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Rey, why do they call you "Steak Dinner?

As a Mortgage Loan Officer, the hands down most asked question of me isn't about rates, programs, fees, or my experience in the industry.

It is "Rey, why do they call you "Steak Dinner"? We'll for all of those out there that want to know here it is!

When I first got into the Mortgage industry, I developed a great relationship with a Realtor that was new to the business also. I referred him to a client of mine that had seen a home that had been repossessed by the VA and was interested in taking a look. We all went this house and WOW it was in REALLY bad shape. The client saw it as a huge investment opportunity so he wanted to put in a bid. I am not really sure how the VA classifies it but the "List" price was $125,000. This was right when Las Vegas was starting its major upswing in home values. Our client said he wanted to bid $105,000 and not a penny more! The Realtor thought it was a waste of time! But after seeing the property and its horrible condition I didn't think anyone else would bid on it. I proceeded to bet a "Steak Dinner" with the Realtor that we would win the bid for the simple fact that nobody else would bid on it. After a couple of days it was announced that we had won the bid and sure enough no one else had bid on it. Now the Realtor owes me a Steak Dinner! BUT WAIT!

Rey "Steak Dinner" Gallegos Las Vegas Mortgage We had won the bid nd we're told we had 30 days to get the loan closed. OK??? But, then some crusty old lady at the VA had included the bidding time as part of the 30 days so she said we had ONLY 24 days to get the loan closed or they would pull the property and put it back on the market. "WHAT???? There is no way!" said the Realtor! This loan happened to be Countrywide loan and at the time rates where at historical lows and CW was running 45 to 60 day turn times on all of there files! YIKES!!! Not knowing any better and being the optimistic rookie I was, I proudly and defiantly said "Realtor, Double or nothing on that Steak Dinner I WILL get the loan closed!" Seeing a golden opportunity to get even the Realtor proudly proclaimed YOU'RE ON!" Well, 24 days and an act of congress later, I closed the loan.

From then on every time I saw that Realtor he would yell out "Steak Dinner! Steak Dinner!" After a while the other people in my office asked why, so I told them, and then they started calling me "Steak Dinner" and the rest is history!

NOTE: The client fixed up the house and sold it 13 months later for $167,000. Cha-Ching!

SECOND NOTE: I never collected my Steak Dinner's, but I have since done more than enough business with the Realtor and now I have a brand name identity to boot! I'll take it!

Your mortgage partner for life,

Rey "Steak Dinner" Gallegos
Senior Loan Officer
mailto:rey@Steak-Dinner.com
http://www.Steak-Dinner.com/
Five Star Mortgage
Your complete community mortgage broker!
Thank you for your referrals!

Posted by Rey Gallegos Home Loan Consultant Las Vegas, NV on 07/02/2007 05:35 PM

Comments (8)

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8 Comments on Rey, why do they call you "Steak Dinner?

Rey -- Thanks for shaing a great story. In my former life I was a Col in the Army so everyone in our busniess calls me The Col

07/02/2007 05:53 PM

by Bruce Bourgault, Vice President, Mpro (Central Pacific Home Loans)

That is great. Now I know and knowing is half the battle. Good job closig the loan.

07/03/2007 04:11 PM

by SHAUN WREN (LICENSE IS NOT PLACED)

I have really been wondering what the "steak dinner" was all about but did not want to ask. And now I found out anyway!! That is a great story! :-D

07/03/2007 04:30 PM

by Huntsville Alabama Real Estate Agent, Kimberly Grant (Exit Leon Crawford Realty)

I have to admit I was curious also...Thanks for sharing.

07/03/2007 08:46 PM

by Sue Nelson, Broker/Associate Las Vegas Real Estate ~Team Rhino~ (ERA Sunbelt Realty)

Thanks for letting us all know this Rey, I also wondered what it meant. I was hoping it meant that you would treat any Realtor who referred a client to you and you closed the loan...well you know what I mean :)

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07/05/2007 01:45 PM

by Mary Warren, Las Vegas Real Estate (Keller Williams Southern Nevada)

Mary, I like the way you think! I don't buy Steak Dinners as a condition of referring business to me but I do like to take my friends and their patriotic husbands out for Steaks! After all it is a free country is it my fault that I tend to develop great friendships with the people I work with and clients that I do business with! LOL

07/05/2007 02:42 PM

by Rey Gallegos Home Loan Consultant Las Vegas, NV (A Mortgage Bank)

And here I thought it meant you gave out a free steak dinner with each loan. I was way off.

07/07/2007 02:55 PM

by Albuquerque Real Estate | Ashley Drake Gephart (Keller Williams Realty)

Great story Rey, that answered my question. Next carnival contest.....wanna bet:-)?

08/01/2007 10:11 AM

by Jason Sardi, Pennsylvania Mortgage Broker (First Choice Equity Group Inc.)