If the seller of a property is a spouse of your mortgage broker, is this a conflict of interest?

Just as long as the relationship is disclosed, then there is no real conflict. Shop her husband along with a couple others to see what their fees, closing costs, etc. are and then make your choice.

That husband may or may not be out of the ballpark, then your decision may become easier.

Good luck.

I really would not want the lender who is related to the seller having all of my personal financial information. I would prefer my own lender and a separate seller. If they are married, isnt he the seller as well? Everything could be on the up and up, but who knows.

No, can actually serve to your benefit.

broker makes more on the transaction so will lean toward your bid.

Also mortgage broker is incented to provide a better loan so you can pay more for the house

Where it may hurt you is if your credit is bad. the mortgage broker can leak that to the real estate broker which may damage your position

http://www.1031reviews.com/

In NY, it's OK to do both but ... I think you'd be better off as ONLY a mortgage broker. "Why"? Because other real estate agents probably will not send you loans if you are a praticing agent. R.E. agents will be your #1 source of loans, don't step on their toes.

It's really not an issue as long as the property title is clear and the relationship status is disclosed. Do some background checks if you need to but then choose what meets your requirements the best, irrespective of relationships.

Why ever use the "preferred lender" without verifying the are offering you the absolute best deal?

I would say that yes it is a conflict of interest, however if it can be proven that they will give you a better rate than anybody else, I say go for it. I assume they represent a real and viable financial insitution when they quote.

They aren't hiding it from you. Also a conflict would be if they were related to the inspector.

all bets are off at closing time. new papers have more money needed at closing.