As agents we often refer buyers to lenders we know will close the deal. Buyers trust our judgement when forming relationships with other industry professionals. Though a lender can charge what they want, recommend the programs they want, and close a deal how they must, we can look out for our clients to stave off potential foreclosures.
NAR President, Pat Combs, suggests we can reduce the chance of foreclosure for future buyers by doing the following:
- Advocating for smart lending practices
- Talking to lenders we work with to understand how they handle delilnquent mortgages
- Learning what our state and local governments and local nonprofits are doing to help borrowers in trouble on their mortgage loan
- Reaching out to consumvers in our communities to let them know what resources are available
- Making sure buyers we're working with understand how to eveluate the mortgage terms they're being offered. It's no longer enought to send buyers off to become prequalified before they start the home search.
Home buyers depend on us as Realtors to look after them during their transaction. Though we are not ultimately responsible for their decisions, we can ensure they are informed.