William Piotrowski, Just Call William 630-881-8655 (Diamond Residential Mortgage Corporation )

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Rainmaker
4,570,771
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

I don't assume it's illegal... and as long as all the disclosures to the buyer have been provided by the agent/lender I don't see a problem.

Jan 22, 2017 04:01 AM
Rainmaker
1,190,894
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

 You will see more and more of the loan brokers writing contracts. They need to live since there are no one wanting to refin for higher interest rate mortgages. For every 1% interest rate increase the buyers will have to pay 10% more for same mortgage.  Many loan brokers are bleeding. Furthermore, Wells Fargo will close 4,000 branches this year and reduce staff accordingly.

Jan 22, 2017 09:48 AM
Rainmaker
3,393,897
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

I would want a pre qual signed by his/her manager. I would hold them to a higher standard and watch like a hawk

Jan 22, 2017 05:14 AM
Ambassador
2,116,540
Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker/REALTOR® - Kalispell, MT
Helping your Montana dreams take root

If they are licensed for both, that could be one way to stay on top of the mortgage!

Jan 22, 2017 03:59 AM
Rainmaker
3,071,034
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

As long as they are properly licensed...

Jan 22, 2017 03:56 AM
Ambassador
4,027,645
Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington LLC - Tacoma, WA
South Puget Sound Washington Agent/Broker!

I would treat him or her like any other Buyer but hold him or her to a higher standard... 

Jan 21, 2017 11:32 PM
Rainmaker
1,457,208
Raymond E. Camp
Ontario, NY
Licensed Real Estate Salesperson Greater Rochester

As long as they take care of business it wouldn't matter to me.

Jan 22, 2017 06:01 AM
Rainmaker
7,126,475
Roy Kelley
Retired - Gaithersburg, MD

Handle this like any other transaction.

Jan 22, 2017 05:57 AM
Rainmaker
955,211
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

Not that uncommon. If he's good at both, you're in great shape. It is hard to wear two hats, though.

Jan 22, 2017 04:44 AM
Rainmaker
405,351
Shirley Coomer
Keller Williams Realty Sonoran Living - Phoenix, AZ
Realtor, Keller Williams Realty, Phoenix Az

I would handle it like any other transaction.

Jan 22, 2017 04:17 AM
Rainmaker
1,147,037
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

First, you don't have to worry about a lack of communication between the two. Second, it's very likely that closing will come off without a glitch.

Jan 22, 2017 04:15 AM
Ambassador
4,318,202
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

William Piotrowski - interesting. Will come back to see other answers.

Though I believe lenders do have a right to buy the homes....lol..

Jan 21, 2017 11:03 PM
Rainmaker
598,824
Nathan Gesner
American West Realty and Management - Cody, WY
Broker / Property Manager

I've never ran into a situation like this before.

Jan 21, 2017 10:10 PM
Rainmaker
864,408
Les & Sarah Oswald
Realty One Group - Eastvale, CA
Broker, Realtor and Investor

That is awesome. Congratulation.

However, I would require that the buyer/lender be cross-examined by your trusted lender.

Jan 22, 2017 11:06 AM
Rainmaker
1,439,181
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Many lenders out here have licenses.  Apparently often enough people start with a refi and end up selling.  At least the agent will have good communication with the lender!  LOL!!!! 

Jan 22, 2017 10:37 AM
Rainmaker
4,407,275
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Not a fan of that at all.

 

Jan 22, 2017 08:48 AM
Ambassador
3,174,934
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

That happens a lot in my area. I manage those files daily to ensure all is getting done. 

Jan 22, 2017 08:41 AM
Ambassador
4,776,012
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

As long as s/he is appropriately licensed for both should be OK, wtih proper disclsoures, etc.

Jan 22, 2017 08:28 AM
Rainmaker
1,714,308
Mike Cooper, Broker VA,WV, MD
Cornerstone Business Group Inc - Winchester, VA
Your Neighborhood Real Estate Sales Pro

William, I had one last year where the buyer's broker was the broker, lender and closing agent. There were a lot of shenanigans going on in that deal. Fortunately, my attorney is like a ninja and he went after them and made sure they stayed on course. They tried to slip $8000 of expenses onto my clients side of the HUD. 

Jan 22, 2017 08:23 AM
Rainmaker
2,700,475
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Lets have that conversation. I did a deal where the buyer agent also ran an escrow company staffed with his family. As long as you perform, no problem

Jan 22, 2017 07:30 AM
Rainmaker
854,812
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

Hmm - doesn't sound too kosher; conflict?

Jan 22, 2017 07:29 AM
Rainmaker
712,144
Richard Bazinet /MBA, CRS, ABR
West USA Realty - Scottsdale, AZ
Phoenix Scottsdale. Sellers, Buyers & Relocations

If the buyer agent is also the buyer and the lender is rolled into one.... that's an interesting one. So due diligence is the key. OK, what are the terms of his approved loan? Who is underwriting the loan? What is the down? What kind of  loan? And I would call his manager for an oversight on the loan to make sure it's 'legit' as we say and for an oversight from above and hold this manager 'responsible'.

Jan 22, 2017 07:25 AM
Rainer
225,515
Bob Betel
Allstar Home Mortgage, Inc. - Sweetwater, TN
President, Allstar Home Mortgage, Inc

So, what seems to be the problem here?

Jan 22, 2017 06:56 AM
Rainmaker
4,413,487
Richard Weeks
Dallas, TX
REALTOR®, Broker

Happens all the time.  Pretty neat that the lender has a vested interest in an on time closing.

Jan 22, 2017 06:53 AM
Rainmaker
4,799,732
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Just go with the flow.  (Unless, it's illegal.)

Jan 22, 2017 06:50 AM
Rainmaker
1,157,535
FN LN
Toronto, ON

The seller makes the decision.

Jan 22, 2017 06:50 AM
Rainmaker
619,229
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

He/she should be able to easily keep you updated on the loan status!

Jan 22, 2017 06:38 AM
Rainmaker
4,455,568
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

As long as they are licensed for both..no problem. Just closed one (I've done transactions with this lender/agent before) and it went like clock work!

Jan 22, 2017 06:26 AM
Rainmaker
4,632,308
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Have you seen the preapproval letter?

Jan 22, 2017 06:14 AM
Rainmaker
1,466,027
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

William Piotrowski Legat in my State as long as the person is licensed to do both.

Jan 22, 2017 06:13 AM
Rainmaker
1,372,815
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

It's not as common as it used to be around here, but back in the day, I knew a lot of agents that did both so while it's a potential concern (pending) more today, I'm so used to it I'm not sure how concerned I'd be personally.

Jan 22, 2017 06:12 AM
Ambassador
1,616,554
Harry F. D'Elia III
RentVest - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

do the deal

Jan 22, 2017 05:51 AM
Rainmaker
529,414
Kathryn Acciari
Arc Home LLC - Shrewsbury, MA
Mortgage Loan Originator

Well, lenders need a place to live too. Proceed as usual.

Jan 22, 2017 05:50 AM
Rainmaker
920,078
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

Is the buyer a part time agent or a part time lender?

You know what they say about an attorney who represents them-self.

Jan 22, 2017 05:50 AM
Rainmaker
1,775,557
Lyn Sims
Schaumburg, IL
Real Estate Agent Retired

Too many hats, not enough 'heads' for the transaction. Not good in my estimation having all those fingers in the pie.

Jan 22, 2017 05:39 AM
Rainmaker
2,059,280
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

Good Luck

Jan 22, 2017 05:12 AM
Rainmaker
846,375
Marco Giancola
Beachfront Realty - Miami Beach, FL
Realtor (305)608-1922, Miami Beach Florida

A lot less phone time for sure!

Jan 22, 2017 04:55 AM
Rainmaker
4,433,809
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Good luck.

Jan 22, 2017 04:43 AM
Rainmaker
1,708,245
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

I find that to be unual and in 26 years I have never seen that.

Feb 20, 2017 07:31 PM
Rainer
30,172
Janey Bishop
Gold Star Realty - Calabasas, CA
SFV CA Senior & Probate RE Specialist

If they are a Realtor doing their clients loans I would be happier than if they are a Loan Officer dabbling as a Realtor. 

Feb 20, 2017 06:42 PM
Rainmaker
5,397,834
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

I may want to have this buyer get pre-approved thru my lender as a backup or to confirm their ability to purchase.

Jan 24, 2017 12:29 PM
Ambassador
968,680
Mimi Foster
Falcon Property Company - Colorado Springs, CO
Voted Colorado Springs Best Realtor

Run, Forrest, Run!

 

Jan 23, 2017 08:10 PM
Rainer
98,773
Becca Rasmussen
HomeSmart Cherry Creek - Highlands Ranch, CO

It's legal in CO, as long as they disclose properly (5.22 Dual Status Disclosure) so I'll ask back: what are the rules/regulations in your area? If it's legal, deal with it. If it's not legal, deal with it differently. :0)

Assumption: the person is properly licensed for both. I guess I'd advise checking their license statuses as well.

Jan 23, 2017 01:18 PM
Rainmaker
2,224,267
Debbie Laity
Cedaredge Land Company - Cedaredge, CO
Your Real Estate Resource for Delta County, CO

I don't know what the disclosure laws are in your state. Talk with your broker about some red flags you might want to look out for. 

Jan 22, 2017 09:17 PM
Rainmaker
3,986,000
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I am not real keen on this but lne less person passing the buck

Jan 22, 2017 05:23 PM
Ambassador
5,825,596
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

Well at least the lender will have an incentive to make sure the deal goes through.  May be an ethical or possibly legal issue here though, be careful.

Jan 22, 2017 05:11 PM
Rainmaker
708,148
Tony Lewis
Summit Real Estate Group - Valencia, CA
Summit Real Estate Group Valencia & Aliso Viejo

Great news, I really appreciate the offer.

Jan 22, 2017 04:36 PM
Rainmaker
5,581,328
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

as long as the buyer has been properly pre-approved, I don't see a problem with it.... the seller could request one other mortgage broker pre approve that buyer, even if the buyer did not use that mortgage person....

Jan 22, 2017 01:31 PM
Rainmaker
142,746
Diana White-Pettis
Bennett Realty Solutions - Upper Marlboro, MD
GRI, CDPE, CNE, WHC Upper Marlboro Homes for Sale

This could be a good thing with the buyer's agent being able to keep me up to date on the loan status.  The transaction might even close early!

Jan 22, 2017 01:23 PM
Ambassador
2,613,203
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

 As long as it is legal, full disclosure, etc.

Jan 22, 2017 01:00 PM
Ambassador
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Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

I had that happen a couple of months ago and it felt very weird. I expected it to fall apart but everything went so smoothly we closed 2 weeks early.

Jan 22, 2017 12:37 PM
Rainmaker
950,423
Jennifer Mackay
Counts Real Estate Group, Inc. - Panama City, FL
Your Bay County Florida Realtor 850.774.6582

Thoughts? Grats on the sale!

Jan 22, 2017 12:22 PM
Rainmaker
4,304,874
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Review the offer and then present to the seller.   Trust and verify.  

Jan 22, 2017 11:09 AM