2,486,205
I'm not opposed to learning about other loan products that are available but I do rely on my favorite loan officer.
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Sandy Padula & Norm Pa...
, CA
1,466,207
Joe Petrowsky This brings me back to the days when agents had to know the loan products out there. It was part of the qualifying process. I believe a general knowledge of FHA, VA, ARMS, etc. does help. Since buyers have to be pre-approved to get the ball rolling, the loan officers take care of the qualifying today.
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Sandy Padula & Norm Pa...
, CA
921,504
The currency in which I trade is SOLUTIONS!
Knowing of loan products that solve BUYER or SELLER issues is important to me.
As real estate professionals, we should know what those challenges are and be capable of directing our client to the source most likely to deliver a solutions. To reflexively refer everyone to the same sources may be under serving those who place their trust in us.
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Mike Rock
Granite Bay, CA
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Sandy Padula & Norm Pa...
, CA
699,277
I do not believe I need to understand any of that. It's not my expertise.
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John McCormack, CRS
Albuquerque, NM
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Sandy Padula & Norm Pa...
, CA
5,104,931
I try to stay on top of things in general, Joe, but really there's so much I need to know in the real estate side of the business and keep up with on a daily basis, I don't have enough time (or room in my brain) to be a pseudo loan officer, as well, and keep up with all those changes. I really need to rely on my favorite loan officers to discuss best options with my clients. And they do.
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John McCormack, CRS
Albuquerque, NM
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Sandy Padula & Norm Pa...
, CA
1,662,036
I know the major points but leave it up to the pros to do their job.
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John McCormack, CRS
Albuquerque, NM
1,726,096
The more new loan products, the better as long as they are not negative amortization products.
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John McCormack, CRS
Albuquerque, NM
1,513,143
The main parts are good to know but like all business it is better to rely on an expert.
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Sandy Padula & Norm Pa...
, CA
150,719
I learn bullet points. It's ever changing and everyone has different needs
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Sandy Padula & Norm Pa...
, CA
4,883,260
I will learn mortgage products when lenders learn this phrase "closing on or before (insert date)"
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Sandy Padula & Norm Pa...
, CA
5,583,278
I think most of my team members rely on their "trusted" loan officer to direct us and inform us of the type of program that best suits the client....
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Sandy Padula & Norm Pa...
, CA
1,390,113
We don't offer mortgage advice - that's not our area of expertise. But we know what programs are available.
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Sandy Padula & Norm Pa...
, CA
67,369
No because that is why I have a lender. He comes to all my buyer consults to educate the buyer.
2,610
Joe,
I feel that it is important to have a really solid handle on the loan products that you work with most frequently in your market. Being a source of information and providing expertise to our clients is of the utmost importance in providing value and seperating yourself from other Realtors out there. However, we are not expeted to be specialists on every single loan product available so building a relationship with a top tier lender is incredibly important in my opinion. I work with a particular lender in the Atlanta market who creates raving fans out of the clients I send to him because he takes the time to educate them and is extremely responsive. He has a team of professionals that area always available to my buyers and they go out of their way to make sure we are all on the same page throughout the entire process. Having this peace of mind and being able to transfer that calmness to the sellers and listing agent is a great compeitive advantage. My clients see this particualr lender and I as a team that works in tandem to ensure the success of their transaction.
2,235
I was a mortgage loan officer for almost 30 years in this market so I have a vast knowledge of the loan products and requirements for vacation homes and condominiums.
1,610
I try to keep current with my market inventory and rely on my Loan Officer to stay current with recent loan products. We are professionals within out specialties.
2,310
I feel that as a informed real estate professional you should know the basic information of financing especially of what program the home qualifies (VA, FHA or Conventional) No sense in showing a buyer that is looking to purchase a home with a VA loan a fixer upper.
6,393,609
I would call you if I needed to know onr Joe, gave someone your name yesterday to someone who was looking for special loans for nurses.
3,727,873
Joe, the answer is really both. I rely on a good loan officer and, at the same time, I do try to keep up with the loan products that are out there.
4,319,419
Joe Petrowsky I learn from others here on ActiveRain. It is important for me to understand about more products to help my clients get the best deal.
1,076,551
Joe, nearly everyone I've seen doing real estate AND mortgages fails to excel at either. There is so much to know and so much work to be done in each respective field, that it makes us a better professional to rely on real estate agents to do their thing, and for them to trust us with our thing --- that being said, some basic knowledge is a good thing for everyone to have.
1,157,785
The real estate agent should not be expected to know all or most of the loan products that are available. The buyer should be referred to a suitable number of banks and/or mortgage brokers.
4,800,082
I'd like to have a general idea of what's out there for my customers. But, I don't feel I need to have full understanding as I just wouldn't be able to keep up with it all.
4,572,570
Hi Joe -- I like to have a broad and basic knowledge of programs but leave the details to the professionals who can make the best match for each individual client.
231,224
while i think you should defer to the expert (as in a home inspection) what if your buyer asks (and they have) what if the home as termites? what will that cost? knowledge of all areas is important to be a hero. In new home building , i know that few agents even know a loan officer or a company that even offers the product.much less how it is structured. for me Joe, i would say yes. but i like living in the weeds where the nuts and bolts grow.
mike
175,614
I work with a couple, making recommendations only for those I have worked for and I know will do a good job. As a successful buyers agent, a lot of referrals radiate from me including :lender, title, home inspector, termite inspector, roof inspector, and home warranty company (which I get the sellers to pay for). I always explain a buyer can choose anyone they want, nothing in it for me (RESPA) other than I want someone who will do a good job for them, and they go with my recommendations majority of the time. To be honest with you, I wish I could find me just one "Spirit" who consistenly referred me like I do for those above. Meaning, most of those referrals go out, rarely come back in as they do not meet that many buyers.