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Rainmaker
3,912,090
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

I don't care for it at all... what do they know about this most of the time?

Feb 22, 2016 09:19 PM
Rainmaker
1,624,472
Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West & Lend Smart Mortgage, Llc. - Carlsbad, CA
Presence, Persistence & Perseverance

Fortunately, none of our lenders recommends home inspectors. Coaching on credit recovery is fine; on purchasing a home?  Fine, as long as we are kept in the loop and have input.

Feb 22, 2016 10:00 PM
Rainmaker
2,014,170
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

They should stick to Knitting !!! 

Feb 22, 2016 09:40 PM
Rainmaker
104,111
Scott Lawson
America's Home loans - Santa Rosa, Petaluma Mortgage Broker - Santa Rosa, CA
Mortgage Broker FHA, VA, refinance or purchase

Don't paint us all with one brush.

Yeah, if I'm asked,  I recommend a competent local home inspector to a client. In the event of a VA loan, getting a good pest inspector is absolutely critical. I've been at this a while and have a pretty impressive Rolodex.

 

Regarding coaching on the buying process--in my deals, I'm usually first contact. I will always oil up the machine and get them ready mentally for what's ahead. I don't want a prospect to give up after the first two or three tries. I'd rather they know the grueling ordeal that they are about to get into and be mentally prepared. I also want them to know options--like asking for seller credits--but also the downside of asking, since it may make other offers appear more attractive. My goal as a lender, and a licensed real estate agent is to educate--thoroughly. I then refer the well-prepped client to an agent.

 

Again, I make them aware that they have option--nothing more. A buyer that has been brought "up to speed" has a higher probability of making a deal.

If they're getting bad advice from an inexperienced lender, that's an entirely different situation...

Feb 22, 2016 11:06 PM
Ambassador
3,002,424
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

If they know their stuff and are not talking out of the bum ... no issues.  My lender, John Meussner knows more and better than some agents I know. 

Feb 23, 2016 04:21 AM
Rainer
45,807
Andy Madrid
Hawaii Coast Realty, LLC - Kailua-Kona, HI
Expertise, Professionalism, and Service

I have very good relationships with the lenders I do business with.  I haven't had any of them recommend a home inspector to my clients and they haven't tried to speak to my clients about how to buy a home other then to get them qualified for home much of a home they can buy.

Feb 23, 2016 02:39 AM
Rainmaker
3,961,251
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Unless they are the principal in the transaction, they should be doing their own job.  

Feb 22, 2016 10:49 PM
Ambassador
3,021,427
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

Depends upon what aspect they are coaching.  But I trust the lenders I recommend not to overstep their bounds.

Feb 22, 2016 10:48 PM
Rainmaker
391,524
Jill Murty, Realtor - Orange County, CA
Sunset Properties, Powered by Movoto - Laguna Niguel, CA

I'm not a fan.  I've had clients come back to me on a couple of occasions and say that a lender, financial planner, etc. gave them advice about their transaction.  Huh.  Really?  Are they also a professional realtor?  No?  Got it.

If the person had actual experience with a home inspector who had done a good job for them, fine.  

As for coaching them in home buying, that's just odd.   The lender's part is preparing a valid pre-approval or getting the client on the pathway to it. 

Feb 22, 2016 10:47 PM
Rainer
150,166
Michael Thacker - Re/Max Real Estate Center - Louisville
Re/Max Real Estate Center - The Thacker Group - Louisville, KY
Your best friend who just happens to be a Realtor

I have never heard of any of my lenders getting into either arena with my clients. They have their hands full with taking great care of my clients, and their marketing efforts.

Feb 22, 2016 10:27 PM
Rainmaker
3,877,157
Richard Weeks
Dallas, TX
REALTOR®, Broker

Most barely know how to do their job much less mine.

Feb 22, 2016 10:19 PM
Rainmaker
832,338
Jeff Pearl
RE/MAX Distinctive / LIC in VA - Lovettsville, VA
Full Service Full Time Realtor

If they know a good qualified home inspector, that's one thing. But buyer doesn't have to agree with lenders recommendation on inspector. Coaching buyers should be limited to the part that the lender plays, which is make sure you do your research and issue an accurate and strong pre-approval letter.

Feb 22, 2016 09:38 PM
Ambassador
3,986,518
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

I have had it happen a couple of times and didn't like it. It was more about the coaching and being a pseudo agent that I didn't like. One of these lenders was even out of state and didn't know how things work in my area. It was a problem. She even told the buyers they didn't need a home inspection because it was new. They refused to get one, too.

Feb 22, 2016 09:35 PM
Rainmaker
4,740,853
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Luckily the lenders I use leave that conversation to me, and they coach the buyer only on the lending part of the transaction.  

Feb 23, 2016 10:59 PM
Ambassador
3,722,232
Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

Um.  Annoyed?

Feb 23, 2016 01:30 PM
Ambassador
5,219,066
Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

My banker gives me tips and suggestions from time to time, I appreciate the advice and realize that it is in his best interest if I am successful too.

Feb 23, 2016 12:28 PM
Rainmaker
222,905
LuxurySoCalRealty San Diego
Compass - La Jolla, CA
San Diego Partner - The Private Client Network

I prefer they stick to credit, DTI, and assets

Feb 23, 2016 11:23 AM
Rainmaker
591,954
David Gibson CNE, 719-304-4684 ~ Colorado Springs Relocation
Colorado Real Estate Advisers LLC - Colorado Springs, CO
Relocation, Luxury & Lifestyle residential

Greg,
I have been a lender and IMHO it is a bad idea. There is there potential for violating the real estate license act as well as making yourself and your mortgage company liable. Mortgage management will say “don’t” if they know about it.

Feb 23, 2016 10:16 AM
Rainmaker
625,505
Tony Lewis
RE/MAX of Valencia (Hall of Fame) 30 year Valencia Resident - Valencia, CA
Summit Real Estate Santa Clarita & Aliso Viejo

It depends on whether the buyer had the relationship with the lender before or after meeting me.  If before, it's none of my business, if after, they're stepping on my toes.

Feb 23, 2016 06:35 AM
Ambassador
953,351
John Meussner
Mason-McDuffie Mortgage, Conventional Loans, Jumbo Loans, FHA, 203(k), USDA, VA, - Walnut Creek, CA
#MortgageMadeEasy Walnut Creek, CA 484-680-4852

Just as all agents aren't equal, all lenders are not, either.  In certain areas I know some great home inspectors that do a heck of a job - why wouldn't I recommend them?

 

Re: coaching buyers how to buy a home, there have been times where I've HAD to step in and help, because their "fiduciary" was either directing things in a terrible way, or worse, was in absentia.  I'd strongly prefer to stick to the lending side of things and guiding them through the financial aspects of the transaction, but if a real estate agent is dropping the ball, someone needs to pick it up.  Overall, I'm here to be helpful -to my clients, to Realtors, to everyone involved.  If I can help, I will help.  If something comes up and I don't know what I'm talking about, I keep my mouth shut and point people in the right direction.  

 

It's all about discretion -- no one needs to pull the spotlight to themselves - we're all in it together to make sure our mutual clients have a good experience.

Feb 23, 2016 06:35 AM
Ambassador
1,208,684
Amanda Christiansen
Christiansen Group Realty (260)704-0843 - Fort Wayne, IN
Christiansen Group Realty

If one of my lenders did that they would no longer be my lender.  The main lender that I refer most of my business to has a very clear understanding about this.  I don't step on his toes, he doesn't step on mine.  It's a great team!

Feb 23, 2016 06:10 AM
Rainer
222,865
Bob Betel
Allstar Home Mortgage, Inc. - Sweetwater, TN
President, Allstar Home Mortgage, Inc

Hi Greg, this is one question that really had me thinking about my answer. I guess I have a problem with the word "coaching" and trying to figure out what is meant by that. I have read the answers other members gave and it seemed to hit a nerve for both them and me. The underlying tones is what bothered me most. When I have a client and they ask me questions, I answer them to the best of my ability. If they ask me for a home inspector, I would refer them to the agent, since they deal with them more than I do. As far as coaching goes, with first time home buyers, I explain to them both the buying process and the financing process. I talk more about the art of negotiations so they understand how things happen. I don't consider this stepping on the realtor's toes, but giving my borrower the tools they need to master. Some of the answers here, caught me by surprise, I must say. The agent/lender relationship is an equal partnership where we work as a team, together to arrive at a successful closing. I don't work for Realtors, and they don't work for me. We are equal.  When I meet new agents, I tell them that it is an interview for both of us. I set up meetings so that I can find out if they are someone I want to work with, I not there to beg for their business. Some answers here state that I would be out of bounds, or say they "fired" their lender and they don't like lenders to refer THEIR customers to someone, but I think that is hypocritical, as agents refer customers all the time, and also explain loan programs to their clients. By saying "I fired" people, implys that they worked for them and they are the boss. Maybe it is just the tones I don't like, and it shows that the agent/lender relationships have a lot of changing to do. Thanks, another idea for a blog. 

Feb 23, 2016 05:14 AM
Rainmaker
1,445,227
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Greg Cremia I'll stick to real estate and they should stick to lending.

Feb 23, 2016 05:12 AM
Ambassador
3,643,746
Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington LLC - Tacoma, WA
South Puget Sound Washington Agent/Broker!

It depends how much commission they try to recommend out of my pocket...

Feb 23, 2016 04:14 AM
Rainmaker
6,375,259
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

I prefer that they focus on a successful mortgage transaction.

Feb 23, 2016 03:59 AM
Rainmaker
3,985,813
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

They should stick to what they know

Feb 23, 2016 03:27 AM
Rainmaker
140,518
Joan Dickie
Keller Williams Premier Realty - La Crosse, WI
Keller Williams Premier Realty

I don't have a problem with it as long as there aren't any kickback issues.  If I don't like the inspector or advice, I'll pipe up.  I'm in a small community so the chances that we are recommending the same are pretty good

Feb 23, 2016 03:09 AM
Rainmaker
1,362,398
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

It's outside their area.  If I had a lender do that, I'd see how they'd like it if I started coaching buyers on loans and lenders.

Feb 23, 2016 02:53 AM
Ambassador
2,306,818
Belinda Spillman
Aspen Lane Real Estate Colorful Colorado - Aurora, CO
Colorado Living!

I recently fired a lender for doing this.  Guess he thought he could do my job as well as his.  NOT!!!! 

Feb 23, 2016 02:11 AM
Rainmaker
140,395
Chrissi Chapman Topoleski
Coldwell Banker Realty - Woodbridge, VA
Passionate about helping others achieve success!

I had a client tell me their lender was pushing them to use a service provider because it was her husband. I don't think lenders should recommend anything to their client except financial services.

Feb 23, 2016 12:09 AM
Rainmaker
797,057
Liz Wallace
Century 21 Sherlock Homes - Rockville Centre, NY
Broker C21 Sherlock Homes, Rockville Centre, LI, N

I am not fond of anyone referring anybody to my clients.

Feb 22, 2016 11:22 PM
Rainmaker
1,698,248
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg Real Estate

What's their scope? Are they all 3 - don't think so. I would not use that inspector ever again. 

Feb 22, 2016 10:35 PM
Rainmaker
1,965,493
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

I think any advice is welcomed by buyers but they are frequently suspicious of everyone too!  My lenders don't do things like that - probably that is why they are my lenders.

Feb 22, 2016 10:24 PM
Rainmaker
869,551
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

They will only work within 200 feet of me ONCE. Butt out, bozo.

Feb 22, 2016 09:55 PM
Rainmaker
869,411
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

....and some are actually telling buyers to insist on a kickback from the agent. As reported by a previous AR participant, this was a credit union.

When these things happen, get the docs then EXPOSE THEM BY NAME to other agents. 

"Home inspectors and coaching buyers' is the gateway activity for lenders to fabricate value, not too far from what agents do. So, build into the contract PENALTIES when the LO misses the deadlines.

 

Feb 22, 2016 09:47 PM
Rainmaker
1,231,599
Mary Yonkers
Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA
Erie/PA Real Estate Instructor

Does that happen in your market?  Not in Erie

Feb 22, 2016 09:28 PM