Money Matters
emily1004
member
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
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Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Re-post from BAH: REA Vent
This board is a little more active, plus you ladies, (and a few gentlemen) give great advice!
I'm very annoyed with my REA. It all started when we decided to use a mortgage broker, whom he "didn't know" instead of going directly through a lender. Our MB found us a great deal but all our REA can do is complain. (It's an out of state lender, they used a appraisal management company, blah blah blah...) Our appraisal came back low and he blamed it on the broker for using an out of state lender and all the paperwork is changing. He did go in and re-negotiate the price when the seller was being a PITA, but other than that, he's the one being the PITA. It's not his f*cking mortgage, why does he care? Should I say something or just let it go and not use his services in the future?
He simply will not let it go!
A friend of ours said they had a similar issue with their REA. In the beginning they love her, but in the end they just got sick of the REA. Anyone else have similar experiences? What did you do?
Re: Re-post from BAH: REA Vent
Real Estate Agent and Mortgage Broker, maybe?
Honestly, I would just let it go. It's likely that the lender you're going through isn't as easy to work with.
I work in insurance, and whenever a new homeowner says their loan is through Wells Fargo or Chase and they are escrowing the insurance payment, I cringe. There are just some lenders that are easy to work with and others that make this process much more complicated and drawn out than it needs to be.
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I work in insurance, and whenever a new homeowner says their loan is through Wells Fargo or Chase and they are escrowing the insurance payment, I cringe. There are just some lenders that are easy to work with and others that make this process much more complicated and drawn out than it needs to be.
Thanks for the insight. The trouble is, I don't think MB is. He has done everything REA has asked of him and he's done it very quickly. We are doing insurance and taxes on our own. I think REA is just being a PITA because we didn't go with one of "his" lenders, aka, people he gave us to check out.
I think the reason your REA complained is due to the out-of-state lender, right? Then you got a low appraisal? The reason you got a low appraisal is because the out-of-state lender went online and did the appraisal based on the recent sales comps in the area over the last 6 to 12 months. They didn't send someone to the home to appraise it. Even local lenders don't always do in-person appraisals, but sometimes they do and sometimes because they are familiar with the area, their appraisals come back more favorable or more in line with the true value of the home. It's possible a local lender would have saved you guys some headache here.
Voicing concerns is a good REAs job. So if s/he is pointing out potential problems for you to be aware of, then s/he is doing their job and is not complaining.
If they are just whining, then yes, that's not good or professional behavior. Only you can determine if this is a whiner or just someone providing the "truth" to you know matter how inconvenient you may find it.
Thanks for the reply. I really love all the feedback. However, that wasn't the case. The appraiser met the sellers agent at the home. He is from the same town, well-known and respected. My mothers best friend is a retired appraiser. She looked it over and in her opinion it was a legit appraisal. The seller just had it priced to high. I think she just wanted to make a small profit, but she ended up breaking even and the REA are taking a 1/2 a percent off of their commission. I understand that sucks for my REA, but he hasn't given us any grief about that. He's actually been very professional over what he's getting paid.
I think sometimes we all have this idea that our REA is going to be our "best friend" and we're all going to get along and be best buddies. At the end of the day, you're just another transaction. While your appraisal was most likely legit, they probably feel like had you used their appraisal people that their person would have made the numbers say what they needed to say and they wouldn't have lost any potential profit.
That said, when the deal is done, you'll never have to talk to these people again. I recently just sold a house and bought a house with two different agents. Both were nice and friendly until the offer was signed and accepted. After that, it was like neither one of them wanted to talk to us. The agent involved with selling our house came to the closing and seemed more concerned about her comission check than anything we might have needed. Fortunately, we didn't need anything. That said, she got us a listing price $30k above what anybody else was willing to list us at.
Trust me, I understand that one. My financial advisor is almost like family.
I went on referal for both of the real estate agents I used. They both did the job I "hired" them to do, but like I said, neither one am I buddy buddy with.