Sound Advice 07-19-24
A Welcome Home reader asked whether buyers must use the lenders or mortgage brokers their Realtors recommend—and if there are any pros and cons to that relationship. Berkshire Hathaway Broker Henri Gourd explains:
“The short answer is, ‘No.’ Under the Real Estate Settlement Procedures Act of 1974 (RESPA), before making any referrals of an affiliated service provider, including lenders, the Realtor must disclose the relationship between the firms and clearly state that the buyer is not require to use the services of the affiliated company. While there may be some advantages to a close working relationship, buyers are encouraged to check with competing service providers to see who offers the best service and value.”
Have a question for a local Realtor? Ask it here: welcomehome@theday.com
Henri Gourd, Broker Associate
Berkshire Hathaway Home Services
New England Properties
Mobile: (914) 954-3897
henrigourd@bhhsne.com
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