Awhile back, Steve posted a rant (which I agree with, by the way) on the invariable problems associated with agents acting as both a mortgage broker and a Buyer representative in transactions, particularly stemming from the obvious conflict of interest. While our experience has been that these situations generally result in nightmare transactions, I feel compelled to give credit where credit is due (in what, to the delight of many, may be my shortest post on record).
This week we closed an escrow that had all the warning signs and potential for disaster. An agent brought an offer on one of our listings in which she was both representing the Buyer and handling the loan. The offer specified a 30-day escrow and 100% financing plus a substantial Seller credit for the Buyer’s closing costs (the Buyer had no cash). The agent was affiliated with a “Who Are They?” company. While they had no courier service, documents were easily shared via email and through our web-based transaction system. She answered her phone personally EVERY time I called, got me documents within 24-hours of my request EACH time and met ALL contractual timeframes. Negotiations were constructive, swift and fair, we had complete file a week and a half prior to scheduled closing (nearly unheard of), and escrow closed three days early. To this agent (you know who you are), kudos! There is an exception to every rule.