I, like many other real estate agents, have a preferred lender list. It's tough to get on it and not tough to get pitched off of it. I hold my lending partners to high standards because I hold myself to high standards as well.
Of course, about fourteen times a week, I get phone calls and emails and dropoffs from other lenders who want a piece of my business. I respect their go-getter attitudes and know that they're only doing what they've been taught in training...go after local agents and get their business. And hey, we've all been new in a profession in the past and needed just a shot to prove ourselves!
Well, call me a snob if you must-but I'm past the stage where I am going to test a lender on a client. My clients know me and trust me and I'll be damned if I'm going to put their necks on the line for someone I don't know. (So you may ask, how is it that I can find new blood? Usually, I watch the other side of the deals for my listings and look for sharp lenders on top of the game. I will also try out new lenders on cold leads-but only putting their name in against a few others so they're fully competing and proving themselves.)
So anyway. I had a buyer referred to me in December of 2005 from an agent in Connecticut. She asked me to work them personally since they were loyal past clients of hers and really needed the attention. Of course, I agreed happily since I enjoy working with relocating people and helping them fall in love with this area.
Did they ever buy anything? Nope. They had a bunch of credit issues to work through, and one of my preferred lenders told me very politely not to spend a lick of time on them.
I told them to work with the lender and get things cleared up, and then we could get down to business finding a property. But one half of the couple kept after it online and found a lender who WOULD give him a mortgage. However, it was with a heavy required down payment, a high interest rate, and fees through the roof. So these folks, with my very strong advice and counsel, decided to wait a year to do something.
Fast forward to today. I get into my office and find a folder from a lender who had stopped by on Friday after I left. Guess who? The buyer with the bad credit who still hasn't bought anything, is now a lender and wants my business! I don't know whether to laugh or cry. Bless his heart, he's just doing what he's been taught, but I know enough about the guy and his own stuff that there's not a chance in hell I'll try him out on one of my clients! Would you want to be his test case?
;)
Links;)
Tags (Tag Cloud);)
Archives
Bold move on his part. I kind of feel bad for the people who will be going to him for advice, not knowing any better. Yet another reason to protect yourself with a buyer's agent!