While thinking about what to write about today, I was struck by inspiration while reading Joe Petrowsky's post "Samuel Referred Me..." in which he mentions giving prospective buyers a road map to follow in getting them credit worthy.
It reminded me of one of my earliest days in real estate; I had received a call from a guy who had worked with my husband and who had recently been at our house for dinner. Upon hearing I was in real estate, he mentioned he really wanted to buy a house, but he didn't think he could be competitive at that time.
See, we were in the middle of a hot seller's market and he was low on cash.
He had excellent credit and a good job, but loads of debt. And not for the reason you typically think - no, not for cars, clothes or good times.
No, his mother had passed away unexpectedly, his father was unable to cope with her death at that time and had fallen into a deep depression, subsequently losing his job, leaving this young guy to help get his brother through graduate school.
He had taken on the obligation without complaint - because that's just the kind of guy he was - but it had taken a toll on his cash reserves.
The first lender I referred him to talked to him briefly, ran his credit and said, sorry, I cannot help you.
The second lender, though, sat him down in her office and talked to him for an hour, getting the full picture of what had happened and how he was paying off his debt. She set up a plan for him and every month, like clockwork, he faxed her the information she requested and six months later, she told me he was qualified to buy.
The client and I were both thrilled at his good fortune and through a combination of creativity and good luck, he was able to prevail in a multiple offer situation and buy a condo.
To this day, I have never forgotten nor referred business to the first lender because I felt he blew off not only my client but also me without any real explanation; had he said, "hey, there are ways to get this guy qualified eventually, but I'm not the guy to do that," I would have totally understood. But, instead, he was rather dismissive and neither of us felt good about that.
His exact words to me were, "I can't help this guy. Sorry."
I went on to include the second lender on my referral list, though, and we enjoyed a solid relationship for many years.
All because she was willing to spend an hour with an earnest young man who was trying to do the right thing for his family and his own future.
There is more to getting a loan than just checking rates.
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