I posted a couple of days ago about a bank up in Massachusetts that would not give a client of mine a preapproval letter so he can get a home. He just sold his home up there, is closing on the 17th of next month and his wife is flying into Sarasota in 2 days to look at homes with me. They wanted her to have the preapproval so they can get things rolling down here.

Well, as I mentioned I was going to do, I told him to contact a couple of other lending institutions about his plight and guess what - he has the preapproval and a great rate! He is happy as a lark! He is also taking all of his money out of the bank that did not want to grant him a loan.

The thing I don't get is if you have a client who could theoretically pay cash for the home and is going to pay over 50% at closing, WHY would you NOT grant him a loan???? The bank said it was because they don't have jobs. SO WHAT??????????? If you have the money, who cares???

I REALLY don't get this one!!! But all went well and I am happy about that!

 

4 Comments on Follow-Up On The Bank From Hell -

Really, how much of a risk are they going to be???! Great that you found another lender, but what a pain! Glad it worked out for your client.

09/17/2007 06:44 AM by Debbie Malone, RE/MAX, Lynchburg, Smith Mountain Lake, Real Estate Agent (RE/MAX 1st Olympic, ABR, e-PRO, ASP)

I always encourage buyers to get opinions from at least two loan officers.  It's amazing how much disparity there can be.

09/17/2007 07:52 AM by Lorrie Semler, GRI, e-PRO (Keller Williams)

Some banks just have policies and that is that.  Unfortunately for your client, someone else before him got a loan and messed it up.

09/17/2007 08:08 AM by Rich Kruse (Gryphon USA, Ltd.)

Debbie - I am too since they are REALLY great people!

Lorrie - It is also amazing that the idea of getting different prices is a surprise to people...I personally ALWAYS shop around!!!

Rich - You are probably right but you would think with all of the funds he has with this bank that they would bend a little -

09/17/2007 03:50 PM by Barbara-Jo & Bill - - Florida Realty Professional - AHWD (Charles Rutenberg Realty)

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Real Estate Agent: Barbara-Jo & Bill - - Florida Realty Professional - AHWD (Charles Rutenberg Realty)
Barbara-Jo & Bill - - Florida Realty Professional - AHWD
Clearwater, FL
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Charles Rutenberg Realty

Office Phone: (727) 512-0910
Cell Phone: (727) 512-0910
Email Me
Purchasing or selling in the Clearwater, Safety Harbor, Dunedin area of Pinellas County? We would love to become your real estate consultants for life! With our years of experience in the industry, we can guide you through the complex negotiating process. Give Barbara-Jo a call at 727-512-0910 or Bill at 727-916-0138 today so we can start the process!

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