Re: ‘Rookie Realtor closes first deal‘ (July 26)

Dear Rookie:

HYSTERICAL!!! With an attitude like that, you’ll go far. (I’m still giggling about it).

Laura Burke
President
Rival Realty Inc.

Dear Rookie:

This article is GREAT!

Our industry should tell more stories so that other agents can learn from other people’s experiences.

I’ve been in the business since 1985 and have plenty of experiences. My most recent is spending approximately 7 hours with some first-time buyers and being about 2 more hours of work from closing the deal. These people are from a particular church congregation that I get 3 to 7 deals a year on, so I tend to spend more time holding their hand. After consuling the buyers on what program to take, their parents who were giving them 100 percent of the down payment told them to go with their (parents’) other loan agent. It wouldn’t be so bad if this happened at the early stages, but after 7 hours of work, it’s a hard one to swallow. I have been thinking about having borrowers sign a mortgage broker consulting agreement, but all my business is referral and it may ruin some relationships…but business is business.

I have this other loan I’ve been dealing with as follows:

My client’s offer was accepted with a 15-day close. The automated loan approval allowed us to bypass the appraisal and we got loan docs in escrow and could have closed on time. Come to find out, there were two dead people on title and the listing agent thought that the title company could just delete their names. The listing agent has her own agenda. Now the deal has to go through probate and it has been delayed since May 20. The interest-rate market had increased substantially and the listing agent didn’t want to contribute or have her client (seller) contribute towards buying the rate down to where the buyer was initially locked in at. We’re still waiting to hear from the probate court. The listing agent is with a high-end brokerage and the selling agent and broker are friends of the buyer–both are quiet guys who don’t want to rock the boat. What is right is right, but this is totally unfair to the buyer.

Randy Wong
Amerimac First Mortgage
Alameda, Calif.

***

Got tips, ideas or advice for the Rookie Realtor? Send them to Rookie@inman.com.

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