The lender spoke with confidence, maybe even a bit of swagger, when I asked early in the transaction if my clients could wire money from a US bank account to a California escrow company from China.  "No problem," came his quick reply.  The same information was repeated to my client.  It would be handled with security questions and the use of a private banker familiar with the client. 

 

Wrong.  Big problem.  Exactly one week before the scheduled close of escrow I received the 'bad news' call.  Even though my client has a long banking relationship (both business and personal) with the bank, he was never assigned a private banker. At the eleventh hour we were told it could not be done due to an increase in fraud. Two weeks prior I asked the lender if arrangements were in place to transfer funds.  He said it was 'being taken care of."  

 

Bad information from a lender made my clients fly halfway around the world.  They arrived in the US yesterday, went to the bank and completed the wire transfer of funds.  Oh, they transferred a bit more than required--now, no loan is needed.

 

I suppose the lender was not expecting this tidbit of news either.

 

Sell Smart, Buy Wise and Live Well

Norma Toering - REMAX Palos VerdesNorma Toering & Team RE/MAX Estate Properties
(310) 493-8333

PalosVerdesLifestyle- Norma's award winning site as the best Palos Verdes homes and real estate blog since 2007. Selected by Relocation.com as one of the top ten Los Angeles area real estate blogs. Chosen by MovingCost.com as one of the best Los Angeles realty blogs. Awarded 5 out of 5 stars by Lender411 blog review.  Ranked by Technorati in the top 1% of all blogs. As seen in the Daily Breeze newspaper.

South Bay Los Angeles cities I sell real estate, property, houses and homes in: Palos Verdes Estates, Rolling Hills, Rolling Hills Estates, Rancho Palos Verdes, San Pedro, Long Beach, Torrance, Lomita, Redondo Beach, Hermosa Beach and Manhattan Beach. Based on information from the Association of REALTORS®/Multiple Listing as of the initial date of this article/blog publication and /or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.

Subscribe to Norma Toering's ActiveRain blog       Norma Toering and Team on Facebook


Find Norma on: Facebook - Twitter - LinkedIn - Email Norma - Google+

Search for Homes in Palos Verdes California on Toering and Team. Google Norma Toering What is your home worth today - Norma Toering

Palos Verdes Homes Blog - Palos Verdes Houses
Palos Verdes Horse Property - Palos Verdes Realtor Agent
Palos Verdes Coastal Homes - Los Angeles Home Search
Photos of Palos Verdes - Palos Verdes Videos
Palos Verdes Luxury Homes - Beach Cities Homes

Palos Verdes Map with Real Estate Areas

Norma Toering & Team - Palos Verdes Homes

 
This post has been included in California Real Estate News Los Angeles County, CA Real Estate News
Post is included in group: Cosmic Cow Pie...The Rome Way
Post is included in group: "Whacked"!!!
Post is included in group: The Ninety-ninth Percentile
Post is included in group: Local Expert

36 Comments on Bad Information Made Clients Fly Halfway Around the World

20 Most Recent Comments Displayed Show All

JUN
26
1,000,857 Points 43 Featured Posts Localism Sponsor Outside Blog Called Shot Master

Eric - Sage advice.
10:56am • #17
175,239 Points 1 Featured Post Outside Blog Attended Rain Camp

I just had a closing from hell with BOA as the lender (buyers choice, not mine).

 

Day of closing Buyer went to BOA where he has all his funds and tries to do a wire transfer...the banks does NOT know how to do one so they send him to another town 50 minutes away to another BOA bank...they ALSO do not know how to do do a wire transfer there either,  but finally figure it out...and we barely close that day.

How can BOA (in the states) not know how to wire transfer someone's money?

 

Eve in Orlando
10:57am • #18
1,000,857 Points 43 Featured Posts Localism Sponsor Outside Blog Called Shot Master

Michael - As illogical as it seems, this lender told the same 'story' to the buyer and to me multiple times.  
10:59am • #19
1,000,857 Points 43 Featured Posts Localism Sponsor Outside Blog Called Shot Master

Tammie - A little sweet satisfaction is always good.  
11:01am • #20
379,000 Points 5 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Norma, 

Crazy.  Working with internationals and different banking systems is COMPLEX.  There is no simple answer and especially when you throw China in the mix.  Europeans seem to be able to wire easier.  

I just received an overnight of a Security Deposit check for a very high end lease from China.  Wiring would have been more complex. 

All the best, Michelle

PS - LOVE that they had enough not to need a loan.  If you can't do your job correctly that will happen.
11:01am • #21
1,000,857 Points 43 Featured Posts Localism Sponsor Outside Blog Called Shot Master

Buyers Broker of Florida - Correct me if I'm wrong, but isn't that what banks do--move money back and forth?
11:05am • #22
627,733 Points 1 Featured Post Outside Blog

Norma, I guess this is a bid perplexing to me, I thought banks were set-up to do this all the time. Good job getting it done. 
11:17am • #23
1 Featured Post Called Shot Master

Wow, thanks for sharing this...I love it when a plan comes together.
11:26am • #24
980,857 Points 114 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

An interesting read.  Was this lender your recommendation?  I don't see why thelender wasn't on top of this.  So if I understand correctly, a wire transfer from a US BANK ACCOUNT to an escrow office in California was all that was recquired to close the transaction.  The clients happened to be in China.  The clients could have been anywhere in the world, IMHO -- it's their funds in a US bank, no?!?   If they had funds in a US Bank, and simply wanted to wire from their bank to the escrow office to close their deal, what was the problem??  Anyway, they seemed to have their Plan B in place.
12:00pm • #25
396,491 Points 5 Featured Posts Outside Blog Attended Rain Camp

Touche!  I had something similar happen about 3 years ago..  The guy got jacked around by his lender so much that he just paid cash.  Multi-million dollar purchase.  Hopefully, the lender did not spend the money beforehand.
12:17pm • #26
159,298 Points 2 Featured Posts Outside Blog Called Shot Master
Wow. I can imagine your clients were steaming. Hurrah for them having enough cash to pay in full.
12:43pm • #27
761,765 Points 69 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Ah, sweet justice.  
1:29pm • #28
243,626 Points 22 Featured Posts Outside Blog Called Shot Master

Unfortunate that the lender did not have their ducks in a row to complete the transaction.  How ironic that it utlitmately cost them doing the loan at all.  Good for your buyers!  I wonder if they will still remain clients of that bank.....
2:15pm • #29
548,216 Points 9 Featured Posts Outside Blog Called Shot Master

Norma:

How frustrating for you and your client.  The lender should have to take care of the problem at no cost to your client.  All the lender I deal with have been good to their word.
3:05pm • #30

Norma, Great post. I just love those cash buyers. I just had 3 in a row and am working with 2 more.
9:31pm • #31
1,352,178 Points 42 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Norma - Though I've not had a buyer have to fly half way around the world yet, I have many who are extremely frustrated with lenders.
9:51pm • #32
JUN
27
556,002 Points 31 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Hi Norma,

Good buyers.

Bad loan officer at the bank.

They probably came here cheaper than all the loan fees anyway.

Justice was done.

Phil
2:44am • #33
1,000,857 Points 43 Featured Posts Localism Sponsor Outside Blog Called Shot Master

I asked the lender to pick up the cost of plane tickets and the answer was a quick and curt, "No."  It's that 'too big to fail' attitude that will cause them to lose one loan at a time.

 

Thanks for your comments, everyone.  Writing this post helped my blood pressure...

 

Yes, Carla, the money was in a US bank and they could not arrange for my client (a US citizen) to authorize wiring the funds from China.  They insisted on a face-to-face. This is one of the Big Three...
4:37am • #34
535,883 Points 71 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Hope the lender enjoyed working for free! In our business there is nothing wrong with saying, "I don't know".
7:30am • #35
271,439 Points 22 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Norma ~  now that is a war story to top them all.. I thought I had heard everything!  New challenges every single day.. thanks for the heads up! 


Featured in Cosmic Cow Pie....The Rome Way
9:19am • #36

20 Most Recent Comments Displayed Show All

Login or register to leave a comment
 
Norma_ar_logo_1k_junker Ambassador_large

Norma Toering Palos Verdes Homes in Los Angeles Area

Broker-Associate

Rancho Palos Verdes, CA

More about me…

REMAX Estate Properties Broker Associate Lic# 01147470

Address: 8 Miraleste Plaza, Rancho Palos Verdes, CA, 90275

Office Phone: (310) 493-8333

Cell Phone: (310) 493-8333

Email Me

Subscribe to Norma Toering's ActiveRain Blog - Thank You!

Search for Los Angeles Homes

Broker Associate with RE/MAX Estate Properties. Tune in for Best Buys in Palos Verdes; Market Updates; Buy & Sell Signals; Advice to Buyers & Sellers and other real estate related topics of interest. Updates will be posted on all four cities on the Palos Verdes Peninsula, PV School District and other happenings on The Hill.

South Bay Los Angeles cities I sell real estate in: Palos Verdes Estates, Rolling Hills, Rolling Hills Estates, Rancho Palos Verdes, San Pedro, Long Beach, Torrance, Lomita, Redondo Beach, Hermosa Beach and Manhattan Beach.




  • Google+

    • Follow Me on Pinterest

    Toering and Team on Facebook

    Subscribe to Norma Toering's ActiveRain Blog

    Search for Homes in Southern California

    Norma Toering on Twitter

    Norma Toering's profile on LinkedIn

    PalosVerdesLifestyle chosen as one of the best Los Angeles real estate blogs by Relocation.com

    MovingCosts Blog Award

    Palos Verdes Lifestyle wins 5 stars

    Palos Verdes Real Estate Blog
    Locations of visitors to this page

    Palos Verdes Market Reports
    Seller Tips from Norma
    Buyer's Tips from Norma
    Active Rain related blogs



    Listings

    Links

    Archives

    RSS 2.0 Feed for this blog