Television is a powerful media, radio not far behind. We are used to watching, listening. Sports, evening drama, country music, you name it, there are adverts thrown at us all day long. Even social media is in on the game. Adverts telling us to buy this, use that, imprint in our minds. Add a celebrity to the mix and all of a sudden we trust that recommendation almost always without question. The fact that the celebrity is being paid a fee to recommend the product or service is irrelevant to us, we simply ignore that and go with the recommendation.
This is true in the financial side of real estate. You’ll see or hear adverts for mortgage loans, some have top tier celebrities and you get sucked in thinking nothing can go wrong. As Realtors working with buyers almost every day of the year we see the problems that occur because a buyer took the recommendation from exposure to an advertised loan as being gospel. It’s on TV, nothing can go wrong!
Just yesterday working with my seller and only three days into a contract I get a call from the buyer’s agent. She tells me the approval for her buyer is not as good as it should be. Very little information is given but it sounds like the lender has not fully qualified their new client and issued a pre-approval that is not worth the paper it is written on. He’s used a celebrity endorsed company that advertised on the TV.
Letting the parties to this contract know we already have a problem, especially the property seller, did not sit well at all. One minute he thinks he’s got a great qualified buyer, the next he has no idea what if anything he has.
Hire a Realtor Recommended Loan Officer
Why? It’s as simple as this. Loan officers that we work with have proven their ability. The company they work for has not much at all to do with their skills and abilities. Like all things in real estate it’s never the company, the name or brand, the franchise, it’s always the person! These loan officers have, time after time, done the job right. Any loan officer that does a poor job with our clients usually and very quickly loses our business.
A good buyer agent’s job is to help a buyer locate the best service professionals, not get left to fend for themselves, especially with the financial aspect. Using an internet loan company for me is just something I highly recommend against! I have never had a good experience with the process and buyers often switch gears and go local out of frustration and due to ongoing delays.
I am a believer in you get what you pay for, go cheap you get cheap. A good loan officer is worth the few extra dollars it might cost you. Often there’s not a lot of difference in fees.
What About Your Bank?
If you have a great and longstanding relationship with your bank or financial advisor, then knock on their door first. They know you, your finances, your business. They are perfectly suited to help you find a good mortgage. In my opinion they should always be your first phone call. After that let your buyers agent know you need someone and we’ll recommended a few good ones we work with.
Don’t fall for endorsed products and services and assume they’ll be the best. If you need the services of a great loan officer, we’re happy to help you work with the best in the business here in Barrington. That’s also true of home inspectors, attorneys and other service providers. We never get any money for our recommendations! Our loan officers never get anything for helping our clients. Together we both do a good job and collectively a home purchase that is smooth, on time and without drama as a team with our buyers.
Give Corinne a call at 847-363-3686 about your future home move.