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Be Proactive: Know Your Lender (Part II- From Call to Contract)

After posting From Call to Contract: Doing My Homework yesterday, I thought I would tell you all about why it took so long to submit an offer for my buyer when she was adamant about the condo she wanted on Sunday.

My client had already started the process with the lender of her choosing.

After we looked at a few condos and townhouses on Sunday she had already found the condo she wanted. When she walked into this unit you could see that she felt like "this was home". I could tell that anything we saw after this one would not mean much. So, since she would be submitting all her docs to her credit union Monday she wanted to be sure everything would be okay and then we would submit the offer in the evening.

Well, her lender procrastinated Monday, did not return calls, they were rude to my client on Tuesday morning and my client was so stressed out that I could hear it in her voice. She had been going back and forth on long distance calls to the mainland and it was so frustrating. I asked if she would like to check on VA loans with a Hawaii local lender and I referred her and gave her his number. After one hour we had a prequalification letter in hand. And that's that.

This Broker even told her that she could leave the credit union open as an option if she wasn't sure and needed to feel safe with a back up. She said NO! And she went on further to explain that if the credit union was going to treat her that way and not even get back to her quickly that she doesn't even want to consider them anymore to go through a whole transaction.

I do not like to get in the way of a lender that my clients chose although I sure will be on the ball once I see my client is not being taken care of. It is imperative that all parties involved in a real estate transaction be able to work in sync to make for a smooth transaction. I couldn't see this happening at all and neither could my client!

My client is now happy and a load has been lifted off her shoulders. She said she has a great agent and LO now and that if this LO is anything like me she'll be fine. Doesn't it feel good when a client knows you're thinking in their best interests? Isn't it nice for the client to know that we are going above and beyond to make sure they have as little stress as possible from the very beginning?

*Note: In Hawaii, the buyer does not have any recourse with a mainland (out of state) lender if something goes wrong. It is always advisable to have a local lender who knows Hawaii Real Estate Laws and the transaction process not to mention being on hand to walk the client through every step of the loan process as well.

**And.....I just got a verbal acceptance for the contract. Docs to follow ..... WooHoo!

Posted by Celeste "SALLY" Cheeseman HAWAII Relocations & Real Estate on 12/12/2007 08:11 PM

Comments (45)

hawaii real estate, hawaii lenders

Originally posted at: Hawaii Real Estate & Relocations : Be Proactive: Know Your Lender (Part II- From Call to Contract)

45 Comments on Be Proactive: Know Your Lender (Part II- From Call to Contract)

DEC

2007

Me too Sally, good job.

Missy: Thanks Missy....great for you too!

Way to go! I'd just be concerned that if things go wrong, the client would blame you. You know... the whole give them 3 choices thing? I know it's highly unlikely that anything will go wrong, but I'm always paranoid.

The deals that go the smoothest are those that have teamwork and people who understand its value....Congrats Sally!

Lisa: I'd rather give her three choices but ONE main choice for one that is very good with VA loans and one I have no problem believing will do this one the RIGHT way.

Joan: Exactly! This will be a smooth one...just like the Faithful and Loyal client

Sally -- congratulations. I am sorry to say that one of my clients who chose a lender on their own had a horrible experience ! I asked them to compare with a couple of lenders I work with regularly, but they said the lender they chose had the best rates -- well, the lender lied about ordering the title work (the the title company had to contact the lender to get the order), the lender didn't know they had to get a copy of the trust document to have the trust hold title -- and they had to take title individually, and the appraiser didn't have a clue how to deal with the particular development -- it was a MESS! On the even of going to another lender - and many hours and phone calls -- they did get the deal together - they certainly did have a lower rate - but if it hadn't have been for going up to a very high manager -- this property may not have closed!

Sally, in this business we have to get back to people quickly, and there is no reason why a Loan Officer who knows what he is doing can't run credit, take a full application, run it through Automated Underwriting, and tell the Borrower whether or not they are pre-approved in less than an hour.

Glad that you Loan Officer got the loan in stead of the Credit Union that ignored your Buyer.

Joan: That's too bad! What a mess sometimes...it's sad that even though they had lower rates that they did not have the experience nor the expertise to make for a smooth transaction!

George: Yup...I'm glad she did as well. She is very happy with the expertise this LO has given to her......I believe in getting back quickly. If I was one who turned off the phone at a certain time ....I would not have picked her call up last Friday evening at 7pm... :) I love answering the phone :)

I have had a similar situation Sally. I think that when you are on top of things, and have immediate second choices for your clients, to make the deal go smooth, it shows them who the professional really is. Congratulations on the acceptance, good luck!!

Larry: Thanks for the support! I can only offer....and try and keep on top of things....if I had just let it go....then my client would have gone through more frustration. I just spoke with her...she is sooo happy and it is that sound in a client's voice that makes it all worthwhile!

Sally- Congrats on getting your offer accepted! We just had a closing today and an offer accepted for one of our listings today. We also received 3 more offers on other listings we have. The one that we just got accepted by our sellers tonight, the buyer is in the same boat as yours. I just told her agent that in her buyer's best interest she needs to offer her mortgage brokers services so we can get the deal done! The buyer was using the bank that she banks with and you know how that goes! Katerina

You are just a superwoman! I really don't know how you do the family, the businesses and everything. It is astounding!

Mainland lender; a familiar story. I am so glad that very few of my clients go that route.

What do you want to bet that the credit union guy is on salary! The credit unions in this area are the same way. Good for you getting your offer through! Yippee!

Randy: Well, at least the "rebate" didn't come into play ....yup...same one....well, at least Dave is taking care of her now...:)

Patricia: You think? WooHoo to us!!! Hey...where ya been? I better go see what you're up to.

Sally- A great lender you an depend on is a must for anyone who works with buyers.. However I am wrapping up a deal with Kinecta credit union that has been terrific.. the loan rep for them was outstanding.. she was always available via phone or e-mail and expedited everything for my clients..

Hi Kaye! Of course...and I have worked on the other side of this particular credit union before without any problems...this one was going to be bad...you could just see it when they couldn't even return a call or get a prequal or credit check or anything in 48 hours!

Like I said on your other Post....your attention to details, and the Professionalism you give is such an asset to your client (s). Good job on helping out, as the whole process is stressful enough :)

DEC

2007

Kathy: Awww...that's nice of you to say. :) No kidding....I always tell my clients I will try very hard to take the brunt of the stress off of them ...how? By not only doing my job well....but going above and beyond to make sure all involved are on the same page.

Sally,

We all have been in situations where the lenders were not very helpful. You had the foresight to be able to intervene on your clients behalf to get the job done. Way to go!!

Harold: Thanks .....and it sure is appreciated when we do give our insight to our clients and point them in a better direction.

Sally- A local lender is always a good idea. My closing yesterday was with an out of town lender. And we were both on the mainland. It was so frustrating, I was at there mercy. They delayed the closing past the contract date. Then we had to get a notary to New York to sign the buyers art an expense of $300. I ended up eating half. My local lenders are attentive and truthful. I would like all my customers to use the lenders of my choice. Good save and I hope you close with no surprises.

Hey Mark: No kidding....and sorry you had to go through all that....but hey...for all the whacked out ones....there will be one that you do that is sooooo smooth that it will mean more and you will appreciate and hold on to those great ones so that it gets you through the junk ones :) There's always one or two suprises anyway...so what the hay :)

Sally-great job and congrats...I don't understand why sometimes we have lack of cooperation..especially from a lender. Maybe the were just so busy with loans that they could not handle your customer in a timely fashion. ????????? It's ok though...and your buyer is luck...WOOHOO Sally was on it once again!

Yahoo, Wahoo Sally!
Way to take the matter into your own capable hands. Sometimes that is what we need to do to get the job done. Like Midori, lenders that are unresponsive not to mention rude just leave me wondering what are they thinking?

Sally, I am THRILLED for both you And your client! For some reason I believe buying a new home should be a joyous occasion, not something filled with problems and issues and you made this one for your client. I'm sure she will always remember it.....and remember you and your kindness!

I try to stay clear of them unless I have to step in and accelerate their follow up-and you know how I feel about that issue.

Sally, This is a perfect example of why Buyers are better off asking for a recommendation from their Realtor.

Yeah!!! Sorry to hear about the troubles at first...

Did I miss in the first post where she found the condo? I'm off to read it again. :) Congratulations Sally!!

Good job WooHoo!! The problem with credit unions is that the person handling the loan is usually an hourly employee. They will get it done when they get it done. Glad you were able to get your buyer elsewhere.

Sally, Great Post. You really gave some great advice. Hey I am 3000 miles away I am sure I know all your laws why not give me the loan...lol just kidding. You and I both agree about local people.

Sally - great post! I have seen lenders put snags in deals all too often! You would think in this current market they would do their best to be on top of things!

Midori: No kidding Midori....I told her yesterday that I believe people come into our lives for a reason....this one will be the first one I got directly from and ActiveRain post. I just knew all this hard work would amount to something.

Cynthia: Uh, that they don't care but anything but the buck?

Carole: I know I made a difference to guide in the right direction. I have worked with this LO on MANY transactions over the years and if it's one person that knows his stuff is....this guy.

Neal: Yup...need to get on the ball

Dan: I know I did well on this one. She is smiling :)

Steph: Yup....she found the one she liked on that first one. :)

Sally, great job. Taking care of your client is something we all need to do well...especially the chosen lender! And I can see the importance of a local HI lender.

BB: WooHoo Sally! But this one was really bad. I'd had client's that had the same CU but it was not nearly as bad as this one.

MATT: Hey, if anyone is coming your way you can bet I'd refer em to you!

B & B: No kidding! It's not like everyone is running around asking for loans from that CU only! Thanks

Gary: You can bet your bottom that ALL states have different laws etc...but we know all too well how there is no recourse ....Thanks Gary.

Sis - I always believed that when referring clients to preferred lenders, give the 3 different companies/loan officers. The local thing is crucial and it's about the knowledge of the different laws. Right now, I wouldn't think of trying to do a loan in HI, even if I could. Sounds like you have surrounded yourself with a good source though!

Jason: I have a Services Directory that I give to clients in thier packet when I first meet with them...under lenders there are three co's / LO's. (I used to have four but Bruce passed away) I have worked with MANY LO's along the way and though I believe many of them are qualified and experienced...there are only these last three I would trust with MY client. :) When a realtor is in a bind ...we do our best to try and suit the "best qualified" ... in this case there was no time to go shopping. There were two days that were lost already and this is my BEST guy .... so.... it's not like it's just this one guy.....it's this one guy for EXPERTISE that is A+ in my book for this crucial situation and get the job done :)

Sally - Love the picture! Having the mortgage officer you feel comfortable with is always the best. It makes sense for the buyer to at least check out your recommendation. Sometimes buyer live and learn.

DEC

2007

Bill: I just let the buyer choose...and when it is clearly not working...(this has happened a few times throughout my career) then hey...I'm on top of it!

DEC

2007

I always recommend a local lender. If they insist on using their mainland lender I like to keep in touch every day, and have a longer "extension" period just in case.

Georgina: I make sure to let them know there is no recourse with a mainland lender if something goes wrong too.

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