Chapter 3: Contract to Close
« Lesson 2: Everything You Need to Know About Mortgage »
A good loan officer can make or break your buyer’s deal. If you don’t have a relationship with any loan officers yet, it’s time to get out and meet a few.
Here are a few of our favorites:
1. Brad Nolan with Bell MortgageOffice: (651) 783-5211. Brad and Brick & Banister Real Estate Co. do a TON of work together. He always gets his deals closed on time and makes sure our clients know what they are getting themselves into. He is a pleasure to have on our team.
2. Bridget Herman with Waterstone MortgageOffice: (763) 447-2905. Bridget works in Maple Grove and does a great job for our clients!
3. Andy Burton with Waterstone MortgageOffice: (612) 562-6456. Andy has an amazing team and can get our clients through to closing in 10 days sometimes!
4. Sean Blomquist with Pine Financial Group.Office: (612) 314-5626. Hard money lending for flippers or people looking to invest in rental real estate.
5. Sean Carney with Bell MortgageOffice: (952) 905-5050. For clients looking to finance a commercial purchase like apartment buildings over 4 units or mixed use property, Sean is your guy!
Reach out to some of these people and see if they would like to meet up. See who is a good vibe with you and who you think your clients would like working with. Ask them about their process, how they work with buyers, how long their loans typically take to close, what their underwriters are like, when they work and how they can or cannot be contacted outside of bank hours. These are the same questions you should call and ask when you are the listing agent and you’re receiving offers from buyers on your listing. If you’re planning on buying in the near future, go through the preapproval process yourself and see what it’s like! This will make you a much more understanding agent.
This thing will happen when you get your real estate license, you’ll find that your phone rings a lot, your inbox blows up, and you’ll get a TON of new friend requests, but these will usually be from people you don’t necessarily want to connect with: loan officers, insurance agents, and people who sell advertising. While we do think it’s better to get out and meet with these people than to NOT get out and do something industry related, these people may not actually help you grow your business in the way they promise. They are looking to grow their own business and latch on to an agent who will provide them with a steady stream of deals. And there is NOTHING wrong with this. Except, most/all will promise that they will also send business your way, and most/all will NOT send business your way. So, if you’re going to meet with these people, make sure you’re clear about what you expect and would like to see and what they can expect from you in return. You are looking for your tribe, or your team. Or the people you know you can count on to get deals done on behalf of your buyers or sellers.
If you’re a listing agent and you get an offer from Bell Bank, Alerus Mortgage, Waterstone Mortgage, Trustone Financial, you know you’ve got a pretty solid preapproval. You should always call the loan officer though, even if you love the bank. If you see a preapproval from another bank, credit union or a big bank, make sure you ask LOTS of questions about how well qualified the buyer is and if there will be any problems getting it closed on time. Do not accept offers from online banks like Rocket Mortgage or Quicken Loans. If your buyers say they are preapproved with either of these banks, take some time to educate them about how these banks operate and let them know their offer will be less competitive than others and isn’t likely to close if they choose to continue with this bank. If you’re the listing agent and this is the only offer you’ve got, try to negotiate a different lender as a condition of acceptance.
Remember, your clients have the right to chose and shop for a mortgage, even after a purchase agreement is signed. And while we like them to stick with our favorite people, we need to respect and support their wishes. Education is the BEST way to make sure your transaction goes well. So take extra time to explain things if needed.
Interview with Brad Nolan of Bell Mortgage
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Properties are provided courtesy of the Regional MLS of Minnesota, Inc., Broker Reciprocity Database.
Information Deemed Reliable But Not Guaranteed. ©2018 Regional Multiple Listing Service of Minnesota, Inc. All rights reserved.