Praful Thakkar, Andover, MA: Andover Luxury Homes For Sale (LAER Realty Partners)

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Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC

I phone the new lender and introduce myself. I ascertain that the lender is on-track and is fully aware of my buyers' contractual timeline.

It's their choice, not mine and I do hate it when this happens but, on occasion, we do have this happen!

Aug 18, 2018 11:26 PM
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

IDK. Are we under contract already and they're switching lenders? That would require notification-- get with the lender, get up to speed, make sure they can get it done, and notify seller with the proper paperwork.

In order to GET under contract on a res here, we submit a written pre-qual with contract, containing the lender's NMLS number and contact information..

So not knowing who the lender is would not happen.

Can the lender get it done? Then fine.

Can we just be happy that we have a deal that's probably going to close?

So my overall answer is: 0 F's given. 😘

Aug 19, 2018 04:54 AM
Kat Palmiotti
406-270-3667,, Broker/REALTOR® - Kalispell, MT
Helping your Montana dreams take root

I have had some buyers decide to use a different lender, but they have informed me and it all worked out fine. I pay careful attention to the process, check in often, and then at the end decide if that new lender is one I will add to my list of recommendations.

Aug 19, 2018 02:46 AM
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

       I have no control over the lender that the buyer chooses, other than making recommendations/introductions.  As long as they get loan approval and meet the contingency deadline, it's not my problem.

Aug 18, 2018 11:05 PM
Lyn Sims
Schaumburg, IL
Real Estate Broker Retired

If it is an internet lender I tell them their level of success is not good! You just cannot get a loan pressing a few buttons on your phone. In my state, I would notify the buyers attorney to relay the bad news there also.

You work for the buyer but you can also give them their 'chances to close' percentage which is about 20%. How's the seller going to feel about that?

Aug 19, 2018 05:14 AM
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

I would be embarrassed to call myself a Buyer's Agent in that situation. A transaction can go sour darn quickly if you don't have at least some control of what's at hand. The choice is theirs and my job is to make sure that the home becomes theirs. Staying informed is my responsibility to them.

Aug 19, 2018 05:08 AM
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

I do my job.

But, I have a plan B that I present to the buyer.

Plan be is to start the process with a lender who 'invests' in the borrower from the very beginning. When Plan B is initiated, they can close in less than 5 days.

The problem becomes a buyer who does things in secret very likely will have other surprises coming. "You never told me not to buy a new car to match my new house!"

Aug 19, 2018 04:54 AM
Raj Taj
RE/MAX - Lake Bluff, IL
Drive By Blessings!


Aug 18, 2018 10:50 PM
Bob Betel
Allstar Home Mortgage, Inc. - Sweetwater, TN
President, Allstar Home Mortgage, Inc

I sure would have hoped that the lender would have called both the sellers and buyers agent first and introduced themselves to start off on the right foot. But since they didn't, call them up, and get them up to speed and then stay on top of them.

Aug 19, 2018 05:13 AM
Doug Dawes
Keller Williams Evolution - 447 Boston Street Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Not much I can do about a buyer decision. I would contact the lender and give them my information 

Aug 19, 2018 04:49 AM
Anthony Acosta -
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

Go with the flow, contact the new lender and introduce myself and get the deal done.

Aug 19, 2018 05:00 PM
Eve Alexander
Buyers Broker of Florida - Tampa, FL
Exclusively Representing ONLY Tampa Home Buyers

I like to work with informed I inform them early on.

I give buyers the true life stories about what can happen when they use an internet lender that operates on a cell phone in another state.

Usually they take my advice...if they go off on their own, there may or may not be a problem. 

I can only advise, I am not their mother...


Aug 19, 2018 05:59 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Which lender a buyer uses is totally up to them. But I've never been in a situation where the buyer did not tell me whom they decided to use for the mortgage.

And then there is question of how you define an on-line lender. Many call Quicken an on-line lender and I've never had an issue with a Quicken funded loan.

Aug 19, 2018 05:59 AM
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

We stay in steady contact with out investors with a contract coordinator.

Aug 19, 2018 04:49 AM
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

I agree with Debe

Aug 19, 2018 04:30 AM
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

Regardless of which business we are working in, the most important priority is managing the client.  Expectations, procedures and how we treat each other and the transaction are essential.

Aug 19, 2018 07:51 AM
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy


I think that Debe Maxwell, CRS gave you the perfect answer.  You may get a wonderful source of referral by introducing yourself especially if they are one of those lenders you did not know anything about.  A

Aug 19, 2018 06:51 AM
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

That moment & its circumstances will govern my response at the time

Aug 19, 2018 05:57 AM
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

Before they even make an offer i warn them about this and why. I contact the loan officer and ask for update, if i dont get them, i check in weekly. If they switch, if local nd trusted, i check in. If an online lender, i sit the buyers down for some quick hard truths

Aug 19, 2018 05:35 AM
Richard Weeks
Dallas, TX
REALTOR®, Broker

Just keep the process on track and get it done.

Aug 19, 2018 05:34 AM
Gary Frimann, CRS, GRI, SRES
Eagle Ridge Realty / Signature Homes & Estates - Gilroy, CA
REALTOR and Broker

I hope the person is a friend of the borrowers and will do anything and everything to get the loan funded!

Aug 19, 2018 05:02 AM
Jason E. Gordon
CMG Mortgage, San Diego, CA - San Diego, CA

As we all know, the Consumer ultimately has the final right to decide which Lender to acquire their mortgage loan through. For this reason, it is essential that the Lender and Real Estate Agent have a strong enough partnership (based on trust, loyalty, confidence, etc.) and can properly articulate the benefits of working with this TEAM throughout the escrow process. When done effectively, the Consumer will typically choose to remain loyal to the Lender recommended by the Agent. 

On a side note, I know of no other Agent who advocates more effectively for my personal loan services than Thomas J. Nelson, Realtor, ePRO, CRS, RCS-D 

He would be a great resource to learn scripting tools from (whether about me, or your Lender of choice). Good luck!

Aug 20, 2018 01:17 PM
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Remain aware it is the client's decision. Do your best to get the transaction to the close. 

Aug 19, 2018 05:01 PM
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

Our forms require the seller to approve of all lender changes, provided your buyer had a pre approval letter already in place when he/she made his offer.  Remind the buyer that the seller accepted their offer with the lender provided in the offer and any change in lenders is a change in the terms. If your state doesn't have this requirement, remind him/her that the deadlines in the offer haven't changed and their new lender must perform within the agreed to timelines.

Aug 19, 2018 12:23 PM
Roy Kelley
Retired - Gaithersburg, MD

It is time to meet the new loan officer and ask some questions.

Aug 19, 2018 12:08 PM
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Prop. Mgr, Wenatchee, WA

I've had that happen when the process was taking too long but never without me knowing. 

Aug 19, 2018 11:44 AM
Tony Lewis
Summit Real Estate Group - Valencia, CA
Summit Real Estate Group Valencia & Aliso Viejo

Work with the lender and also explain to my client how important it is to close on time.  I let them know about losing teir deposit.

Aug 19, 2018 11:29 AM
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

I warn them that if anything goes wrong with an unknown , I will have very swaying power !

Aug 19, 2018 10:05 AM
Ryan Huggins - Thousand Oaks, CA - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Exactly what Debe Maxwell, CRS said.

Aug 19, 2018 09:32 AM
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

How about a buyer decides to work with another agent blaming his offers all got rejected because he maxed out on his budget? Lender is lessor of an issue since all my contracts are not contingent on the loan. They signed they will lose the deposit if not getting the loan. 

Aug 19, 2018 08:53 AM
Richard Bazinet /MBA, CRS, ABR
West USA Realty - Scottsdale, AZ
Phoenix Scottsdale. Sellers, Buyers & Relocations

That's not nearly possible. When I work with my buyers, I have rules and i'm on top of things, I'm on the phone with the lender regularly, almost daily.

Aug 19, 2018 08:47 AM
Sandy Padula & Norm Padula, JD, GRI
HomeSmart Realty West & Florida Realty Investments - , CA
Presence, Persistence & Perseverance

As Debe Maxwell, CRS wrote. Not much you can do unless you want to turn your back on your revenue stream

Aug 19, 2018 07:59 AM
John Juarez
The Medford Real Estate Team - Fremont, CA

The buyer is in charge! They often think they know more than we do. The often do not value our expertise and experience. They need to learn the hard way. We do the best that we can to make the outcome a good one.

Aug 19, 2018 07:53 AM
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

I only had that happen once in 15+ years.  I echo what Debe Maxwell, CRS said. 

Aug 19, 2018 07:43 AM
Mike Cooper, Broker VA,WV
Cornerstone Business Group Inc - Winchester, VA
Your Neighborhood Real Estate Sales Pro

I've had it happen many times. Somewhere in the early stages, the new lender reaches out to me. So far, only one has failed. 

Aug 19, 2018 07:40 AM
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
CEO of Vision Drive Realty - Coastal San Diego

Debe Maxwell, CRS summed up my answer.

I always start my clients off with Jason E. Gordon and he rarely loses one, typically they're jumping over to him once they compare. A lot of my buyers come to me with online lenders in tow, I politely suggest a comparison and Jason does the rest.

Aug 19, 2018 07:24 AM
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Sounds like you have some very savvy answers!

Aug 19, 2018 07:16 AM
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

if it were my buyer, it would NEVER have happened.... attached at the hip would have been a MUST with every move ....

Aug 19, 2018 06:53 AM
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

It doesn't happen with me.  I am usually on top of this with my buyers.

Aug 19, 2018 06:36 AM
Wayne Zuhl
Remax First Realty II - Cranford, NJ
The Last Name You'll Ever Need in Real Estate

Introduce myself.

Aug 19, 2018 06:35 AM
William Feela
Realtor, Whispering Pines Realty 651-674-5999 No.

I contact that lender and get on the same page otherwise we will have issues

Aug 21, 2018 07:40 PM
Susie Kay
Ultra Real Estate Dallas Fort Worth - Plano, TX
North Dallas Specialist

Many of my buyers work with a lender that I have never worked with.  I will inform them that lenders are not only about fees but also about knowledge, experience, success rate, etc.  It's their choice but I do let them know that they can call my lenders.  

Aug 20, 2018 04:45 PM
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

Introduce yourself and get to know a new lender...

Aug 20, 2018 11:46 AM
Ricardo Mello
Manhattan Miami Real Estate - Manhattan, NY
Manhattan & Miami Real Estate Agent

Agree with Debe Maxwell!

Aug 20, 2018 08:42 AM
Buzz Mackintosh
Mackintosh REALTORS - Frederick, MD
“Experience, reliable, leadership”

I usually explain the potential consequences up front , but in the end it is their decision and will stay on top of the transaction to make sure all is completed in a timely manor

Aug 20, 2018 04:21 AM
Peter Mohylsky, Beach Expert
PMI. Destin - Miramar Beach, FL
Call me at 850-517-7098

Keep the train on the rails. 

Aug 20, 2018 04:05 AM
Jon K. Judd
Keller Williams Realty - Central Delaware - Dover, DE
GRI, e-PRO, SFR, Delaware Homes

I've had that happen...

I wasn't pleased at the time I found out, however it is the buyers choice...

I contacted the lender, introduced myself and shared facts and information...

Sale went off without a hitch...  Everyone was happy...

Aug 19, 2018 07:25 PM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

It's their choice but I would be in touch with the lender to introduce myself and talk about the transaction and dates.

Aug 19, 2018 08:25 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

They need to let us know, as we have to let the LA know.

Aug 25, 2018 05:33 AM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

I try to explain the pros and cons, and internet lender, to many cons.

Aug 24, 2018 04:12 PM