Special offer
Kathleen Daniels, Probate & Trust Specialist, Probate Real Estate Services (KD Realty - 408.972.1822)

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Rainmaker
4,572,283
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

People ask lots of questions...my response depends on the situation, my mood and the always present snarkiness factor.   Cheerios or wheaties...come on...let's have a piece of pie.

May 25, 2017 12:04 AM
Rainmaker
711,852
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

We have had listing agents encourage their sellers to accept one offer over another based on the lender (typically it is a local lender over an out of town lender no one knows), but never anyone tell someone to use their personal lender.

May 24, 2017 05:02 PM
Rainmaker
508,318
Joseph Domino 480-390-6011
HomeSmart - Scottsdale, AZ
Real Estate Made Easy

Do I question the Buyer's Agent?  Maybe, but I realize the BA may not have a lot to say about the choice.  However, I will let the Seller know what to expect before accepting the offer.  I recently had one where the buyer came with a Pre-Approval from one of the big banks and the LO was not even in our state.  I simply told my seller to be prepared to close late.  Sure enough, we closed 3 days late.

May 24, 2017 05:51 PM
Rainmaker
2,781,173
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

I may question everyone until I am at ease with the deal...

May 24, 2017 03:54 PM
Ambassador
2,684,109
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

     The only time we discuss the Lender is to get a professional opinion of them.  "Oh, I see you are using Jane Doe at ABC Bank... I've heard of her, but haven't had a deal through her.  How is she to work with?"  

     I cannot imagine the agent on the other side suggesting that I or my Buyer go to some other Lender.

May 24, 2017 03:52 PM
Rainmaker
809,258
Kasey & John Boles
Jon Gosche Real Estate, LLC - BoiseMeridianRealEstate.com - Boise, ID
Boise & Meridian, ID Ada/Canyon/Gem/Boise Counties

Chase, US Bank, Wells Fargo, ugh....we have local credit unions that are good, but in our area in multiple offers there are listing agents that advise againts the offers with big banks ans the lender. -Kasey

May 24, 2017 07:41 PM
Rainmaker
2,390,620
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co Notary Services retired RE Broker

Pretty common here Kathleen Daniels . Any Minot ND Realtor who has had their license for a couple of years fear hearing that the Buyer is using WF. WF may be good in some areas of the country but in Minot ND they have been an absolute nightmare.

May 24, 2017 06:02 PM
Rainmaker
5,005,659
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Only have asked when it's an Internet Company!

May 24, 2017 04:50 PM
Rainmaker
1,543,823
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
CEO of Vision Drive Realty - Coastal San Diego

The answer is yes from past experience, when it comes to USAA, but to your point, no I don't, nor do I typically care who the lender is unless a previous issue was attributed to them like it is with USAA, then I take issue with it.

I agree I hate to see most credit unions and big old banks on the deal.

May 24, 2017 04:09 PM
Rainmaker
1,712,676
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Yes I have questioned it at times when I know that they have a bad reputation.

May 24, 2017 03:50 PM
Rainmaker
5,104,931
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

I have on occasion if it's a lender who is unknown and out of the area. (Can't quite join for the Wheaties... don't eat cereal, but I did have my two scrambled eggs already.)

May 25, 2017 03:34 AM
Rainmaker
1,622,432
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

Well, I see a lot of requests recently for a ''free no obligation'' preapproval from a lender of Sellers choice. So, in other words, the sellers question every lender out there. 

May 24, 2017 11:44 PM
Ambassador
5,049,466
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

I can see being concerned about an online lender, or maybe someone they had had direct experience with where things were a disaster - not naming names.

May 24, 2017 09:02 PM
Rainmaker
3,988,007
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

I have asked why the buyer chose a really unknown lender more as a bit of research to see how these things tend to happen.

May 24, 2017 07:29 PM
Ambassador
3,345,091
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

I left a comment for Fred Griffin in the wrong space and now I cannot delete this.  Where did I leave my keys?  Oh well. 

May 24, 2017 05:34 PM
Ambassador
3,587,960
Anna "Banana" Kruchten
HomeSmart Real Estate - Phoenix, AZ
602-380-4886

Kathleen as long as they provide the proper pre-qual I don't question agents. Some agents here get a little pushy about this topic and I just move along and let them know they are extremely well qualified - period.

No cereal for me!

May 24, 2017 04:37 PM
Rainer
91,335
Theo Shaw
Baird & Warner Residential Real Estate - Evanston, IL
Serving Evanston, IL & Beyond

Pass the Wheaties (Breakfast of Champions, right?) I'm right by your side about using Chase for a loan. 

You could have said GR is faster, and if your loan officer says the client is good--you know you won't have any surprises from the lender.  Or you could have asked her if she's trying to steer your client for some reason?

As a listing agent, the only time I concern myself with the buyer's lender (whom I investigate when I get an offer) is if it's an online lender.  You know the one I mean.  I might counsel my seller to request the buyers also be pre-approved by a bricks & mortar lender I'm comfortable with, as a condition of accepting the offer. 

Given two more or less equal offers, I would counsel my seller as to which lender is more likely to be problematic, based on my experience and that of the other agents at my office.  (We do hear horror stories, don't we?) .

May 24, 2017 04:00 PM
Rainmaker
613,494
Eve Alexander
Buyers Broker of Florida - Tampa, FL
Exclusively Representing ONLY Tampa Home Buyers

I think that sometimes listing agents just think they are in control of everything.

Strange question that does not need an answer...

Eve

May 24, 2017 03:47 PM
Rainmaker
3,071,489
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Michael Jacobs nailed this one!

May 25, 2017 06:00 AM
Ambassador
5,230,113
Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

YES and for a couple of reasons:

  • I've had a horrific experience with buyers' lender
  • Online lenders NEVER Close on time - NEVER!
  • Buyers are using a branch lender of a large bank

I'm not the least bit snarky about the buyers' lender - I very politely ask what experience the buyers' agent has had with said lender to start the conversation. I've had to have my lenders save many deals that my sellers' buyers' lenders can't get to the table and the buyers' agents appreciate that. 

Remember, my job is to protect my seller and to get them to the Closing table - If I know of a reason or past experience that will prevent that, yes, I do make that request (but, not to go with Chase!!).

May 25, 2017 05:34 AM
Rainmaker
1,725,996
Sandy Padula & Norm Padula, JD, GRI
HomeSmart Realty West & Florida Realty Investments - , CA
Presence, Persistence & Perseverance

No, but if  an on-line lender we will often warn them that the seller may not accept any extensions and in California we do often with the sellers' approval require cross-qualification with a known lender.

May 25, 2017 05:06 AM
Rainmaker
1,844,301
Lyn Sims
Schaumburg, IL
Real Estate Broker Retired

Why does it matter unless they have had a few bad mishaps with G Rate? I would think that a suggestion of Chase shows they are not doing much business.

May 25, 2017 05:05 AM
Rainmaker
911,338
Jeff Pearl
RE/MAX Distinctive / LIC in VA - Lovettsville, VA
Full Service Full Time Realtor

Yes, when I know the lender they are using is awful. ( remember e-loans)? If they want to submit an offer with a pre qual that they printed out off the internet with no letterhead or contact info for the loan officer, the offer will just be rejected by sellers. I wouldn't suggest other lenders unless they asked me to.

May 25, 2017 03:55 AM
Rainmaker
7,836,419
Roy Kelley
Retired - Gaithersburg, MD

Yes. Some make poor choices.

May 25, 2017 03:26 AM
Rainmaker
1,231,853
Mary Yonkers
Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA
Erie/PA Real Estate Instructor

Love your 'fortitude' wherever it comes from, Kathleen Daniels 

May 24, 2017 05:43 PM
Rainmaker
3,986,258
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Yes...often

May 24, 2017 05:41 PM
Rainmaker
5,772,575
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Kathleen,

Why would this person ask if you have all the documentation?  The buyer decides on the bank.  A

May 24, 2017 04:54 PM
Ambassador
2,061,914
Alan May
Jameson Sotheby's International Realty - Evanston, IL
Home is where the hearth is.

intestinal fortitude.... :-)

May 24, 2017 04:40 PM
Rainmaker
400,356
Jill Murty, Realtor - Orange County, CA
Movoto - Laguna Niguel, CA

It's never occurred to me to ask why a buyer chose not to obtain a mortgage from the same place where they bank.  As long as they have a pre-approval from a trusted lender, why would I care? 

May 24, 2017 04:05 PM
Ambassador
6,393,609
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

As a seller, I ask the buyers agent all sorts of uncomfortable questions until I am certain that everything is likely to go through.

Especially if they are asking me to put up with an out of state lender, or govt programs like fha, wheda, or va.

May 25, 2017 07:55 AM
Rainmaker
989,652
Jennifer Mackay
Counts Real Estate Group, Inc. - Panama City, FL
Your Bay County Florida Realtor 850.774.6582

Nah, even my buyers surpise me quite often with the lenders they choose

May 25, 2017 06:57 AM
Rainer
92,713
Ruth Grainger-Starr
Gold District Realty - Cripple Creek, CO
providing AWESOME real estate adventures

I have had agents question the lender my buyer is using before. I respond (after the initial response in my head of course) that the buyer is buying the property not the other broker. So they should use the lender they feel is best for them! 

May 25, 2017 06:55 AM
Rainmaker
1,466,207
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Kathleen Daniels No, it's the buyer's decision as to who they choose to use for their lending.

May 25, 2017 06:50 AM
Rainmaker
1,617,916
Harry F. D'Elia III
WEDO Real Estate and Beyond, LLC - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

I do not ask

May 25, 2017 06:37 AM
Rainmaker
599,274
Nathan Gesner
American West Realty and Management - Cody, WY
Broker / Property Manager

It's none of my business who they use. I'm just concerned with them being funded.

May 25, 2017 06:21 AM
Rainmaker
851,242
Brenda Mayette
Miranda Real Estate Group, Inc. - Glenville, NY
Getting results w/ knowledge & know-how!

If it's an unknown lender or a lender with a "bad" reputation based upon past experience I will talk to the other agent about their choice.  In the past, one came across my desk that made me cringe, we talked about it and her experience, we went with it and all was well.  In our market, our local credit unions are big and welcomed players in our transactions.  Enjoy the Wheaties!

May 25, 2017 05:56 AM
Rainmaker
5,216,409
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Not really. A couple of times I have questioned a lender's ability to perform after having had bad experiences.

May 25, 2017 05:37 AM
Rainmaker
3,416,038
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

As a listing agent ONLY when it is an internet or no name lender.

May 25, 2017 05:34 AM
Rainmaker
4,882,355
Richard Weeks
Dallas, TX
REALTOR®, Broker

I'm more of a corn flakes, rice krispies kinda guy.

May 25, 2017 05:19 AM
Rainmaker
921,504
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

Not so long ago some White Tower real estate agencies required buyers to get preapproval by the in-house lender. They made it clear the buyer was not required to use the in-house lender for a mortgage, but did suggest the vetting process was more reliable.

We all know you can generate a 'proof' document on line or from private lenders that are not worth the paper wasted to print them. From one source made avaiable via those 'Get Rich trough Real Estate'Seminars without risking any of your money," a 2 Mill proof of funds can be created.

I always defer to the seller, with the 'assurance of closing' discussion  when dealing with 'kissing the chainsaw' lenders like Chase and Wells Fargo.

May 25, 2017 04:49 AM
Rainmaker
1,502,998
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

I applied for a loan once with chase.  They held me hostage for 3 hours to fill out the paperwork.  Then they jerked me around for months.  Finally I told them to "eff off".  I'd never use Chase for loans and I almost took my money out from that experience.  I advise against using Chase.

 

I will ask the buyer's agent why a certain lender, if it's an out of area lender or one I don't know.  Usually the lender is either:

  1. The in house lender....  (that throws a red flag)
  2. The lender is a rockstar and highly recommended by the agent (I've picked up new lenders this way).
  3. The lender is a friend of the buyer.
May 26, 2017 09:32 AM
Rainmaker
4,800,082
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

I've asked when it's an out of town lender or on-line lender and have even had sellers turn down an offer because of the lender involved.

May 26, 2017 04:57 AM
Rainmaker
4,319,419
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Kathleen Daniels - I do not question - instead be prepared for what's going to come depending on who the lender is.....lol!

May 25, 2017 09:40 PM
Rainmaker
280,599
Jeanne Gregory
RE/MAX Southwest - Sugar Land, TX
The most important home I sell is YOURS!

Yes, because I want to let my seller know if we are going to have to "Chase" the close date.

May 25, 2017 10:29 AM
Rainmaker
4,936,705
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

I do not unless I had a problem in the pass with the lender.

 

May 25, 2017 08:51 AM
Rainmaker
5,583,278
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

we are very careful about buyer choices....and will insist that the buyer apply to another lender if they submit a pre-approval from BOA, as one example!!!! 

May 25, 2017 08:48 AM
Rainmaker
4,434,127
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

No.

May 25, 2017 08:08 AM