Home : Blogs : Derek Bauer, Associate Broker - Door To Dreams Team www.DoorToDreams.com : Derek Bauer's, Door to Dreams Team - Farmington Hills / West Bloomfield. Serving Oakland and Wayne Counties

"I'm sorry, sir, I don't understand what you mean..."

A friend of mine was trying and trying to get the current lender to lower his rate, as it had adjusted and was around 10%, although the payments were all timely. Numerous phone calls, and no resolutions. Now you would have to know this individual's personality to truly appreciate this story, but it went a little something like this...

He called the lender one day and asked where he should mail his keys to. The person on the other end was a little dumbfounded. Long pause ... then, "I'm sorry, sir, I don't understand what you mean." He replied, "Yeah, I have tried to get your company to work with me, and since you won't, I just need to know where to mail the keys."

"I don't understand sir, what do you mean?"

"Well, I can't afford to stay here, you won't lower my rate, so since I'm leaving the house I figure the least I can do is mail you the keys since you will own it. It's the least I can do."

SAME CONVERSATION SOMEONE ELSE GETS ON THE LINE AND HE GOES THROUGH THE SAME STORY

"Sir, I'm sorry your situation has not been resolved on previous calls. I can authorize lowering your rate to 5.5% and lock it for 5 years. It won't take effect for your February payment, but it will for March. Will that help you?"

"YEP! Thanks! I'll be looking for the paperwork."

Worth a shot, eh!? True story. Have you seen a client better their situation by being creative?

Posted by Derek Bauer, Associate Broker - Door To Dreams Team www.DoorToDreams.com on 02/10/2008 07:46 PM

Comments (17)

refi, short sale, alternative to short sale, foreclosure, alternative to foreclosure

17 Comments on "I'm sorry, sir, I don't understand what you mean..."

Wow, I guess He finally got their attention. Glad it worked out for him. I think a lot of lenders need to change their ways.

02/10/2008 07:57 PM

by Hank Roeters (Platinum Partners Realtors)

That's just great! Somtimes a little threat is what it takes for people to pay attention to what you're saying. Good for him!

02/10/2008 08:29 PM

by Jim Albano (Prudential Damiano Realty)

That is a great story LOL I just emailed a link to your blog to a bunch of people who will enjoy the laugh.

02/10/2008 10:12 PM

by Sarah Nopp, REALTOR(R), CRS. RE/MAX Four Seasons, Olympia WA (RE/MAX Four Seasons)

:-) Thanks, Sarah! I appreciate you sending that around. If you knew this guy, you would laugh even harder. It was classic, for sure!

02/10/2008 10:16 PM

by Derek Bauer, Associate Broker - Door To Dreams Team www.DoorToDreams.com (Real Estate One, Inc.)

What a great story. I do know one previous client who made a similar call and got similar results

02/11/2008 09:24 AM

by Donald J Lantier Realty

WOW ... That's CLASSIC!

-Jason

02/11/2008 10:30 AM

by Jason Bhattacharya (RE/MAX Success)

Thanks, Don and Jason! Yes, it is pretty hilarious. Thanks for stopping by.

02/11/2008 02:40 PM

by Derek Bauer, Associate Broker - Door To Dreams Team www.DoorToDreams.com (Real Estate One, Inc.)

I am glad it worked for him, good thing he got to the right person. The lender was smart to make the change. I get so frustrated with banks that will do anything to get a new loan, while being so difficult with their current customers.

02/12/2008 12:47 AM

by Laurie Logan-South Central WI Real Estate (RE/MAX Preferred - Broker Manager)

Laurie - Thank you for your comments. I completely agree with you!

02/12/2008 09:59 PM

by Derek Bauer, Associate Broker - Door To Dreams Team www.DoorToDreams.com (Real Estate One, Inc.)

I don't have a story to tell you, but you had better watch out. This guy sounds like someone that might get into the real estate business as a buyer's agent. He might be a tough negotiator.

Well, on second thought don't encourage him to get in the business, we already have too many.

Good story and glad the guy could think on his feet.

02/15/2008 04:14 PM

by Don Davies, GRI Innovation In Real Estate Since 1984 (Don Davies Real Estate/REALSEARCH)

Don - hhahahhaha, yes I think I would disuade him from getting into our profession. He would be one heck of a negotiator, there is no doubt about it!

02/15/2008 05:33 PM

by Derek Bauer, Associate Broker - Door To Dreams Team www.DoorToDreams.com (Real Estate One, Inc.)

Glad it worked for them. Though, I can't see it happening for too many people.

02/16/2008 09:12 AM

by Sandra Workman ABR, CNHS, QSC, RCC (Speckman Realty Inc., GMAC)

I love it! Now ... how can I get this guy to start negotiating a coupla short sales?

02/16/2008 10:11 AM

by Gabrielle Nemes, GRI, southeast King County, WA (RE/MAX Select R.E.)

This is great. I might have to share that one if I run into another short sale.

02/16/2008 10:17 AM

by Melina Tomson, M.S. Salem Oregon Real Estate Specialist (Tomson Burnham, llc)

DEREK - What department did he call? This sounds like a great way to get your point across. Thanks for sharing this.

02/16/2008 10:32 AM

by Adam Waldman - Long Island REALTOR® (RE/MAX Best)

That is awesome. Courious who the lender was!!!!

02/16/2008 12:44 PM

by Elaine A. Cook-Connect Realty (Connect Realty.com)

Sandra - Thanks for the comment. Yes, I don't know how many people could get away with this, but if anyone could, it is this guy!

Gabrielle - Thanks for the comment. Yes, he could SURELY teach a thing or two about negotiation.

Melina - Thanks for the comment. Feel free to share ... that is why I posted it in hopes it will work for others.

Adam - Thanks for the comment. He was speaking with the loss mitigation department.

Elaine - Thanks for the comment. It is actually a pretty large lender.

02/16/2008 01:25 PM

by Derek Bauer, Associate Broker - Door To Dreams Team www.DoorToDreams.com (Real Estate One, Inc.)

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