“Question. Were looking to buy a house in the next few months and talked with a mortgage broker we found on the internet. She said she can also be our Realtor and help my wife and I buy a home. Im not sure thats a good idea. Is that allowed?”
***ANSWER:
Allowed? Absolutely.
Good idea? Absolutely not.
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The two jobs require two separate skill sets. There’s just way too much to do and know and keep current on as a lender OR as a real estate agent, let alone trying to be both.
When I get an offer from lender/agents, to be blunt, they’re typically mediocre lenders and CLUELESS agents. Their loans have problems and the real estate side is a mess.
I have to tell them what forms to use and how things work. Within ethical limits, of course I make sure it’s all in the OUR client’s favor, not theirs. That means their client loses. Big time.
Here’s a few examples from sales Ive had. The lender/agent
Was a pushover in negotiations. Their client lost $20,000.
Told me what their buyer would pay. Their client lost $9,000.
Forgot to ask for termite clearance. Their client lost $3,000.
Accidentally had their client some seller-costs. Their client lost $1,500.
Still want to use a lender/agent? Great.
Then Id be happy to recommend a roofer wholl also rewire your house and a chiropractor who does brain surgery on the side
