I thought this is good because then I don't have to shop around, but i heard it is bad, because one person can not represent two cases at the same time. Is this true? What are the disadvantages?
2007-05-12 13:41:41 · 7 answers · asked by earth angel 4 in Business & Finance ➔ Renting & Real Estate
The sale and the loan are two seperate isues. That being said it is all too easy to have conflict of interest. They will make double money if you but a house from him. I am not saying he will do something wrong, but I don't know anything about him of reputation.
2007-05-12 13:46:59 · answer #1 · answered by ttpawpaw 7 · 2⤊ 0⤋
In theory, it sounds great. Unfortunately, in reality, it would be all too easy for you to end up paying more than you need to for either the realty service or the loan service.
I would go with one person representing *both* sides (realtor AND loan officer/agent) only if I knew them really, really, really well.
Your realtor shouldn't be pressuring you to use them as your loan agent - you have the right to shop around for the best loan you can get.
Best of luck to you!
2007-05-12 20:52:44 · answer #2 · answered by Babs 4 · 1⤊ 0⤋
Yes, they can represent themselves like that, they have to just stipulate it in the contract. There are no disadvantages, because the agent acting as a loan officer will ALWAYS know the status of your loan.
2007-05-12 20:45:09 · answer #3 · answered by healthspot_2000 4 · 1⤊ 0⤋
One person can serve as the real estate sales agent and the loan officer. All they would have to do is have you sign a disclosure, stating you are aware that they are operating as such. This could streamline the process and that individual may be more motivated to close your deal because they would earn two commissions off of it.
2007-05-12 21:11:01 · answer #4 · answered by Rodney J 1 · 1⤊ 0⤋
well Iam a realitor myself and that is called commingling ! why its not a good idea? well if the deal goes sour he looses both and his best interest is himself if you know what i mean! I think your best bet is to have two parties because your realitor should make sure that the type of financing you recieve is right for your family ! many people are going into forclousere because they did not have the right person to look out for there interest and if they dont know each other there are least chances of you getting tooking advantage of
2007-05-12 20:58:45 · answer #5 · answered by jeannette o 1 · 0⤊ 0⤋
It is perfectly legal in california, what I would suggest would be to check your documents before you sign them or if you have someone that knows how to verify them to make sure they were done correctly (closing cost). Hope this help.
2007-05-14 00:20:39 · answer #6 · answered by julio c 1 · 0⤊ 0⤋
it's illegal in some states..... check your state laws
2007-05-12 23:10:54 · answer #7 · answered by ron d 3 · 0⤊ 0⤋