and I will see you on your post.
Lots to read but lots of good info here. Thank you.
Rich
IN FLORIDA, GEORGIA AND LOTS OF OTHER STATES YOU CAN ACT IN DUAL CAPACITY, BE THE REALTOR AND THE LOAN OFFICER. OF COURSE YOU WANT TO JOIN A REPUTABLE COMPANY AND ONE THAT HAS A GOOD ARRAY OF PRODUCTS, LENDERS, PROCESSORS AND SUPPORT. IT IS MUCH BETTER TO WORK FOR A LENDER/BROKER THAN JUST A LENDER WITH LIMITED RESOURCES. MY COMPANY HAS SUCH CAPABILITY AND WE WILL TRAIN YOU AND SHOW YOU THE ROPES, WE DO ALL TYPES OF RESIDENTIAL LOANS, CONVENTIONAL, FHA,VA, ETC, AND EVEN COMMERCIAL LOANS,BUT MOST IMPORTANTLY, YOU BEING THE L.O. ARE THE ONE ORIGINATING THE LOAN, MAKING THE GOOD FAITH ESTIMATES, KNOW WHAT IS GOING ON WITH THE LOAN FROM THE INSIDE OUT,DON'T HAVE TO WAIT ON ANYONE TO GIVE A PREAPPROVAL, PULL YOUR OWN CREDIT REPORT, SELL THE DEAL RIGHT AWAY! HAVE CONTROL, AND MAKE 50% COMMISION! IF ANYBODY IS INTERESTED, SEND ME AN EMAIL. I AM LOOKING FOR REALTORS-LOAN ORIGINATORS IN THE STATES OF FLORIDA,GEORGIA, VIRGINIA FOR NOW. TROY
rakest@comcast.net
Hi Midori,
Good post, I have to say that there are those that are "experience challenged" on both sides of the isle.
The loan officer problems you mention happen every day. Usually it's a symptom of poor management and training.
A loan officer does not get paid for working on loans that do not fund. Although I'm sure you can feel that they are getting bonuses for messing up the deal.
A loan officer that is Issuing an approval / commitment that does not acknowledge the terms of the sales contract, or does not giving an honest estimate of the reserve requirements, fails to verify employment, income, and credit documents, before giving a commitment is not really a loan officer. They are an unemployment recipient waiting to happen.
Hi Midori,
Thanks for taking the time to help me with my short sale question about HBSC (Household Finance). Based on our conversation I can tell that you are a good trainer who really cares about helping people and sharing your knowledge to better our industry. I'm excited to try your suggestions. Thanks again!
Andrea Harlan, Realtor in Thousand Oaks CA
Midori, awesome! I agree we are all in this together. It takes more than one to tango. Thanks for this post, I might just print it and hand it out to people, well said.
Do people really issue pre-approvals without pulling credit? I have never heard of this.
Great Post and I just want to address one area
WHY THE LOAN OFFICER DOES NOT ALLOW THE BUYER TO ORDER HIS OWN APPRAISAL.
In a Word - FRAUD or INFLATED or DEFLATED Values
For details I hava written a POST on this in more detail: http://activerain.com/blogsview/535187/Appraisals-and-Why-the
Thanks,
James Mucci
Treeside Financial, LLC
www.ihirerealtors.com
www.treesidefinancial.com
I think this is timely in our current market conditions!
It is okay to get along, but when brokers and agents are too close, there are problems.
Countrywide and First American Title both blamed each other for losing the "grant deed" on a loan. They informed me of the fact AFTER I signed the final paperwork which they claim "locks me in." They wanted my signature on the bottom line even though they and the agent knew full well that the documents weren't in yet. They also neglected to tell me what the final costs would be until I was actually there signing the documents. Lots of "surprises" at the last minute. The "three or four thousand" in closing costs exceeded twelve thousand by the time it was done. I would not use them again for any reason. Avoid Countrywide brokers in Westlake Village.
Beware any real estate agent who is too tied in with a mortgage broker.
WOW... this person did NOT get a Good Faith Estimate BEFORE he signed papers to close the deal??!!??
I thought that was against the law!!!!!!
=-O