Home Buyers - Be very careful if you do NOT have a Buyer's Agent.

The following is a true story.

A potential home buyer approached me last December for advice on rates and how to proceed on buying a home.

Among other things, I stressed that he would be best served by using the services of a dedicated Buyer's Agent - and to make sure he got pre-approved BEFORE he made an offer.

So far so good.

Then, a couple of days ago I receive an e-mail stating he now wants to begin shopping rates because he is about to get into contract because he already made an offer - and get this - he did NOT use a Buyer's Agent.

He is being represented by the Realtor who works for the Seller - which is a bank.

I told him he is at risk with his deposit because the Listing Agent does not have his interests uppermost. The close of escrow is unrealistic, given the loan process is starting too late.

Please - if you are a home buyer - especially in today's lending environment where all lenders will scrutinize not just your qualifications, but also that of the property - you absolutely need the guidance of a good team - both loan officer and Buyer's Agent - who are BOTH working in your best interest.

Good luck out there!

Rick Pelleriti

California Mortgage Banker

530-205-9145

rpelleriti@ascenthomeloans.com