Expert: Jessica Bryan - 5/7/2009

Question
We have a signed counter offer and are in the middle of getting the home appraised and loan approved for the home we would like to buy.  My realtor did not offer to contact my credit union and deal with them directly. I'm not even sure what the credit union needs. I am having to pass contracts, counter offers, etc between the credit union and realtor.  Is my realtor supposed to be taking an active role in this part?  I am overwhelmed as this is my first time buying a house.

Answer
Dear Rachel;
Obtaining a loan requires lots of information sharing that is of a highly confidential nature.  The fewer people involved the better.  Many lenders refuse to even talk to the real estate agent unless there is a pass code given to them by the client first.  I am sure that you can understand the need for privacy.  It is always helpful for an agent to explain the procedure to a first time buyer so there are not any misunderstandings, but unless you specifically request that your agent be involved in assisting with the credit union the agent will take a 'back-seat' with the actual loan process.  It is important to remember that a real estate agent is not a loan expert and defers to those who are professionals for advice and processing of loans.  Your agent serves as a real estate 'PROPERTY' expert and helps with directing you to other experts to make the process go smoothly.

He/she is a facilitator and consultant. Just like you would not expect your agent to appraise or structurally inspect the home, check for termites, provide legal services, or provide homeowners insurance, your agent will advise you of the availability of these services and even recommend how to go about securing these services but will defer to the professionals in actually carrying out these services.

I wish you all the best with your purchase of your home.

Jessica Bryan