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#109565 - 02/09/06 08:29 PM why realtors hate loan officers
Darrell the Loan Officer Offline
Junior Member

Registered: 02/09/06
Posts: 5
Loc: San Diego
Hello All,

I am Loan Officer (been in the business for 5 years) and I am trying to start relationships with new and existing realtors. After all my attempts I realized that realtors do not like loan officers to much. Is it because we have a bad reputation for messing up your deals? Not all loan officers are poor loan officers. Maybe you guys can help me out and tell me what you do not like about loan officers. Any information is surely appreciated.
_________________________
Darrell Tabar
Loan Officer
Charter Funding
1.800.400.8171

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#109566 - 02/09/06 08:41 PM Re: why realtors hate loan officers
Ohio RealtorŪ Offline
Member

Registered: 11/17/05
Posts: 369
Loc: Cincinnati
LO that try to get someone to borrow as much as possible. Even if it means that they are going to be bankrupt in 3 years. I had one LO call me and ask where do I need the payment to be he can work it out to make the deal happen. I told my client to run. I don't need someone to try and slam a client into something that they qualify for today but have no hope of paying when it converts. To me that is preditory lending even though it does not fit the definition in my state.
_________________________
My thoughts are opinions only and not to be confused with legal advise. www.Find1home.com

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#109567 - 02/09/06 08:42 PM Re: why realtors hate loan officers
islander Offline
Junior Member

Registered: 01/14/06
Posts: 9
Loc: usa
Darrell,

I Have many loan officer friends and I can tell you that what Realtors hate the most are lies. Some loan officer will tell you that the deal close, everything is fine, we're good to go and in reality that deal may not be back from underwriting or may still have conditions that have met. As a Realtor our word means something, and when we communicate this to our clients we're the ones that look bad. This is the reason why I
_________________________
Islander

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#109568 - 02/09/06 08:47 PM Re: why realtors hate loan officers
islander Offline
Junior Member

Registered: 01/14/06
Posts: 9
Loc: usa
The reason why some loan officer get one deal from a Realtor and never sees another one is because of what we have to go through when we give information that is not reliable. Don't say something if you are not sure.
_________________________
Islander

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#109569 - 02/10/06 01:29 AM Re: why realtors hate loan officers
RisingREALTOR Offline
Veteran Member

Registered: 08/17/05
Posts: 704
Loc: Birmingham, Alabama
OH MY, you know who!! I did not want to use His name in vain. :rolleyes: Thank you islander! I could not have said it any better. Nothing is more frustrating than thinking you have a done deal, and the day before closing the buyer gets slapped with a three page stip sheet. This is why I tell prospects, and clients that an approval letter is usually good for one thing, TP! Why can't you guys, just tell us what is really going on, and not what you think we want to hear? Sure, I'd like to hear that the buyer has got excellent credit, no stips, and wants to close next week, but, if that is not the reality, what I want is irrelevant. Just tell me what is going on. Oh...OH..why is it that LOs do not answer the phone when we are trying to find out what is going on?
_________________________
George W. Jackson, IV
Associate Broker, SFR
Keller Williams Realty
"Providing A Higher Level of Professional Service"

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#109570 - 02/10/06 01:56 AM Re: why realtors hate loan officers
Angie 0729 Offline
Major Contributor

Registered: 08/08/04
Posts: 1617
Totally agree with Islander and Rising Realtor, I too could have not said it any better. I have 2 deals like this right now...I could not be anymore frustrated right now.Everyday it's something new!! Just can't wait too get them closed and move on to the next!!!!!

Angie

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#109571 - 02/10/06 02:35 AM Re: why realtors hate loan officers
RealDealer Offline
Veteran Member

Registered: 10/29/04
Posts: 794
Quote:
As a Realtor our word means something
HAHAHAHAHAHA! St..o...p...HAHAHAHAHA!!! My sides are splitting! That's the funniest thing I've ever heard!! laugh

Darrell, realtors hate everybody don't take it personal. They're probably just jealous because you've been in business for 5 times longer than they will be on average.

Why don't you figure out a way around them? Maybe market directly to sellers with a letter something like this:

"Dear Seller, did you know that realtors go to school for only two weeks to become "qualified" to list your home? Is it any wonder then that your house still hasn't sold? Your realtor is throwing away perfectly good buyers for your home simply because they're uneducated. Or worse...your realtor may be turning buyers away in the hopes that you will lower your price so they can sell it to one of their friends.

Give me a call and I'll get those buyers qualified in 24 hours right over the phone. There's no cost to you. So stop your realtor before it's too late and your house becomes "stale" and unsalable. Call me today!"

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#109572 - 02/10/06 03:05 AM Re: why realtors hate loan officers
Wes Murphree Offline
Member

Registered: 03/25/04
Posts: 291
Loc: Greenville, SC USA
Well it's not that Realtors hate lenders, they just have several different lenders calling them every day with the same old song and dance trying to get business, and it gets old in a hurry.

I have a few lenders that I know, trust, done business with in the past, and they get the job done. It would take a lot for me to start referring a new lender instead of the proven ones I already have.
_________________________


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#109573 - 02/10/06 03:29 AM Re: why realtors hate loan officers
RisingREALTOR Offline
Veteran Member

Registered: 08/17/05
Posts: 704
Loc: Birmingham, Alabama
RealDealer
Correction...agents conduct themselves in the way that you have described, not REALTORs. The "educated" understand the difference. My fiduciary responsibility is first and foremost, to my client, which always, without exception, and without fail supercedes even my own well being. So, instead of trying to circumvent REALTORs, why don't you practice cooperation, and honesty in order to foster a spirit of teamwork. This framework will make transactions more advantageous to ALL parties involved.
_________________________
George W. Jackson, IV
Associate Broker, SFR
Keller Williams Realty
"Providing A Higher Level of Professional Service"

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#109574 - 02/10/06 03:46 AM Re: why realtors hate loan officers
VirtualAdmin Offline
Member

Registered: 12/18/05
Posts: 128
Loc: IL
What I have found too is that I refer several prospective buyers to lenders but rarely do they refer a pre-approved buyer to me.
_________________________
Alicia
www.virtualadmincenter.com

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#109575 - 02/10/06 10:10 AM Re: why realtors hate loan officers
realestate1 Offline
Member

Registered: 10/29/05
Posts: 330
I don't hate loan officers. I do, however, get angry when they don't return calls and/or promise and then not deliver. I wish I could charge them for the HOURS spent waiting at a closing office for the papers and check to arrive only to learn later that the borrower was never approved and they need more info from the borrower.

That said, I love loan officers who always tell it straight and stay involved in the process to the bitter or sweet end. ALWAYS tell the truth - 100% - and you should have no problems with agents. Don't waste our time! Don't get borrowers hopes up when they have little or no chance of getting the loan you promised them.

We have grown to respect HomeBanc because they handle everything from start to finish right in their local office. They always deliver what they promise. And, they entertain us several times per year with dinners, broadway shows, lunches, etc..... basically, they "court" us.

Curiouscat brings up the fact that referals are pretty much a one way street. That, however, I understand as the LO deals with so many agents and they rarely get leads except through the agents anyway. That said, we have gotten a couple of referrals from the LO at Homebanc who were friends of his or he met at other functions, etc.
_________________________
l]

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#109576 - 02/10/06 01:30 PM Re: why realtors hate loan officers
RealDealer Offline
Veteran Member

Registered: 10/29/04
Posts: 794
Rising, no correction required I was talking about REALTOR(r)'s. I don't care what you pledged when you became a member, I care about what people DO in their day-to-day business. If you personally do what you claim that's very impressive because your the only REALTOR(r) I've ever met who puts their clients first.

Quote:
why don't you practice cooperation
Feel free to let me know how many REALTOR(r)'s I must sort through to find ONE who will reciprocate. I've already attempted to "foster a spirit of teamwork" with over 500 REALTOR(r)'s in my career. My experience has taught me that REALTOR(r)'s are good for only one thing: MLS data-entry.

The last straw was when a REALTOR(r) tried to get the real estate commission after me. Since then I decided to have no further professional contact with REALTOR(r)'s.

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#109577 - 02/10/06 02:11 PM Re: why realtors hate loan officers
harle05 Offline
Junior Member

Registered: 11/08/05
Posts: 1
Loc: Texas
RealDealer -

Why do you post here so often if you clearly hate Realtors?

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#109578 - 02/10/06 04:59 PM Re: why realtors hate loan officers
RisingREALTOR Offline
Veteran Member

Registered: 08/17/05
Posts: 704
Loc: Birmingham, Alabama
On behalf of my colleagues, I apologize for your bad experiences with some agents. The pledge that I took, and the fact that I, and many others uphold that trust is evidence enough that not all REALTORs are self serving, greedy opportunists, just as not all Loan Officers are inherently trustworthy. How many agents do you need to go through to find one REALTOR? As many as it takes.
_________________________
George W. Jackson, IV
Associate Broker, SFR
Keller Williams Realty
"Providing A Higher Level of Professional Service"

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#109579 - 02/10/06 05:00 PM Re: why realtors hate loan officers
Darrell the Loan Officer Offline
Junior Member

Registered: 02/09/06
Posts: 5
Loc: San Diego
Maybe you guys can help me. I have been in the business for 5 years and I don't do anything that you guys say you hate. I am pretty straight foward. But I am having a hard time showing realtors what I can do. What do you suggest? Thanks for all your help!
_________________________
Darrell Tabar
Loan Officer
Charter Funding
1.800.400.8171

Top
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