Annapolis Md Homes and More: The Why Of The Referred Lender.... Just Sayin

The Why Of The Referred Lender.... Just Sayin

Story goes that one of the first things an agent wants to know before she/he will work with you is a Pre Approval Letter from a Lender. Actually its the #1 thing an agent wants to know. #2 is that she wants it to be someone she knows. You see, there is nothing worse in this business to go through than to find the perfect home and then find out you do not qualify to buy it. The devastation reaches far and wide. No problem you say, I will make sure that I get approved before I meet the agent, whoever that might be. So off you go.

With approval letter in hand you head off to meet your agent of choice. You show your pre approval letter and the next thing you know you are being asked to meet with their preferred lender. Really??? What's with that? I just handed over a pre approval letter! What you have just experienced is the moment when the agent does or does not know this lender or the agent does and it wasn't good news.

So there you go..... the why of the referred lender. It has everything to do with you and nothing about anything else. End of story

Just sayin.....







About the Author Martha Brown- As a third generation Annapolitan I love to write about my experiences in and out of the real estate market. Licensed since 1992 all with Long & Foster I am a Certified Residential Specialist (CRS) and a Seller Representation Specialist (SRS) whose passion is homes in the Annapolis MD area and surrounding communities. My goal is to help my clients understand the real estate market and to then make sound real estate decisions. 


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Comment balloon 7 commentsMartha Brown • January 07 2014 06:13PM


Martha, even when it's one of my listings, I dread getting a lenders letter from someone I don't know.  Or yeah, one who is bad news.

Posted by Patricia Kennedy, Home in the Capital (RLAH Real Estate) about 5 years ago

     I was emailed a pre-approval letter recently; the Lender was out of state with a Bank I have never heard of.  I balked at first, but after I called that Lender everything was okay.  The Buyer bought and the sale closed with that Lender.

Posted by Fred Griffin presently on Leave of Absence, Licensed Florida Real Estate Broker (Fred Griffin Real Estate) about 5 years ago

Very good post and a lender that has a proven track record with the realtor can usually be counted on to get the job done.  I cringe when I get those pre-approval letters from companies the buyers found on the internet.

Posted by Marnie Matarese, Showing you the best of Sarasota! (DWELL REAL ESTATE) about 5 years ago

Pat- thats me too.

Fred- They can keep their lender if a preferred lender says they are good to go. And the reason is I jyst had one end the total opposite of you. No it did not close. That is hard.

Marnie- I need to know them and I need to know they are good. Bottom line for me. :)

Posted by Martha Brown, Your Homes Around Annapolis Agent (Long & Foster Real Estate, Inc., Annapolis MD 21403) about 5 years ago

Short, sweet and to the point Martha! There are no kickbacks involved as too many assume. It's all about the buyer and making sure he/she is ready to purchase the dream house.

Posted by Andrea Bedard, M.A.; REALTOR® Silver Spring, MD and beyond (Thompson Company, REALTORS®) about 5 years ago

As a matter of course we always refer the client to our in house lendor. It's always good to have a back-up

Posted by Doug Dawes, Your Personal Realtor® (Keller Williams Realty - Topsfield, MA) about 5 years ago

I just recently had a contract fall through on one of my listings. The lender was out of state (just across the line) I looked at his letter and followed up with a call. Everything looked good. A week later I heard from the lender that although he was licensed in Maryland his branch office wasn't so he referred the loan to another office. Actually he referred it to another company. They said no way. Once I had more info I contacted some of my lender contacts. No one would do the loan that I was assured was good to go. I know it bothers some buyer agents but I believe listing agents have a duty to their clients to follow up on the buyer's financial information.

Posted by Larry Riggs, GRI, SRS Your Frederick County Specialist (Century 21 Redwood) about 5 years ago