Housing market is too far gone.

stevezissou

OT Supporter
Jul 15, 2009
37,703
US
Good questions to ask a potential agent.

1. How many years have you been doing this?
2. How many closings have you actually done on this type of property in the last 2 years? Residential, Commercial, etc etc.

Years don’t mean shit.

I’ve done it for 5 or so years now and know more then agents who say “I’ve been doin this for 25 years this is the way it is”.

Some agents get stagnant and never learn the new shit, contracts change almost every year

Hence questions #2.

And yes I agree with you it isn't all encompassing but it is a good place to start.

Tbh it’s not.

“ I’m not sure the answer but I’ll find out and get back to you asap”

Call your broker, call your mentor, call another agent. Boom you have the answer
And I’ll give you a great example. I’d done RE for 2 years. Joined a team and my first lead was 1.5 mil in an armed guard community.

Called my trainer freaking out because it was so out of my wheelhouse.

“Call this agent”.
Uh ok?

Called her, she gave me the run down on every builder in that community, how to even get in the gates, and things to look for that detract from value in that community.


I was under contract for 1.47 the next day.

61889.jpg
 
Jun 26, 2001
23,117
FL
I know there's bad LO's and people who don't know WTF they are doing or how to conduct business. Currently in a similar spot as 2007-ish when a bunch of dumbass used car salesmen decided to get into lending because of the hot market. They will soon be gone when they realize there is a lot more to the business than taking a slam dunk refi application.

That being said, we get inundated with questions non-stop, 24/7. Typical deal has:
buyer
buyer's agent
buyer's agent transaction coordinator
seller's agent
seller's agent transaction coordinator
home insurance agent
title company rep
title company closing coordinator
title company escrow officer

When they all at different times are asking "hey checking on the status!" I want to answer "currently we can't get anything done because you motherfuckers won't leave us alone and keep asking for status updates every 45 minutes. You want a status update? buyer's file has been almost denied 3x since 8am today. The insurance agent is working on lowering the premium $200 and we found a small credit card we can pay off at closing to keep the debt ratio low enough to get approved. Your buyer keeps sending screenshots of bank statements instead of the ACTUAL BANK STATEMENTS that have been requested 4x, and the one time they sent an actual bank statement, they blacked out half the transactions because "this is my personal information and I don't see how it's any of your business." We haven't sent out the Closing Disclosure yet to get signed because the buyer still hasn't signed the Loan Estimate from 3 weeks ago, because that 3 week old Loan Estimate has different insurance numbers on it than the quote he just got 12 minutes ago, and "I refuse to sign something that isn't correct." Oh, and the DataVerify check shows the buyer was associated with a property in Oklahoma that foreclosed 3 years ago so we're trying to gather the documentation pertaining to that. So there's your update. Now if everyone would stop interrupting me and asking for "UPDATES???" every 5 minutes, I can work on getting it all cleared. Or I can put all work to the side and just keep updating everyone and we'll never close. Your call."

There apps for that? Like project management between you and client(s) ?
 

saabguy

Saab-free since 2013. Mortgage guru
OT Supporter
Aug 11, 2003
21,781
Loserville. Population: 1
There’s bad lenders here and there’s really good ones. I’d venture to say the bad lenders get weeded out fast because realtors don’t wanna work with em.


There’s a guy here I’ve used for 5 years, never dropped the ball. And a girl in NJ that some friends recommended. I text her and within 10 minutes I have an answer.

Between the two I’d never go anywhere else
But there are bad lenders that are kept in business by bad agents who continue to refer them because they go out drinking together on weekends. There are some shitty LO's who can't close a door, but do a good amount of production because they are good at marketing and playing the game with realtors. There are some really good LO's who are bad at marketing and getting business, and they flounder. But agents accuse lenders of "dropping the ball" constantly and 98% of the time it's outside our control. We're all on the same team, trying to get the closing to the table. I've had last minute things pop up that I'm scrambling to try and close, but the agent wants to call and bitch at me for 20 minutes because "they already rented a u-haul!!!" It's got to the point where I've had to cut them off and say "look, I'm trying to get everything fixed, but I can't go to work on the issue if I'm tied up on the phone with you all afternoon. Would you like me to fix it or do you want to keep talking?" Then they hang up and I get it fixed.
 

victor77

Internet Crew
OT Supporter
Mar 13, 2011
46,601
Internets
I know there's bad LO's and people who don't know WTF they are doing or how to conduct business. Currently in a similar spot as 2007-ish when a bunch of dumbass used car salesmen decided to get into lending because of the hot market. They will soon be gone when they realize there is a lot more to the business than taking a slam dunk refi application.

That being said, we get inundated with questions non-stop, 24/7. Typical deal has:
buyer
buyer's agent
buyer's agent transaction coordinator
seller's agent
seller's agent transaction coordinator
home insurance agent
title company rep
title company closing coordinator
title company escrow officer

When they all at different times are asking "hey checking on the status!" I want to answer "currently we can't get anything done because you motherfuckers won't leave us alone and keep asking for status updates every 45 minutes. You want a status update? buyer's file has been almost denied 3x since 8am today. The insurance agent is working on lowering the premium $200 and we found a small credit card we can pay off at closing to keep the debt ratio low enough to get approved. Your buyer keeps sending screenshots of bank statements instead of the ACTUAL BANK STATEMENTS that have been requested 4x, and the one time they sent an actual bank statement, they blacked out half the transactions because "this is my personal information and I don't see how it's any of your business." We haven't sent out the Closing Disclosure yet to get signed because the buyer still hasn't signed the Loan Estimate from 3 weeks ago, because that 3 week old Loan Estimate has different insurance numbers on it than the quote he just got 12 minutes ago, and "I refuse to sign something that isn't correct." Oh, and the DataVerify check shows the buyer was associated with a property in Oklahoma that foreclosed 3 years ago so we're trying to gather the documentation pertaining to that. So there's your update. Now if everyone would stop interrupting me and asking for "UPDATES???" every 5 minutes, I can work on getting it all cleared. Or I can put all work to the side and just keep updating everyone and we'll never close. Your call."
I feel attacked. :rofl:
 

saabguy

Saab-free since 2013. Mortgage guru
OT Supporter
Aug 11, 2003
21,781
Loserville. Population: 1
Damn, now I feel like I should ask for a discount for having my shit together.
Most places are not able to offer different terms to different consumers because of fair housing laws. Someone who is a shit-show file is not given different terms than someone who has a clean file and is not a headache. But my branch is set up differently where I can give better deals to people who are easier to work with. If I give a good deal to someone that's easy to work with, then they are more likely to refer me out to other people in their circle of friends, and that circle is likely to be made up of similarly responsible people who are easy to work with.

I had someone before that was a single mom with 2 different baby-daddies, she worked a full-time job and 2 part time jobs, had pretty rough credit that we needed all kinds of documentation and letters about, and I think we were waiting on her tax refund so she could pay her closing costs. After closing she said "text me a picture of your business card, I got LOTS of friends imma tell about you, I'm gonna hook you up with LOTS of business!" and I was like "please god no." :rofl:
 

saabguy

Saab-free since 2013. Mortgage guru
OT Supporter
Aug 11, 2003
21,781
Loserville. Population: 1
There apps for that? Like project management between you and client(s) ?
It's a little hard to imagine that working well since each file is unique in its own way.

Every Friday I send an update out to both agents showing a checklist of all the milestones in a file, the dates each milestone was met, and it shows the upcoming milestones. So they can see what progress has happened and what's left to wrap it all up. I will send these out and have had agents respond to my update email asking what the status is.

Last week we had to push a closing because the seller's HOA hasn't provided any of the condo docs we need for approval. I told the Transaction Coordinator for the listing agent, and then she let me know that the HOA contact person she had given me quit working there 2 days after she gave me his info, and they never told us who the new person is. My processor has been going back and forth with requesting docs needed from insurance agents, a different HOA person, etc., and the Coordinator is asking "please provide me the processor's email so I can make sure it gets done!" So even though our processor was working directly with the people she needed to, this coordinator wanted the processor to give her a list of what items are missing. Then the coordinator would go to the insurance agent and HOA person to let them know what was missing (even though they are already in direct contact with the processor) to let THEM know. And what answer she got from them she was going to relay BACK to the processor. She's creating a log jam that doesn't need to exist just so she can pretend she's helping. Oh, and after she asked for the processor's email, I gave it to her and said "Her name, email, and phone number have been on every update sheet I've been sending for the last 3 weeks..."
 

Menger

OT Supporter
Nov 23, 2011
23,483
Why do people fail to snap a picture of both bathrooms from a 2 bath house smh smh smh
 

Remy Bressant

40 big girls and a bottle
OT Supporter
Jul 24, 2015
28,614
SoCal
I know there's bad LO's and people who don't know WTF they are doing or how to conduct business. Currently in a similar spot as 2007-ish when a bunch of dumbass used car salesmen decided to get into lending because of the hot market. They will soon be gone when they realize there is a lot more to the business than taking a slam dunk refi application.

That being said, we get inundated with questions non-stop, 24/7. Typical deal has:
buyer
buyer's agent
buyer's agent transaction coordinator
seller's agent
seller's agent transaction coordinator
home insurance agent
title company rep
title company closing coordinator
title company escrow officer

When they all at different times are asking "hey checking on the status!" I want to answer "currently we can't get anything done because you motherfuckers won't leave us alone and keep asking for status updates every 45 minutes. You want a status update? buyer's file has been almost denied 3x since 8am today. The insurance agent is working on lowering the premium $200 and we found a small credit card we can pay off at closing to keep the debt ratio low enough to get approved. Your buyer keeps sending screenshots of bank statements instead of the ACTUAL BANK STATEMENTS that have been requested 4x, and the one time they sent an actual bank statement, they blacked out half the transactions because "this is my personal information and I don't see how it's any of your business." We haven't sent out the Closing Disclosure yet to get signed because the buyer still hasn't signed the Loan Estimate from 3 weeks ago, because that 3 week old Loan Estimate has different insurance numbers on it than the quote he just got 12 minutes ago, and "I refuse to sign something that isn't correct." Oh, and the DataVerify check shows the buyer was associated with a property in Oklahoma that foreclosed 3 years ago so we're trying to gather the documentation pertaining to that. So there's your update. Now if everyone would stop interrupting me and asking for "UPDATES???" every 5 minutes, I can work on getting it all cleared. Or I can put all work to the side and just keep updating everyone and we'll never close. Your call."
my man youre preaching to the choir, im on your side
 

Bugalu

OT Supporter
Nov 23, 2003
58,713
Nashville
But there are bad lenders that are kept in business by bad agents who continue to refer them because they go out drinking together on weekends. There are some shitty LO's who can't close a door, but do a good amount of production because they are good at marketing and playing the game with realtors. There are some really good LO's who are bad at marketing and getting business, and they flounder. But agents accuse lenders of "dropping the ball" constantly and 98% of the time it's outside our control. We're all on the same team, trying to get the closing to the table. I've had last minute things pop up that I'm scrambling to try and close, but the agent wants to call and bitch at me for 20 minutes because "they already rented a u-haul!!!" It's got to the point where I've had to cut them off and say "look, I'm trying to get everything fixed, but I can't go to work on the issue if I'm tied up on the phone with you all afternoon. Would you like me to fix it or do you want to keep talking?" Then they hang up and I get it fixed.
My main lender and I might go out for a soccer game or lunch 2-3 times a year.

But a shit lender that is a drinking buddy doesn’t pay my bills.


I’m here to make money, I have enough friends
 

saabguy

Saab-free since 2013. Mortgage guru
OT Supporter
Aug 11, 2003
21,781
Loserville. Population: 1
My main lender and I might go out for a soccer game or lunch 2-3 times a year.

But a shit lender that is a drinking buddy doesn’t pay my bills.


I’m here to make money, I have enough friends
I know, but not everyone is like you. Next time you have a sales meeting where all the agents need to show up, look around the room at the dipshits who you work with.
 

roffle

Well-Known Member
Apr 2, 2008
36,159
Houston
I know there's bad LO's and people who don't know WTF they are doing or how to conduct business. Currently in a similar spot as 2007-ish when a bunch of dumbass used car salesmen decided to get into lending because of the hot market. They will soon be gone when they realize there is a lot more to the business than taking a slam dunk refi application.

That being said, we get inundated with questions non-stop, 24/7. Typical deal has:
buyer
buyer's agent
buyer's agent transaction coordinator
seller's agent
seller's agent transaction coordinator
home insurance agent
title company rep
title company closing coordinator
title company escrow officer

When they all at different times are asking "hey checking on the status!" I want to answer "currently we can't get anything done because you motherfuckers won't leave us alone and keep asking for status updates every 45 minutes. You want a status update? buyer's file has been almost denied 3x since 8am today. The insurance agent is working on lowering the premium $200 and we found a small credit card we can pay off at closing to keep the debt ratio low enough to get approved. Your buyer keeps sending screenshots of bank statements instead of the ACTUAL BANK STATEMENTS that have been requested 4x, and the one time they sent an actual bank statement, they blacked out half the transactions because "this is my personal information and I don't see how it's any of your business." We haven't sent out the Closing Disclosure yet to get signed because the buyer still hasn't signed the Loan Estimate from 3 weeks ago, because that 3 week old Loan Estimate has different insurance numbers on it than the quote he just got 12 minutes ago, and "I refuse to sign something that isn't correct." Oh, and the DataVerify check shows the buyer was associated with a property in Oklahoma that foreclosed 3 years ago so we're trying to gather the documentation pertaining to that. So there's your update. Now if everyone would stop interrupting me and asking for "UPDATES???" every 5 minutes, I can work on getting it all cleared. Or I can put all work to the side and just keep updating everyone and we'll never close. Your call."
Tag him pussy.

@NiggaPHX420
 
Last edited:
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kwhitelaw

OT Supporter
Sep 1, 2004
38,138
virginia
what are your guys thoughts on dual agency if you're hiring a listing agent? allow it or not?
agent here.. I don't do it. in some states its not legal, but in mine it is. I choose not to do it except in rental situations as that's fairly cut and dry (review app, accept or deny)

if youre going to do it, make sure you understand not only what your final commission paid would be, but also what support you can expect to receive from your agent should you end up in a dual agency position.. be it price negotiations, inspection items, etc
 

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