People come to realtors and loan officers for 2 reasons.
First they seek our help in acquiring a home; second they come to us sometimes in part to validate their opinions. Although it is always good to be able to validate a client’s opinions or choices, it unfortunately is not always the most ethical thing to do even if it appears to be in your best interest!
We as real estate professionals are the experts, and first and foremost our primary job should always be to give sound advice. That “sound advice” is what i tell all of our loan officers to practice, sound advice (usually airs on the side of safety and buffer zones) that gets clients into homes they can move into without moving into debt when unexpected costs pop up or the market changes.
That being said sometimes a customer will come to me with a home, and say that they want to buy it, end of story. I always do everything i can to help them but if the math doesn’t add up one of two things will happen. The first scenario is that they cannot be approved for a loan; if this is the case we try a million different loan options to try and figure out the loan option that is right for the customer and their circumstance. 80% of the time we are able to come up with a creative solution. Sometimes we have to do credit repair, and work with the clients for a bit to save some extra money for a bigger down payment etc.
The second scenario is that we can approve a customer for a loan, but we have to let them know about some of the fees they may not be directly thinking about that also will come to them down the road. Things like condo fees, home owner’s association fees, taxes, things in the house that will need to be fixed asap, insurance, etc. These are all of the big picture items. Not only fees but realism, will the house be sellable in 10years? It is always important to at least inform customers of the big picture details of their home, especially when it comes to money because your reputation is at least in some way on the line.
I am 100% for doing what it takes to make customers happy, and in the process making you successful. That being said, doing the right thing and using common sense real estate practices is what made Treadstone successful.
The final thing i can say is that for the past 10 years we have fostered relationships with realtors, home repair experts, and everyone else involved in the home buying process. That gives us a unique advantage for our clients; we are able to recommend other people! If someone is looking for a 203k loan we can give them the home repair experts who will get the work done in a reasonable amount of time. If a customer suddenly finds out that the house they were set on is no longer available we can sit down with them and figure out other options.
If you already work with Treadstone, please spread the word! If you haven’t worked with us yet, give us a call and see how we can work together. 616.774.9160 x 228