Most Realtors that work daily in the business have great lenders that they refer out. Clients often perceive that this is because of some kickback or benefit that the lender gives out. In reality, this is more because the headaches Realtors get from incompetent lenders and the errors they make that cost clients the homes they want.
When the Realtor refers out a a “preferred lender”, 2 things happen. First, a lender with whom they have experience throughout an entire transaction is working on the deal. Secondly, the client has more leverage to make sure things happen as they need to. This is because if the lender screws up, they could lose more than just one deal, they could potentially lose the referral stream from an agent which could cost them thousands of dollars per year.
RULE NUMBER 1: Buyer’s should try to use the lenders referred by their agents!
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