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Old 04-14-2006, 12:02 PM   #1 (permalink)
rgloans
 
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Default open house info

Hello Real estate friends, Im an LO and I wanted to know how would I have access to upcoming open houses? not to drop in because I know that is your time to shine and get new buyers, but I would like to provide financial flyers.
thanks for the help!! can I also get this info without an agent? thanks
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Old 04-20-2006, 11:31 AM   #2 (permalink)
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I was wondering if a biweekly loan is amortized the same as other loans. Also would you recommend taking this route for lets say a 10 year period.
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Old 04-21-2006, 08:07 PM   #3 (permalink)
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Quote:
Originally Posted by Miami Beach Condos
I was wondering if a biweekly loan is amortized the same as other loans. Also would you recommend taking this route for lets say a 10 year period.
I usually recomend my customers to take out 30 and make biweekly payments so just in case they have the money that week they wont hurt their credit score.
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Old 04-26-2006, 06:38 PM   #4 (permalink)
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Actually here in the Las Vegas real estate market, loan officers often times come with real estate agents to sit open houses! It helps both parties out. While the agent is working on selling the home, you can sell them on getting pre-qualified, different loan options that would work for them, etc. You should bring this up to whichever agents you are currently working with. Many times questions arise, especially when trying to obtain new clients, as to how much that person would qulaify for, what their payments would look like, and the such. Those are all questions in which we cannot answer, but you certainly can!
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Old 05-18-2006, 06:39 PM   #5 (permalink)
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Well said Las Vegas Homes. I often times have loan officers accompany either myself or one of my team members to an open house here in the Las Vegas real estate market. I find that, like you said LVH, it takes the burden off of you to answer loan questions, and it really aids in qualifying and closing potential leads. I would suggest asking a few Realtors and seeing what type of response you get!
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Old 05-21-2006, 01:38 PM   #6 (permalink)
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I also encourage loan officers here in the Las Vegas home ,market to attend open houses. Many times the LO is not willing to spend the time that goes into them, so if you are willing to put in the extra work, I am sure that you can find a Realtor that is more than happy to have you come along!
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Old 06-04-2006, 07:17 AM   #7 (permalink)
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Default Real Estate Agent AND Loan officer

Hello everyone I'm fairly new to the forum but so far enjoy reading the posts. I think the idea to have both real estate agent and loan officer go to Open Houses is excellent! I do have a question for all of you though: How do you feel about agents who are in both real estate and loans (in-house lender)? I've heard much controversy (mostly on how you promote yourself and being careful to not crossing any ethical lines) but the upside was that the agent was experienced enough to qualify someone on the spot (on a blank sheet of paper) thereby securing the lead (more often than not, anyway). I would be grateful for any opinions you care to share..?
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Old 06-07-2006, 11:02 AM   #8 (permalink)
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I think that the open house idea is great too. It would also help with the whole saftey issue I know here in CA there are constant Real Estate headlines about stealing or violence. Don't get me wrong not too often but it is a concern and having a LO at the open house kills two birds with one stone. As far as the last reply about being able to qualify clients better as a Realtor just selling homes you should learn how to qualify people the same way anyway. Basic knowledge about what qualifies a person is crucial in this business especially with gas prices. You do not need to do loans to be able to do that. Doing both loans and real estate in my opinion is setting your self up for failure. Seems like it might work in a tiny town where there is not so much business but not in a city where you have the sky as the limit. I know I personally have five open escrows right now and I can not imagine how you could hold your head on doing both. As an agent you are out in the field you always have your phone but as a loan officer you need to be at your desk so with that basic principal in mind I think it would be too difficult how could you possibly do both and be doing your clients a service?
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Old 06-10-2006, 08:40 AM   #9 (permalink)
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Thank you for your opinion.. I appreciate your candidness and it made me look at things from a different perspective. I however have to wonder (with all due respect *smile*) if you're answering as you would have when first starting out, or years later as a complete success?

I think with just starting out I found it extremely valuable to do both.. not only for experience but for future knowledge and CYA. Maybe it's different for single parents with a teen to be concerned with--putting your all into something usually means balancing between your child, your career and yourself.

Maybe my attitude will change in the next year or so when things pick up and I become more established and too busy to do everything I am now (such as hold down a full time job in addition). I actually have 2 clients inquiring simultaneously --one a friend who is in no hurry and just wants the right package; the other for a 2nd investment property with an Option ARM. I've been in so many other fields from property management to construction to high tech for years.. I think so far, aside from support of friends/family, this is where I want to be and my path was paved however rough. If anything, working hard never scared me.

I've been told real estate was difficult to master part-time (and they are right) and I was told that I may like working with lending moreso than real estate (I doubt it) but knowing the ins and outs and many options.. I just think it is more beneficial to know what's best for the client upfront before taking that client to see a house.. and a lot less waste of time. Is that too blind..? I thought listening to the client was crutial--and as long as I had a team to assist where necessary, and I was able to provide what the client needed at that time.. am I missing something?

I've been researching and asking questions and hoping for honest opinions (such as yours) and I value every word--taking what I can from all. Care to venture into this a bit in the future just to see where it leads? As a side note-- When I met with brokers (and I met with a lot) I found that part-time was not always welcomed; single motherhood was looked at almost discriminatory; I learned email and voice worked better than in person at first (so they'd hear me and maybe look me in the eye and not elsewhere); and that only few were willing to take a chance and the challenge. With that said, whether or not I get the training I need I'll have to see.

I think we all get in return what we put in.. and I realize the market is hot for sales out there --but honestly (and again with all due respect) --how much can you give 5 clients at the same time? I am just curious how the rest of the brokers and agents view opportunity. I won't fail because I chose to do both, if anything I'd falter because of balance --but I'd figure out a way to go because failure just isn't an option. Too hopeless? *laugh* perhaps.. but would you at least enlighten me with your expertise and tips on how to succeed?

Did I fail to mention I'm a writer at heart? I will keep it shorter next time..

Ciao! And have a wonderful day ^i^
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Old 06-21-2006, 10:19 AM   #10 (permalink)
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I attend open houses with some of my agents. It's a great way to get to know them on a personal level. It seperates yourself from the rest of the pack. Other agents come by to preview the properties and I make an effort to introduce myself. It's all about exposure.

I visit open houses to preview them, just a an agent would. Knowing the inventory in your area is important. Since I probably talk to more borrowers (buyers) than most of the average agents, I consider myself a source of business. Many of my borrowers don't have an agent, so I'm happy to drive business to agents that I know and trust.
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