Credit Cards Center Credit cards from our partners
Reply
New Contributor
Posts: 167
Registered: ‎12-04-2012
0

Re: Gift ideas (Realtor, LO, etc.)

The realtor fees part makes sense to me anyway.  I think the selling realtor is going to end up with more.  She was our realtor until we decided on a property that she was listing.  Conflict of interest and all.

 

Would you mind breaking down your end of it for me?  Now, for example, we are looking at a purchase price of $228k.  The loan is more like $232k because 2% of the purchase price has to fund back into USDA to keep the program going.  The seller is covering $6500 in closing costs from the $228k agreed amount, so they're really getting $221.5k.  WIth your situation, where would that 8k come from?  Are you including lender kickbacks which would come to you for bringing them the business?

 

This stuff is fascinating to me.

 

For what it's worth, we were locked into a rate of 3.25% in December.  I should've asked specifically about YSP.  Now it seems a moot point, as I certainly won't be making any changes.  I'd just like to get a clearer understanding ahead of closing.  As always, thanks for your input.

Valued Contributor
Posts: 3,302
Registered: ‎06-09-2010
0

Re: Gift ideas (Realtor, LO, etc.)

No kickbacks..

 

I get a minimum of 4% of the total amount. So 4K on every 100K. In your loan of 228K = 9120

 

Then depends what I credit back or dont credit back... But in your situation I would have credited back your Origination Charge of I forget think was 900 something.

 

So just over 8K I would have made.

Good Luck
May all your dreams and wishes become a reality!
New Contributor
Posts: 167
Registered: ‎12-04-2012
0

Re: Gift ideas (Realtor, LO, etc.)

Okay, now I get it.  I was thinking inside the box that your fees would end up coming out of the closing costs somehow.  I couldn't figure out where the 8k was coming from.

Valued Contributor
Posts: 3,302
Registered: ‎06-09-2010
0

Re: Gift ideas (Realtor, LO, etc.)

It just gives you an idea of how much Banks are actually making, since they are the ones paying me, well unless I use my own Branch then Im paying myself. But like any other Bank we have our overlay requirements and sometimes have to pass the loan through a different Lender.

Good Luck
May all your dreams and wishes become a reality!
New Contributor
Posts: 167
Registered: ‎12-04-2012
0

Re: Gift ideas (Realtor, LO, etc.)

[ Edited ]

Well, that certainly makes me feel less bad for the LO.  lol.  Great fellow and all, but truth be told we didn't shop around too hard.  I got in touch with two LO's to start.  One played phone tag with me for about a day, and then she quit trying to get in touch with me.  The guy I went with offered what seemed to be a very competitive rate and was extremely responsive.

 

When we hit a couple snags it became more difficult to get anything out of him.  I got the impression he was just busy with deals that were actually progressing whereas we were stalled for awhile.  It got bad over Christmas when we couldn't get a simple yes or no answer as to whether or not our UW would be willing to accept a stamped item from our local IRS office.  I wasn't privy to everything that went on, but I was told that our former realtor told him we were about to pull out of the deal and go with another lender.  We were pretty close, as it felt like nothing happened for a month. 

 

Fortunately everything worked out.  We really do feel they went the extra mile for us.  That they're not supposed to accept gifts is news to me, but it's understandable.  I think an anonymous basket would be fine.  We'll just write a nice card or something to give them personally.

Valued Contributor
Posts: 3,302
Registered: ‎06-09-2010
0

Re: Gift ideas (Realtor, LO, etc.)

All that matters in the end is you are happy.

 

Even if at times you felt a little uncomfortable. Smiley Happy

Good Luck
May all your dreams and wishes become a reality!
Valued Contributor
Posts: 3,406
Registered: ‎12-19-2012
0

Re: Gift ideas (Realtor, LO, etc.)

+1
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Frequent Contributor
Posts: 491
Registered: ‎02-06-2012
0

Re: Gift ideas (Realtor, LO, etc.)

I had a pretty complicated file, so I was more then happy to send a token of my appreciation. My LO and Processor where in a city 400 miles away, so I bought them lunch at their favorite deli over the phone. My broker was a dear friend of mine, so we went out and had drinks... Many drinks! Smiley Happy

My team went above and beyond, and now I am in my wonderful home! I am eternally grateful!

 

Oh and ironically, our Realtor and Broker gave us gifts at closing. Flowers and balloons and a $100 gift card to Lowes.

CLOSED ON OUR FIRST HOME MAY 30TH!!!


Starting Score: TU 589 EQ 526 EX603
Current Score: TU 635 EQ 603 EX ??
Goal Score: 750


Take the FICO Fitness Challenge

New Contributor
Posts: 167
Registered: ‎12-04-2012
0

Re: Gift ideas (Realtor, LO, etc.)

Thanks for weighing in, Catacam.  I would really like to do something like buying them lunch, but it would be difficult to get that information without being transparent.  I guess I could ask his assistant.

 

I have heard that gifts from the buyer's realtor are pretty common.  Definitely a nice touch.  I am sure you've been able to put a Lowe's card to use!

 

All in all, I agree with JM-AM in that I have already given the realtor who has worked so hard for us a couple referrals.  I will do the same for the LO.  Our situation is like yours though in that I feel they deserve something more tangible.

Moderator Emeritus
Posts: 7,225
Registered: ‎09-16-2011
0

Re: Gift ideas (Realtor, LO, etc.)

In my state, realtors can and do represent both the buyer and the seller on the same transaction.. As long as the realtor isn't sharing inappropriate information with either party, its fine, they have an ethics code they must follow or they can get into hot water.
My realtor did a great job, I didn't get her a gift, but I sent her a photo of my husband and my daughter processing a deer in the kitchn... she loved it and obviously the house is perfect for us, which made her happy. I've also sent her referrels... and I've used her twice so far.  The fact that I came back and purchased another 175k home using her was a gift in and of itself.

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



Take the myFICO Fitness Challenge

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.