Buying A Home
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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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Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Mortgage officer doubling as my real estate agent?
I called a Mortgage company to get pre-approved and ended up talking to the most helpful person I could imagine. She approved me for exactly what we were hoping for with an excellent rate. We got to talking about things, and I told her a lot of things that I wanted in a home, and was expressing concerns about my inability to find a decent home in our price range... just chit-chat pretty much. Well, she told me she had her real-estate license as well, and would email me a few listings. Before I knew it, she sort of made herself our real estate agent. She's taken me to see several listings and has given me excellent financial advice.
She's been great. I couldn't have asked for a better agent! But I'm a little suspicious. We've found a house to put an offer on, and I feel like she should be one or the other, not both. I've heard some people say it's illegal, but I've heard others say it sounds like an easy way to simplify home buying.
Should I beware?
Re: Mortgage officer doubling as my real estate agent?
The legality will vary by state. Check with your states licensing board.
In California, being licensed by the Ca. Dept of Real Estate allows me to represent someone in a home sale, purchase, lease, exchange etc and it also allows me to broker loans. I prefer not to but it is legal.
Consult with the local licensing boards to find out more specific information.
Then think very carefully about whether you would like to keep those two roles (Realtor & mortgage broker) separate.
Hope that helps, good luck!
Lighthouse State Beach, Santa Cruz.
This does sound good and quite convenient.
The few things I would wonder would be if whether or not she has a good handle on the market since being a REA isn't her full-time job position. I've learned in reading about this stuff that one should always choose an agent who is a full-time one and makes that their top job priority.
And, I would wonder how many homes she had sold as an REA in the past year or six months.
For me, if she had only sold five homes, that would not be enough for me to want her to represent me as an REA, if it had been more like fifteen then I would consider her a more likely candidate for my REA.
You can always call your state's Board of Real Estate/Real Estate Commission and check. Find out who licenses the real estate agents in your state, and call and ask.