Realtor / Mortgage Broker / Appraiser

Tips and Deals Forums Buying Your Home Buying a Home in Bay Area Realtor / Mortgage Broker / Appraiser

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      I’m seeking advice on several mortgage broker-related questions. First, I’m interested in learning more about aspects of the relationships between the mortgage broker and realtor that should concern a buyer. Mortgage brokers are seemingly always marketing themselves to real estate agents. How does the mortgage broker “thank” the RE agent for that business? Our mortgage broker has probed us a few times for our agent’s name. Why would he be so interested in that info? As I see it, for the moment, I work with our agent to look at houses and the mortgage broker for pre-approval. They don’t need to work hand in hand until we find a place on which to make an offer. Second, given that mortgage brokers and agents network a fair bit and as our agent and broker work in the same community, they may have pieced together that they are both working with us. Is there a benefit to working with an out of community mortgage broker who wouldn’t have a relationship with the local agents? Finally, I’m concerned that a local appraiser could overappraise a house that we are interested in because s/he is in the same community as the realtor and the mortgage broker who desperately want the deal to go through. If it were to appraise for less than our offer, we wouldn’t want to overpay, so we would renegotiate with the seller which could risk the deal falling through. If the appraiser/ mortgage broker/ agent fear this, wouldn’t there be reason (although unethical) to appraise the house for more? Would there be an advantage to working with a mortgage broker who doesn’t use local appraisers? Any advice on selecting a mortgage broker would be also appreciated.

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