“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.”
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!