The Benefits of One Stop Shopping

January 11, 2008

The January 2008 Realtor Magazine, a publication of the National Association of Realtors, has an article entitled "An In-House Edge". The writer suggests that using a one stop brokerage company offers the consumer convenience and the opportunity to have the brokerage "team" work to ensure that the transaction proceeds smoothly. Particularly in the 2007 real estate environment, many transactions failed because of miscommunication between the lender, the escrow, the agent and the purchaser. In the 2008 real estate market, communication will be paramount.

Already, we have seen the lender change the underwriting criteria just before the date of closing. Fortunately, the buyer was using our in-house lender and we were able to coordinate and early closing thereby saving the entire transaction.

Just as an addendum to the benefit to consumers, the benefit to an agent's ability to know what is occurring in the mortgage marketplace makes the agent better able to serve the consumer. This morning we were alerted that mortgage rates are at a four year low. Agents with buyers can assist them to get qualified and to take advantage of these favorable rates (5.5% on conventional conforming loans).