5 Ways a Mortgage Lender Can Work Better with Real Estate Agents

Real estate is a rapidly growing industry with various individuals and companies looking to invest. Since the process is rather complex, it involves stakeholders such as the clients, real estate agents, authority and financial institutions. Mortgage lenders have a crucial role to play since many of the real estate transactions are not on cash basis. Mortgage lenders and real estate agents need one another in order to accomplish smooth operations.

Although it is the responsibility of both parties to establish good relationships, there are five ways a mortgage lender can work better with real estate agents.

Have clear channels of communication

Communication is key in all aspects of life. Since the process of loan approval takes various steps, the loan officer should take the initiative to inform the real estate agent of progress or new developments. It may not be easy for the agent to understand the process. However, make a point to communicate on a regular basis. Furthermore, schedule calls and meetings after a pre-determined time for updates.

Frequent communication helps to build confidence in the mortgage lending company such as www.quantumfinance.com.au which means more referrals leading to growth. Another important thing when communicating is to ensure the information you pass during the updates, as a mortgage lender, is helpful.

Be accountable

As much as we would want to be successful in ensuring the approval of loans for all clients, it is not possible. The lending industry is complicated and unpredictable. The situation differs from one client to another since the considerations are different.

Beforehand, be open about this to the real estate agent and explain all the possible outcomes. A reasonable individual understands that there are always risks. Also, work to reduce any instances that may lead to the process being unsuccessful. For example, ensuring all documentation is available and accurate, ensuring compliance with requirements. Avoid making promises that you can’t keep and be objective.

Establish objectives

Not everyone is easy to work with. As a result, conflicts may arise often. However, you as the mortgage lender can control this by establishing objectives that you have in common with the real estate agents. Before proceeding with the process, discuss the outcome that sits well with the two parties. After this is done, create a plan on how to work towards it.

According to statistics, a higher success rate is recorded when people are working towards a similar objective. A similarity in objectives creates a drive and focus to work for fulfilment making all parties satisfied.

real estate and mortgages

Realistic

When making your presentation to the real estate agents, be factual. Avoid making unrealistic promises and terms that you are not certain you can deliver. For example, never promise that the loan will go through and you have no control over the process. Remember, the industry is unpredictable and there are lots of issues to consider.

Instead, be realistic and offer guidance to increase the success rate. In this way, both parties will be okay no matter the outcome.   

Educate each other

There is no better way for individuals to work together than in sharing helpful information. As a mortgage lender, build a better relationship by educating them on matters in the finance industry that affect them. It might be in the form of new legislation passed, informational articles on social media or current trends. Also, give yourself the opportunity to learn from the real estate agents to increase knowledge base.

This not only helps to build the relationship but increases the likelihood of wanting to work together which is a win for all parties.

 

Real Estate Investment Scams in Malta & How to Avoid Them

Real Estate Investment Scams in Malta & How to Avoid Them

The amount of property for sale in Malta with Sea Views is limited. And the prices are sky high. So we decided to put up this article to show you how to avoid property scams where you are over charged for the apartment.

Whether you are buying or selling real estate in Malta, there are a certain number of real estate investment scams that both buyers and sellers alike should be made aware of. While there is no telling exactly how many scams are out there, several warning signs will help to safeguard both your money and your property.

One of the most obvious, but often overlooked, real estate investment scams is the rush approach. In this type of situation, either the buyer or seller could be the victim of a fast facade. If you are the buyer, be wary of a seller who tries to rush you through the purchase process.

The same is true if you are the seller who may be in a hurry to sell due to financial distress and come into contact with a questionable buyer. The best way to avoid any problems is to refrain from signing anything that you have not read thoroughly or do not completely understand. In addition, make sure that all agreements are in writing and not strictly verbal.

property for sale in malta with sea views

If you are struggling financially and someone claiming to be a buyer approaches you with an offer to pay off your mortgage and/or present you with a certain amount of money once the property is sold, be aware that you could be the victim of a scam. In this scenario, the buyer may recommend that you move out and deed the property to them. After that, the buyer may simply collect rent on the property and never pay the mortgage, which forces the original lender to foreclose.

Informed Property Investment

When you invest in Malta real estate, it is often difficult to know who to buy from. This is especially true if you are an investor who likes to find a bargain anywhere in Malta. Real estate investment scams are often well disguised, especially on the internet. If you are shopping for real estate online, you must be very wise and mindful of your decision with where to shop. Don’t trust anyone, always trust yourself! Listen to your gut, if something doesn’t feel right – Back off!

Neither credit cards nor PayPal offer buyer protection relating to real estate, so you cannot afford to be sluggish with your research. As a buyer, you should check out the seller’s reputation with the Better Business Bureau, get an agreement in writing before any money exchanges hands and always perform a search to confirm that the seller owns the property free and clear of any liens, judgements or other incumbencies.

As a final thought to avoiding real estate investment scams, always avoid any seller who refuses to answer your questions directly. These may include the condition of the property, the status of the deed, whether or not all taxes are paid and current or whether or not any liens have been placed on the property.

As a buyer, you are required to perform due diligence, but if someone is reluctant to respond to your questions, it’s a good indication that they have something to hide.