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The Few. The Clueless. The Untrained.

By
Mortgage and Lending with SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) NMLS 223495

Lenn Harley's post yesterday merits your attention, especially if your clients are buying short sales. Lenn concludes that "Banks think they're selling RETAIL rather than RESALE."

 

Banks don't know how to sell.

Case in point:

I stopped into a Big Bank yesterday to cash a check.  The lobby was nearly empty.  I thanked the teller, turned toward the "personal banker" desk ten feet to my right and asked:

"What's your interest rate on a 30 year mortgage with good credit and 20% down?"

Without looking up or inviting me to sit down, the "personal banker" replied "five and a half." (I had just locked a client at 4.875% for the same loan.)

"Thanks," I turned and walked toward the front door. 

"No problem," I continued toward the front door.

You're holding an open house:

I walk in.  You don't look up from your bar stool at the granite kitchen counter
because you're absorbed on Twitter. 

"How much is this house?" I look around.

"Three hundred and thirty thousand dollars." You tweet.

"Is that the best you can do?"  You stop tweeting for a moment.

"Yup."

"Okay, thanks." I walk toward the door.

"No problem.  Have a nice day." You tweet.

Big bank "foot soldiers."  The few.  The clueless.  The untrained.

__________________________________________________

I'm Mike in Tucson, your preferred Tucson, AZ Mortgage lender.
Mike Jones (Tucson Mortgage Company, LLC): Loan Officer in Tucson, Pima County, Arizona
Think of me as your Tucson mortgage expert.

Call me if I can help you with a purchase or refi mortgage;
(520) 349-9090

Comments (24)

Janice Roosevelt
Keller Williams Brandywine Valley - West Chester, PA
OICP ABR, ePRO,Ecobroker

And the solution is?

Mar 24, 2009 11:02 PM
South Austin Real Estate Blog
Sky Realty South Austin - Austin, TX

I realized many years ago if I couldnt get something sold I would starve.  Employees of banks and many other large corporations do not work on the premise of hunt and kill or go hungry.  Its just another hour in another day.   Of course you do find an occasional person who wants to truly help, then their hands are tied by countless regulations.  What a mess a mess a mess. I think there is no sense of urgency to get it done. (it being houses sold)

Mar 24, 2009 11:17 PM
Mike Jones
SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) - Tucson, AZ
Mike Jones NMLS 223495

Gail,

Now there's the truth.

Janice,

People like you and me are the answer.  Getting out there and getting it done.

Mike in Tucson

Mar 24, 2009 11:32 PM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Mike,

Wow..so true! I agree with Lenn what a shame their incompetence is getting rewarded!

Mar 24, 2009 11:57 PM
Mike Hendren
Mike Hendren Photography - Cloudcroft, NM

Good story, Mike.  I think that probably pretty well sums up, at least partly, why the banks are in the mess they're in - ARROGANCE!

They just think they're entitled to charge 3/4 point over the going rate for mortgages while paying 1/4 point (or less) for savings.

Mar 25, 2009 01:06 AM
Carol Smith
Casmi Photography - Mebane, NC

Indifference or apathy?  I'm not so sure there is a marked difference in either one. 

 

Mar 25, 2009 02:24 AM
Suesan Jenifer Therriault
JTHIS-Professional Home Inspection Team - Blakeslee, PA
"Inspecting every purchase as if it were my own".

Mike, it' sad to say that this is the direction our country seems to be taking. It's not just the banks or occasional Realtor, it's in every service field we frequent. People just don't seem to care about the individual any more. It's part of the if you don't someone else will mentality.

Mar 25, 2009 02:29 AM
Claude Cross
Homes By Cross, Inc. - Charlotte, NC
Charlotte NC Homes For Sale

Mike - A sad but true summary. It's a frestering problem of entitlement.

Mar 25, 2009 02:53 AM
Karen Kruschka
RE/MAX Executives - Woodbridge, VA
- "My Experience Isn't Expensive - It's PRICELESS"

Mike,  Bankers assume you are just itching to buy their foreclosures.  Clueless is right - if they were smart they'd accept short sales more readily,  Karen

Mar 25, 2009 06:06 AM
Mike Jones
SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) - Tucson, AZ
Mike Jones NMLS 223495

Karen,

I agree!

Claude,

It's why I will always have a job in my industry, unless they legislate brokers out of existence.

Suesan,

It certainly makes it easy to differentiate ourselves from the crowd!

Carol,

Thanks for stopping by to comment!

Mike,

I like your hat!  (Just had to say that.)

Dorie,

We need educated voters next go-round.  It floors me that a tax cheat has been placed in charge of the IRS, has the ear of the President, and is making banking rules.

Mike in Tucson

Mar 25, 2009 12:23 PM
Terry & Bonnie Westbrook
Westbrook Realty Broker-Owner - Grand Rapids, MI
Westbrook Realty - Grand Rapids Forest Hills MI Re

We may have saved the banks from further losses by keeping them out of the Real Estate business.

Mar 25, 2009 02:41 PM
Randy Hooker
Dreamcatcher Realty / Greater Phoenix Area - Gilbert, AZ
Gilbert, Chandler, Mesa, Queen Creek

Great post, Mike - and right on!  I liked Lenn's comment that REO banks act like dictators, and when you couple that attitude with "clueless" and "untrained", it makes for a nasty combination.  Ugh...

Mar 25, 2009 09:06 PM
Mike Jones
SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) - Tucson, AZ
Mike Jones NMLS 223495

Randy,

I was just reading a piece on Bloomberg about the banks becoming Pavlov's dog on a diet of Fed money.  This first hundred days of the new administration hasn't done anything to encourage me about this coming year.

Terry,

Sure, but to what end?

Mike in Tucson

Mar 25, 2009 09:20 PM
Suzanne McLaughlin
Sabinske & Associates, Inc. (Albertville, St. Michael) - Saint Michael, MN
Sabinske & Associates, Realtor

Mike, your post and the conversation thread that follows made my day this morning.  I despise the banking industry.  Last fall we sold a home...(got a purchase agreement for 334900) they wouldn't accept the offer.  This week we learned that one of my broker's friends has purchased the home (FROM THE BANK) for 250000.  They really know how to move real estate. 

Mar 25, 2009 11:08 PM
Kate Kate
San Diego, CA
  • So great opportunity is being created for us. It's a fact! kate in lv
Mar 26, 2009 01:09 AM
Mike Jones
SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) - Tucson, AZ
Mike Jones NMLS 223495

Kate,

I like your attitude, young lady!

Suzanne,

That's a shame!

Mike in Tucson

Mar 26, 2009 01:54 AM
Pat Fenn
Marketing Specialist for CJ Realty Group/Cindy Jones Broker - Springfield, VA

If you live in an area where foreclosures are on every corner then if one lender doesn't want to play a buyer can just make another offer down the street.  Supply and demand doesn't seem to come to dawn on them. 

Mar 26, 2009 06:52 AM
Bob Hirsch
The AVD Group - Bellflower, CA

We should encourage these losers to stay in the business.  It just makes it easier for those of us who know how to sell.

Mar 28, 2009 12:35 PM
Marlene Bridges
Village Real Estate Services, Inc. - Laguna Hills, CA
Laguna Homes|Laguna Condos|Laguna Real Estate

Mike - Ouch!  You mean I should actually make eye contact in between tweets at an open house?  Oh, now I get it.  I'll give that a shot next time.  Great post, Mike.

Apr 08, 2009 04:44 PM
Mike Jones
SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) - Tucson, AZ
Mike Jones NMLS 223495

Marlene,

LOL  Really!  Thanks for commenting.

Bob,

Thanks for commenting.

Pat,

That's the size of it, unfortunately.

Mike in Tucson

Apr 09, 2009 12:30 AM