Comments on: I Will Buy My Toilet Paper at the Store, Not at the Bank! http://agbeat.com/editorials/real-estate/i-will-buy-my-toilet-paper-at-the-store-not-at-the-bank/ News, insights, tools, and inspiration for business owners and professionals Fri, 10 Feb 2012 15:13:36 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Joe Loomer http://agbeat.com/editorials/real-estate/i-will-buy-my-toilet-paper-at-the-store-not-at-the-bank/#comment-41744 Joe Loomer Wed, 18 Nov 2009 12:46:48 +0000 http://agentgenius.com/?p=19826#comment-41744 What Ted said - neither one of those two seem to be able to close their own front door on time (if at all). At least not in our neck of the woods. Navy Chief, Navy Pride What Ted said – neither one of those two seem to be able to close their own front door on time (if at all). At least not in our neck of the woods.

Navy Chief, Navy Pride

]]> By: BarryLynnMiller http://agbeat.com/editorials/real-estate/i-will-buy-my-toilet-paper-at-the-store-not-at-the-bank/#comment-41697 BarryLynnMiller Tue, 17 Nov 2009 16:43:55 +0000 http://agentgenius.com/?p=19826#comment-41697 I spent 12 years as a mortgage broker so therefore I have an advantage somewhat. Depends on who gives me the approval letter and if I don't know the lender I always ask to talk to them and within 5 min I typically can size up the loan officer to determine if the approval is solid or not. At the end of the day I would suggest that if you as a Real Estate agent don't understand the mortgage process to take some classes about mortgages it will only help your business. I spent 12 years as a mortgage broker so therefore I have an advantage somewhat. Depends on who gives me the approval letter and if I don’t know the lender I always ask to talk to them and within 5 min I typically can size up the loan officer to determine if the approval is solid or not. At the end of the day I would suggest that if you as a Real Estate agent don’t understand the mortgage process to take some classes about mortgages it will only help your business.

]]> By: Ashley Lambert http://agbeat.com/editorials/real-estate/i-will-buy-my-toilet-paper-at-the-store-not-at-the-bank/#comment-62878 Ashley Lambert Mon, 16 Nov 2009 04:33:22 +0000 http://agentgenius.com/?p=19826#comment-62878 <span class="topsy_trackback_comment"><span class="topsy_twitter_username"><span class="topsy_trackback_content">http://bit.ly/3Evjhe Interesting</span></span> http://bit.ly/3Evjhe Interesting

]]> By: Matthew Rathbun http://agbeat.com/editorials/real-estate/i-will-buy-my-toilet-paper-at-the-store-not-at-the-bank/#comment-41588 Matthew Rathbun Mon, 16 Nov 2009 01:44:48 +0000 http://agentgenius.com/?p=19826#comment-41588 I've rarely taken the lender letter very seriously. They vary too much and have no course and effect. The lender's are liable to the statements made in the letter. Lots of agents get irritated that REO's want lender letters from their own institution. This makes perfect sense to me. The Lending industry has mastered the art of non-binding letters, so why would they trust someone elses? I agree that the Fannie/Freddie are the best of all the options. You need to be careful when you say "I'm not accepting anything less..." It's our obligations to present everything to the Seller. I may give them sources showing that it's not a dependable letter, but ultimately it's still their decision to accept of deny it. I’ve rarely taken the lender letter very seriously. They vary too much and have no course and effect. The lender’s are liable to the statements made in the letter.

Lots of agents get irritated that REO’s want lender letters from their own institution. This makes perfect sense to me. The Lending industry has mastered the art of non-binding letters, so why would they trust someone elses?

I agree that the Fannie/Freddie are the best of all the options. You need to be careful when you say “I’m not accepting anything less…” It’s our obligations to present everything to the Seller. I may give them sources showing that it’s not a dependable letter, but ultimately it’s still their decision to accept of deny it.

]]> By: John Badalamenti http://agbeat.com/editorials/real-estate/i-will-buy-my-toilet-paper-at-the-store-not-at-the-bank/#comment-41521 John Badalamenti Sun, 15 Nov 2009 12:53:39 +0000 http://agentgenius.com/?p=19826#comment-41521 As a listing agent, it is also prudent to call the lender (what Benn states above, "Trust but verify"); I want to hear from the lender's lips in addition to what's on paper (or TP :) . And if I can't reach the lender to speak with live or worse, never receive a call back - brighly colored red flag! The other document I want to see filled out in full and signed by the Buyer is the BFI, where are they getting the funds for downpayment and closing costs. When agents balk at providing this, this is very bad sign to me. Buyers only need to disclose the funds they have to cover the DP and CC. As a listing agent, it is also prudent to call the lender (what Benn states above, “Trust but verify”); I want to hear from the lender’s lips in addition to what’s on paper (or TP :) . And if I can’t reach the lender to speak with live or worse, never receive a call back – brighly colored red flag!

The other document I want to see filled out in full and signed by the Buyer is the BFI, where are they getting the funds for downpayment and closing costs. When agents balk at providing this, this is very bad sign to me. Buyers only need to disclose the funds they have to cover the DP and CC.

]]> By: Natasha Hall http://agbeat.com/editorials/real-estate/i-will-buy-my-toilet-paper-at-the-store-not-at-the-bank/#comment-62879 Natasha Hall Sun, 15 Nov 2009 05:26:39 +0000 http://agentgenius.com/?p=19826#comment-62879 <span class="topsy_trackback_comment"><span class="topsy_twitter_username"><span class="topsy_trackback_content">I Will Buy My Toilet Paper at the Store, Not at the Bank! - Loan Officer, hard at work! Today,  I was emailed an ag... http://ow.ly/161Iji</span></span> I Will Buy My Toilet Paper at the Store, Not at the Bank! – Loan Officer, hard at work! Today,  I was emailed an ag… http://ow.ly/161Iji

]]> By: realdiggity http://agbeat.com/editorials/real-estate/i-will-buy-my-toilet-paper-at-the-store-not-at-the-bank/#comment-62880 realdiggity Sun, 15 Nov 2009 02:05:13 +0000 http://agentgenius.com/?p=19826#comment-62880 <span class="topsy_trackback_comment"><span class="topsy_twitter_username"><span class="topsy_trackback_content">I will buy my toilet paper at the store, not at the bank!: comments http://bit.ly/35XlAl</span></span> I will buy my toilet paper at the store, not at the bank!: comments http://bit.ly/35XlAl

]]> By: Von Dyke http://agbeat.com/editorials/real-estate/i-will-buy-my-toilet-paper-at-the-store-not-at-the-bank/#comment-62881 Von Dyke Sun, 15 Nov 2009 01:45:56 +0000 http://agentgenius.com/?p=19826#comment-62881 <span class="topsy_trackback_comment"><span class="topsy_twitter_username"><span class="topsy_trackback_content">RT @agentgenius I will buy my toilet paper at the store, not at the bank! http://ow.ly/ChAL ~~What the what??</span></span> RT @agentgenius I will buy my toilet paper at the store, not at the bank! http://ow.ly/ChAL ~~What the what??

]]> By: Short Sales ASAP http://agbeat.com/editorials/real-estate/i-will-buy-my-toilet-paper-at-the-store-not-at-the-bank/#comment-62882 Short Sales ASAP Sat, 14 Nov 2009 23:38:56 +0000 http://agentgenius.com/?p=19826#comment-62882 <span class="topsy_trackback_comment"><span class="topsy_twitter_username"><span class="topsy_trackback_content">I will buy my toilet paper at the store, not at the bank! http://tinyurl.com/ygckjdr #LoanMod</span></span> I will buy my toilet paper at the store, not at the bank! http://tinyurl.com/ygckjdr #LoanMod

]]> By: Benn Rosales http://agbeat.com/editorials/real-estate/i-will-buy-my-toilet-paper-at-the-store-not-at-the-bank/#comment-41502 Benn Rosales Sat, 14 Nov 2009 22:28:09 +0000 http://agentgenius.com/?p=19826#comment-41502 Trust but verify, your lips to God's ear. Trust but verify, your lips to God’s ear.

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