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Friends, Relatives & Real Estate/Mortgage Advice

Posted by DallasLoanGuy , 06 January 2012 · 259 views

Mortgage Advice
Friends, Relatives & Real Estate/Mortgage Advice

A LOT has changed in the world of Real Estate and Mortgages over the last few years.

That means that a Real Estate transaction today will be a LOT different than the transaction Cousin Eddie did 3 or 4 years ago. While I suggest that my clients listen to their friends/family for referrals to Real Estate & Mortgage Professionals….. I do have to warn you that the conflicting advice you get from them, vs your Real Estate/Mortgage Professional, might just differ quite a bit.

Who do you trust?

Good question!!!

After you have picked a Real Estate or Mortgage professional, you should already be pretty comfortable with that person.
That is not to say that your Professional Representative will not offer advice or counsel that is in conflict with what Mom said or Cousin Eddie experienced when he did his loan back in 2004.

I recently was involved in a transaction that went sour when the seller backed out. The borrower didn’t understand…. They had an accepted contract….. Why couldn’t they buy the home?!?!?!
The Buyer’s Agent answer was: “The seller is in foreclosure and the bank is now involved”. “Also, the seller has become dis-engaged with their own Seller Agent”.
That didn’t sit well with the buyer….. And the Buyer Agent was fired.
Come to find out….. ‘Mom’ worked in the foreclosure dept of a large bank and thought she knew a lot about Real Estate transactions in today’s market….. She didn’t!!! She told my client that the realtor didn’t know what they were doing.

So the question is: Who can you trust? Answer: It has to be yourself. As those in your sphere of influence might have very different experiences because of ‘when’ they did their loan. Do you think that you can trust their Advice to relate to your specific deal?

Whether it be Real Estate advice or Mortgage Advice, you need to use common sense and try to resolve conflicting information between all parties. Pointing fingers will not solve the problem. I have talked to a lot of Mom’s and Cousin Eddies over the years. This seems to alleviate many of the conflicts.

Got questions? Need Mortgage Advice? Call The DallasLoanGuy for an honest no obligation discussion about Mortgage Loans Today!!

Tom Burris
NMLS# 335055
Dallas, TX

214-763-4629 cell/text/nights/weekends

The ORIGINAL ‘Loan Guy’ from Texas…. Often imitated, never duplicated!!!

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!!

Your Texas FHA Expert andDallas Mortgage Expert.


April 2014

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