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sdrealtor.
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September 2, 2010 at 2:30 PM #600611September 2, 2010 at 2:33 PM #599553
sdrealtor
Participant[quote=captcha][quote=bearishgurl] To name a few, if your agent is incompetent and/or doesn’t possess the requisite knowledge to properly complete your transaction, you can easily lose your earnest money deposit, pay too much for the property, never get your offer presented or presented properly, be in “perpetual escrow” waiting for a lender to agree to sell “short enough” (which will never take place), take possession without the agreed-upon items fixed, get taken to the cleaners by your mortgage broker, sign away your contingencies before they are met or satisfied . . . the list goes on . . . and on.
[/quote]The contract between the buyer and the buyer’s agent says nothing about the agent compensating the buyer for failing to protect the buyer from any of the things listed above.
My experience says a buyer’s agent is more likely to send you to his buddy mortgage broker than to tell you about aimloan.com.[/quote]
You are assuming the buyer’s agent even knows about aimloan.com. I have mortgage guys I know and trust and when someone asks I refer them. I always let them know they are free to choose whomever they want. Most agents dont care or have any control over what lender a buyer uses. They just share options and pray the buyer selects a competent one.
September 2, 2010 at 2:33 PM #599646sdrealtor
Participant[quote=captcha][quote=bearishgurl] To name a few, if your agent is incompetent and/or doesn’t possess the requisite knowledge to properly complete your transaction, you can easily lose your earnest money deposit, pay too much for the property, never get your offer presented or presented properly, be in “perpetual escrow” waiting for a lender to agree to sell “short enough” (which will never take place), take possession without the agreed-upon items fixed, get taken to the cleaners by your mortgage broker, sign away your contingencies before they are met or satisfied . . . the list goes on . . . and on.
[/quote]The contract between the buyer and the buyer’s agent says nothing about the agent compensating the buyer for failing to protect the buyer from any of the things listed above.
My experience says a buyer’s agent is more likely to send you to his buddy mortgage broker than to tell you about aimloan.com.[/quote]
You are assuming the buyer’s agent even knows about aimloan.com. I have mortgage guys I know and trust and when someone asks I refer them. I always let them know they are free to choose whomever they want. Most agents dont care or have any control over what lender a buyer uses. They just share options and pray the buyer selects a competent one.
September 2, 2010 at 2:33 PM #600191sdrealtor
Participant[quote=captcha][quote=bearishgurl] To name a few, if your agent is incompetent and/or doesn’t possess the requisite knowledge to properly complete your transaction, you can easily lose your earnest money deposit, pay too much for the property, never get your offer presented or presented properly, be in “perpetual escrow” waiting for a lender to agree to sell “short enough” (which will never take place), take possession without the agreed-upon items fixed, get taken to the cleaners by your mortgage broker, sign away your contingencies before they are met or satisfied . . . the list goes on . . . and on.
[/quote]The contract between the buyer and the buyer’s agent says nothing about the agent compensating the buyer for failing to protect the buyer from any of the things listed above.
My experience says a buyer’s agent is more likely to send you to his buddy mortgage broker than to tell you about aimloan.com.[/quote]
You are assuming the buyer’s agent even knows about aimloan.com. I have mortgage guys I know and trust and when someone asks I refer them. I always let them know they are free to choose whomever they want. Most agents dont care or have any control over what lender a buyer uses. They just share options and pray the buyer selects a competent one.
September 2, 2010 at 2:33 PM #600297sdrealtor
Participant[quote=captcha][quote=bearishgurl] To name a few, if your agent is incompetent and/or doesn’t possess the requisite knowledge to properly complete your transaction, you can easily lose your earnest money deposit, pay too much for the property, never get your offer presented or presented properly, be in “perpetual escrow” waiting for a lender to agree to sell “short enough” (which will never take place), take possession without the agreed-upon items fixed, get taken to the cleaners by your mortgage broker, sign away your contingencies before they are met or satisfied . . . the list goes on . . . and on.
[/quote]The contract between the buyer and the buyer’s agent says nothing about the agent compensating the buyer for failing to protect the buyer from any of the things listed above.
My experience says a buyer’s agent is more likely to send you to his buddy mortgage broker than to tell you about aimloan.com.[/quote]
You are assuming the buyer’s agent even knows about aimloan.com. I have mortgage guys I know and trust and when someone asks I refer them. I always let them know they are free to choose whomever they want. Most agents dont care or have any control over what lender a buyer uses. They just share options and pray the buyer selects a competent one.
September 2, 2010 at 2:33 PM #600616sdrealtor
Participant[quote=captcha][quote=bearishgurl] To name a few, if your agent is incompetent and/or doesn’t possess the requisite knowledge to properly complete your transaction, you can easily lose your earnest money deposit, pay too much for the property, never get your offer presented or presented properly, be in “perpetual escrow” waiting for a lender to agree to sell “short enough” (which will never take place), take possession without the agreed-upon items fixed, get taken to the cleaners by your mortgage broker, sign away your contingencies before they are met or satisfied . . . the list goes on . . . and on.
[/quote]The contract between the buyer and the buyer’s agent says nothing about the agent compensating the buyer for failing to protect the buyer from any of the things listed above.
My experience says a buyer’s agent is more likely to send you to his buddy mortgage broker than to tell you about aimloan.com.[/quote]
You are assuming the buyer’s agent even knows about aimloan.com. I have mortgage guys I know and trust and when someone asks I refer them. I always let them know they are free to choose whomever they want. Most agents dont care or have any control over what lender a buyer uses. They just share options and pray the buyer selects a competent one.
September 2, 2010 at 2:38 PM #599558bearishgurl
Participant[quote=captcha]The contract between the buyer and the buyer’s agent says nothing about the agent compensating the buyer for failing to protect the buyer from any of the things listed above.
My experience says a buyer’s agent is more likely to send you to his buddy mortgage broker than to tell you about aimloan.com.[/quote]
captcha, that is the purpose of agents/brokers carrying E & O insurance. It is required on every brokered transaction, on each side. If you, as a seller or buyer, later sue your broker for damages inflicted upon you due to your agent’s neglect, lack of oversight and/or incompetency, for instance, their E & O policy will pay to defend the suit and/or pay your award, along with any culpable brokers, if you prevail in court. If you represent yourself, you have no one to blame but yourself.
If your buyer’s agent INSISTS you use his “buddy mortgage broker,” this is a violation of RESPA and they can be disciplined by the DRE if a complaint is filed and it is later determined that your agent took any kind of “kickback” from the successful origination of your mortgage loan after sending you to a particular mortgage broker, banker or direct lender.
captcha, you are always free, as a buyer, to use whichever lender you desire, even in purchasing new construction. It is legal to offer incentives to entice a buyer to use a certain lender but it is NOT legal to force them to use a certain lender or reject an already-accepted offer because the buyer will not use a certain lender. The buyer always has the final say in which lender they will use.
September 2, 2010 at 2:38 PM #599651bearishgurl
Participant[quote=captcha]The contract between the buyer and the buyer’s agent says nothing about the agent compensating the buyer for failing to protect the buyer from any of the things listed above.
My experience says a buyer’s agent is more likely to send you to his buddy mortgage broker than to tell you about aimloan.com.[/quote]
captcha, that is the purpose of agents/brokers carrying E & O insurance. It is required on every brokered transaction, on each side. If you, as a seller or buyer, later sue your broker for damages inflicted upon you due to your agent’s neglect, lack of oversight and/or incompetency, for instance, their E & O policy will pay to defend the suit and/or pay your award, along with any culpable brokers, if you prevail in court. If you represent yourself, you have no one to blame but yourself.
If your buyer’s agent INSISTS you use his “buddy mortgage broker,” this is a violation of RESPA and they can be disciplined by the DRE if a complaint is filed and it is later determined that your agent took any kind of “kickback” from the successful origination of your mortgage loan after sending you to a particular mortgage broker, banker or direct lender.
captcha, you are always free, as a buyer, to use whichever lender you desire, even in purchasing new construction. It is legal to offer incentives to entice a buyer to use a certain lender but it is NOT legal to force them to use a certain lender or reject an already-accepted offer because the buyer will not use a certain lender. The buyer always has the final say in which lender they will use.
September 2, 2010 at 2:38 PM #600196bearishgurl
Participant[quote=captcha]The contract between the buyer and the buyer’s agent says nothing about the agent compensating the buyer for failing to protect the buyer from any of the things listed above.
My experience says a buyer’s agent is more likely to send you to his buddy mortgage broker than to tell you about aimloan.com.[/quote]
captcha, that is the purpose of agents/brokers carrying E & O insurance. It is required on every brokered transaction, on each side. If you, as a seller or buyer, later sue your broker for damages inflicted upon you due to your agent’s neglect, lack of oversight and/or incompetency, for instance, their E & O policy will pay to defend the suit and/or pay your award, along with any culpable brokers, if you prevail in court. If you represent yourself, you have no one to blame but yourself.
If your buyer’s agent INSISTS you use his “buddy mortgage broker,” this is a violation of RESPA and they can be disciplined by the DRE if a complaint is filed and it is later determined that your agent took any kind of “kickback” from the successful origination of your mortgage loan after sending you to a particular mortgage broker, banker or direct lender.
captcha, you are always free, as a buyer, to use whichever lender you desire, even in purchasing new construction. It is legal to offer incentives to entice a buyer to use a certain lender but it is NOT legal to force them to use a certain lender or reject an already-accepted offer because the buyer will not use a certain lender. The buyer always has the final say in which lender they will use.
September 2, 2010 at 2:38 PM #600302bearishgurl
Participant[quote=captcha]The contract between the buyer and the buyer’s agent says nothing about the agent compensating the buyer for failing to protect the buyer from any of the things listed above.
My experience says a buyer’s agent is more likely to send you to his buddy mortgage broker than to tell you about aimloan.com.[/quote]
captcha, that is the purpose of agents/brokers carrying E & O insurance. It is required on every brokered transaction, on each side. If you, as a seller or buyer, later sue your broker for damages inflicted upon you due to your agent’s neglect, lack of oversight and/or incompetency, for instance, their E & O policy will pay to defend the suit and/or pay your award, along with any culpable brokers, if you prevail in court. If you represent yourself, you have no one to blame but yourself.
If your buyer’s agent INSISTS you use his “buddy mortgage broker,” this is a violation of RESPA and they can be disciplined by the DRE if a complaint is filed and it is later determined that your agent took any kind of “kickback” from the successful origination of your mortgage loan after sending you to a particular mortgage broker, banker or direct lender.
captcha, you are always free, as a buyer, to use whichever lender you desire, even in purchasing new construction. It is legal to offer incentives to entice a buyer to use a certain lender but it is NOT legal to force them to use a certain lender or reject an already-accepted offer because the buyer will not use a certain lender. The buyer always has the final say in which lender they will use.
September 2, 2010 at 2:38 PM #600621bearishgurl
Participant[quote=captcha]The contract between the buyer and the buyer’s agent says nothing about the agent compensating the buyer for failing to protect the buyer from any of the things listed above.
My experience says a buyer’s agent is more likely to send you to his buddy mortgage broker than to tell you about aimloan.com.[/quote]
captcha, that is the purpose of agents/brokers carrying E & O insurance. It is required on every brokered transaction, on each side. If you, as a seller or buyer, later sue your broker for damages inflicted upon you due to your agent’s neglect, lack of oversight and/or incompetency, for instance, their E & O policy will pay to defend the suit and/or pay your award, along with any culpable brokers, if you prevail in court. If you represent yourself, you have no one to blame but yourself.
If your buyer’s agent INSISTS you use his “buddy mortgage broker,” this is a violation of RESPA and they can be disciplined by the DRE if a complaint is filed and it is later determined that your agent took any kind of “kickback” from the successful origination of your mortgage loan after sending you to a particular mortgage broker, banker or direct lender.
captcha, you are always free, as a buyer, to use whichever lender you desire, even in purchasing new construction. It is legal to offer incentives to entice a buyer to use a certain lender but it is NOT legal to force them to use a certain lender or reject an already-accepted offer because the buyer will not use a certain lender. The buyer always has the final say in which lender they will use.
September 2, 2010 at 3:29 PM #599578PCinSD
Guest[quote=bearishgurl]
captcha, that is the purpose of agents/brokers carrying E & O insurance. It is required on every brokered transaction, on each side.
[/quote]Every broker should have insurance, but I don’t believe this is a CA DRE requirement. I recently defended a broker in a lawsuit regarding a real estate transaction. Insurance didn’t cover it.
Some companies may refuse to do business with brokers who do not have an E&O policy, but that is a separate matter.
September 2, 2010 at 3:29 PM #599671PCinSD
Guest[quote=bearishgurl]
captcha, that is the purpose of agents/brokers carrying E & O insurance. It is required on every brokered transaction, on each side.
[/quote]Every broker should have insurance, but I don’t believe this is a CA DRE requirement. I recently defended a broker in a lawsuit regarding a real estate transaction. Insurance didn’t cover it.
Some companies may refuse to do business with brokers who do not have an E&O policy, but that is a separate matter.
September 2, 2010 at 3:29 PM #600216PCinSD
Guest[quote=bearishgurl]
captcha, that is the purpose of agents/brokers carrying E & O insurance. It is required on every brokered transaction, on each side.
[/quote]Every broker should have insurance, but I don’t believe this is a CA DRE requirement. I recently defended a broker in a lawsuit regarding a real estate transaction. Insurance didn’t cover it.
Some companies may refuse to do business with brokers who do not have an E&O policy, but that is a separate matter.
September 2, 2010 at 3:29 PM #600322PCinSD
Guest[quote=bearishgurl]
captcha, that is the purpose of agents/brokers carrying E & O insurance. It is required on every brokered transaction, on each side.
[/quote]Every broker should have insurance, but I don’t believe this is a CA DRE requirement. I recently defended a broker in a lawsuit regarding a real estate transaction. Insurance didn’t cover it.
Some companies may refuse to do business with brokers who do not have an E&O policy, but that is a separate matter.
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