Question:
“I just went to your investing seminar and heard you say never to use a lender who’s also an agent. Sadly, I heard this too late. I bought my home and my (ex) agent did my loan. It was a nightmare. It took almost three months to close and my loan had a much higher rate than he originally quoted. It’s not that he was a bad guy, he just didn’t know what he was doing.”
Answer:
Thank you for sharing your experience.
In my 35 years in real estate, I’ve had dozens of transactions where the buyer’s agent also did the loan. And I can tell you only ONE of them went smoothly and professionally.
All the rest ranged from bumpy, to ugly, to unmitigated disasters. Typically, either it’s an agent trying to be a lender and not knowing home loans… or it’s a lender trying to be a real estate agent and not knowing real estate… or occasionally it’s someone not knowing real estate OR loans!
