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Stevens Point, WI
I told a client one day... You need to listen to your agent! (me) Just like that!
Coral Springs, FL
hell yes. in a heartbeat. faster than a New York minute. Faster than Donald Trumps wig needs adjusting. :) if we allow the choice to go un protested, and we have prior knowledge of this type activity, we are as guilty as he or she is. im just sayin :)
Coral Springs, FL
I don't tell them who to use or who not to use, but I would tell them about the deals that went bad in the hands of that lender, explain what went wrong and why. They can make their own choice from there.
Mike Cooper - we can share what we have seen. Eventually, it's buyer's choice for the lender (and any other professional service they need while buying the home.)
I would suggest using a different lender, or at least get a pre-approval from a 2nd lender in case problems arise with their first choice. I recently had a buyer who wanted to use his credit union. I knew it was a mistake. 2 1/2 weeks later we still didn't have a pre-approval letter from his credit union, so they gave up and caledl the lender that I suggested.
When we work with a buyer, we recommend lenders, inspectors, and other vendors that we know do a great job.
Mike Cooper I would advise the client that the lender is difficult to work with, but it is their decision as to whether they want to work with them. I've never had a bank intentionally torpedo a deal, but I have had to put up with several delays with banking procedures like committee meetings, etc.
If that happened more then once I would tell the buyer I would not work with them if they are going to use that lender.
Chase is so bad that I encourage seller to kick those offers to the curb and insist MY BUYERS work with my preferred lender as Plan B.
The big banks attitude is that the borrower has a contract with the broker not the bank meaning the banks has NO need to respect the dates that appear in the executed purchase agreement or respect any preliminary finding of the broker.
Draw from your past experiences and apply the above understanding and suddenly it makes sense.
My responsibility does not end until the buyer and seller are working with a money source that actually wants their business.
Oh absolutely! Can you imagine the fallout if your client found out you knew about that lender and didn't share? My job is to get my client to the closing table and I won't let a stupid lender get in the way.
Good morning Mike. It is hard to believe that this lender is doing something intentional, but if that is the case, you need to mention it to your client.
Its where our responsibility starts! It is our job to give people the best information possible and guide them thru the process.
Absolutely, it is your job to help your clients through the process.
If the lender torpedoes YOUR clients particularly, I'd have a chat with the lender to see what gives. If he torpedoes a lot of buyers generally, I'd find out if those same clients can get a loan with other lenders. That shows that this one lender just can't get it done, and I would pass that information on to my client. And I would still have a chat with that lender to see what his problem is.
I would explain that all Lenders are different and you only work with the ones that have proven they can close a deal. I would then say that Lender is not on that list. What that means to YOU is, you may go through the process more than once just because you chose a lender that has not proven they can get the job done.
I think I would encourage the buyer to shop other lenders for mortgages.
No lender gets the opportunity to consistently torpedo my client's deals. If a client chooses a lender known to be problematic, I let them know the nature of the issues. If they still want to proceed with that lender, I suggest they double app with someone else. Most move away from the problematic lender.
If the client chose them after due consideration, I think I would leave it be. We have be very careful about bad mouthing colleagues...it usually comes back one way or another. If I was asked by the client however, I would share my experiences.
Absolutely. Clients should carefully listen to their agent.