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I began my first-time home owner condo search talking to two realtors. One insisted that I go through the Acorn Housing program to get mortgage preapproval before showing anything - it's taking several weeks, but it looks like I'll get a very good rate. The other starting showing me places and has been very helpful that way. The one showing me places knew of the first. I'm already interested in some of the places I've been shown, but I worry I'd be cheating the first if he got no compensation for his loan work. I know realtors often get money for signing a person up for a loan, but I'm not sure this is the case with this Acorn Housing program (with Bank of America in the San Francisco Bay Area). What would be the fair thing to do? (If someone knows that they get compensation for this type of loan, that would settle the question.)
One thing I should point out - I've seen no evidence that the first Realtor will be getting money for helping get the Acorn loan (I wouldn't have known if it was unethical for him to receive money - I'd be happy for him to receive money for his work.) I actually respect his principle in not showing me places - but I have a good sense of what I can afford and I have a very good credit rating - everyone has told me it would be no problem.
Choose the 2nd one. In many states, the agent that shows you a property is the one by law that gets the commission on the sale. This is especially true is you signed a buyer-representation agreement with that person. Also, re the first realtor - Never mix your money with your realtor. Realtors need to know how much money you plan to spend so they don't waste their time showing you stuff outside that range. BUT - you do not have to spend all that the bank is willing to pre/approve you for. When lenders calculate how much you can afford, they use a formula that looks at your debt and your income, but doesn't consider how you really spend, so often they end up approving you for more than is realistic given your lifestyle. So if you spend $1000 each month on a hobby (for example) but you're not carrying a balance from month to month, well, that doesn't get considered. Your realtor has a vested interest in you spending the maximum amount you can possibly afford on a property. That's because with a couple of exceptions, ALL REALTORS ARE ULTIMATELY PAID BY BUYERS. Think about it - A guy buys a property and later wants to sell. When he lists the property with a realtor, he will sign a contract that usually gives 5-6% of the sale price to the realtor. So to break even he has to sell at 105-106% of what he paid, plus whatever other profit he wants to make on it. You, the buyer, consequently pay a bare minimum of 105-106% of what the last buyer paid. That extra 5-6% goes to the Seller's broker, who then splits this with your realtor. Your realtors version of the MLS sheet will indicate "BBr:3" or "BBr:2.5" which means 3% or 2.5% to buyers broker or BAgt (buyer's agent). As the person above mentioned, this commission is split a few different ways, so your realtor is even more motivated to get you to buy a more expensive property. The exceptions are if you buy a for-sale-by-owner, which is not the best choice as a 1st time homebuyer, and when the seller is getting some other assisance in buying the home, like in corporate relocations. All that is to say that the 1st realtor may not have believed that you could afford to buy and didn't want to waste their time and/or maybe they wanted to know the maximum amount you could be financed for, so that they could squeeze the most out of you. Anyway the 2nd realtor wanted to help you find a property, took you out and listened to you, so buy with them.
We Realtors are human beings like everybody else. We are different and take different approaches. You need to pick the Realtor you are comfortable with, the Realtor you trust. It is good to know how much money you will qualify for, so your Realtor does not show you property you later learn you can not afford. A good lender should be able to give you a rough idea about the loan amount and about your monthly payments pretty much in 1 day as long as you tell the lender the truth about your financial situation. Now you can start looking for a place and until everything is done with the mortgage paperwork and approval you can have your property under contract contingent upon final approval of the mortgage. That is the way i like to work with my buyers, which is a kind of the middle between your Realtor 1 and Realtor 2. Monika
I would be very honest with both Realtors that you have someone else too. I suggest that you should put yourself in their shoes and see what Will be your answer. As it's strictly Commission base and there is no money until the deal closes. The reason to go the lender first is to see what's your affordability, not to know what your finances are. I have seen when the buyer does not want to speak about and like the house but get the biggest disappointment when they find the Perfect House but not the perfect mortgage because their credit is not good or just can't afford. It's against the RE SPA violation if Realtor takes money from others ( than their Real Estate Broker (commission), they can loose their license. To refer to the lender it's not because of getting Check back or money. It simply we trust the lender/ agent and they will provide ethical, honest, thorough, practical, the very best service and plan for the buyer. The Realtor have lot of expenses: Licensing fees, MLS dues, company dues, higher car insurance (commercial vehicle), higher car mileage (thousand), higher car maintenance,driving in a rough weather (snow, ice, rain, heat), keeping education up to date, higher phone bills, not to mention computer and other gadget, higher taxes, and Long Long hours every week (not getting paid), etc. Realtor is not all about money (yes, we have lives just like everyone else and pay bills like others too), it's a passion. It's the biggest joy when that buyer finds the Perfect House (you can see their (buyer) smile and joy) and seller sold their house and move to the next step. I hope it answers some of your questions. Good Luck!!!!
Realtors do not get paid by loan officers. This is a violation of RESPA guidelines. It is illegal to compensate a realtor for loan referrals. So, don't worry that this realtor will lose compensation. A lot of realtors like clients to get preapprovals because you know exactly how much home the client can afford and that the client can obtain a loan before you waste your time showing homes out of their price range. Preapprovals also speed up the loan process once you make an offer. As far as not showing you a home until you get preapproved, I personally do not agree with. The other realtor has taken the time to research homes to take you to and seems to have more of an investment in helping you. It is your decision but the first one will not legally receive compensation for the loan referral.
Go with the second Realtor. Your first one didn't want to bother with you until you were pre-approved, and I personally, think that is a poor way to do business with a first-time buyer. The second Realtor was even willing to work with you BEFORE they knew that you would even qualify for a loan at all...that shows that he or she is really willing to work for your business. I give everyone a "free-day" of service before I suggest they go to a lender, unless they say something that makes me think there may be a major problem, such as the fact they may have just started a brand new job or may have extremely poor credit. Just stating that they are a first-time buyer isn't enough for me to tell someone to get pre-approved before I'll start working with them. I wish you luck! Sounds like your second Realtor is my kind of person!
It is a shame that the realtors did not fully inform you about the situation and why they are doing what they are doing. First off, if you signed any paperwork with either agent, take a good look at it. Often realtors want you to sign a paper saying that if they spend time researching and finding homes for you that fit your criteria, and if they show you homes, that you will work through them if you buy a house in the next several months. Now as a buyer THIS DOES NOT COST YOU BECAUSE THE SELLER PAYS THE COMMISSION COSTS. Additionally, A GOOD AGENT WILL ENCOURAGE YOU TO GET PREAPPROVED AND TALK ABOUT WHY. MANY WILL NOT SHOW YOU A HOME THAT YOU CANNOT AFFORD BECAUSE you will either find your home and not qualify for it and be very disappointed and then when you look for a home that costs less you will never find one that compares to the one that you fell in love with. IT IS UNETHICAL FOR AN AGENT TO SHOW YOU HOMES THAT YOU CANNOT AFFORD! It is like upselling and that goes against the code of ethics for an agent, which could result in serious consequenses for the agent. IT IS ALSO UNETHICAL FOR AN AGENT TO WORK WITH YOU IF THEY KNOW YOU ARE CURRENTLY WORKING WITH ANOTHER AGENT. ALSO IT IS AGAINST THE LAW new-jersey FLORIDA FOR A REALTOR TO GET A KICK BACK FOR LOANS new-jersey ANYTHING ELSE. iF THERE IS ANY TYPE OF RELATIONSHIP BEETWEEN AN AGENT AND SOMEONE THEY REFER YOU TOO THEY HAVE TO TELL YOU. OTHERWISE THEY CAN LOOSE THEIR LICENSE. MOST AGENTS JUST WANT TO CONNECT YOU UP WITH SOMEONE THEY TRUST TO DO WHAT IS GOOD AND RIGHT FOR YOU, THEIR CUSTOMER. JUST FOR THE RECORD: Most Realtors work hard. It is not an easy job to put in 50 hour weeks or more and not get paid anything. Yes, when you do get paid it seems like a lot to the seller but think about it: * They have to give half of it to the broker that they are required to work under, * They have to pay fees to the company for allowing them to work for Remax, Cent 21 or CB, or whatever the company is. * Realtors pay twice as much on car insurance, * They put hundreds of dollars in gas and repair into their cars, * They put hundreds of dollars- more like a thousand dollars a year- into just being a part of the realtor assocaitions so that they can advertise your house show you MLS houses, * They spend money on open houses, signs, copies, the list goes on and on............... So trust me- most realtors do not make much money. PLEASE REFRAIN FROM RESPONDING new-jersey A MEAN WAY. UNLESS YOU ARE new-jersey HAVE BEEN A REALTOR YOU JUST DO NOT REALIZE WHAT IT IS REALLY LIKE. I TRIED IT BECAUSE I WANTED TO MAKE SOME INVESTMENTS FOR OUR FAMILY AND WHEN I STARTED TO HELP SOME OTHER PEOPLE I LOVED HELPING THEM BUT I HATED THE THE JOB. PEOPLE ARE JUST SO MEAN AND DISRESPECTFUL WHEN IT COMES TO REALTORS. I NEVER KNEW A PROFESSION COULD BE SO BAD. I DONT KNOW WHY PEOPLE TREAT REALTORS LIKE THE ENEMY. MOST ARE NICE GOOD PEOPLE. LIKE ALL OF US.
I agree with what has been said but would add to it by saying that one person felt like they were wasting their time on you so they got yhou to do something you didnt feel comfortable with. This realtor may not listen to you now either-and your best interest wouldnt be served The person who did the foot work and listened to what you wanted should reap the rewards of hard work and not the person who probably got a cut from the loan application. Congratulations on your pending goal being achieved-HOME OWNERSHIP! I hope this helps
When I was looking for my first home they all wanted to know my finances...took me 7 trys and when I told the dude look I want a house...show me... you are not looking at my credit until I decide I want what you are showing me. He laughed and since the customer is always right he was my guy and he found me the house. Even tho the rest would call and bug me from time to time he listened to what I wanted and did it my way. If the first guy didn't show you anything and was worried about the loan first he's bascially making sure you aren't running him all over town for nothing. I say piss on him he snoozed he loses.
Just like any other job, you pick the best employee or the hardest working one..
I agree with the above answers.