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The Buyer’s Agent Loves You But I Sure Don’t

By
Real Estate Agent with Aspen Lane Real Estate Colorful Colorado CRE# 40005863

 

I just love (NOT) dealing with unfamiliar lenders.  When I get offers on my listings, I always inquire about the lender who will be moving mountains to make sure the transaction gets Clear to Close way ahead of schedule so that everyone is happy as a lark.  The Buyer’s Agent always has a glowing review for the selected lender and assures me that they “walk on water” and that there is no one better.  Hmmmmm, wonder why I never heard of them then.

 

I try to offer the buyer’s agent the benefit of the doubt and sit back waiting for my socks to be knocked off. 

 

Well let me tell you, we have had some HOT Colorado days and my feet are still covered with socks!

 socks

There is always the exception to the rule where I run across a lender who truly is good and actually does their job.  Sadly that is a rare occasion. 

 

I wonder how good the lenders are at communicating with other people in their lives.  Do they email or text their buddies and family frequently during the day?  Do they call their spouse to see what delightful meal they will be sharing that evening? 

 

Why is it so much to ask to have a lender contact the listing agent with an update on the mortgage progress.  A little communication is all I ever ask.  Yes, I want the lender to do their job, but updates along the way are huge.

 

You might have guessed by now that I am working with another sub-par lender on one of my listings.  The buyer’s agent was singing his praises to the rooftops when trying to get his offer accepted over four others.  I expressed my concern of not knowing or never working with the lender, but the buyer’s agent told me he was absolutely the best.

 

The best what I wonder????  Certainly not mortgage provider in this crazy Colorado market.

 

 

Comments (13)

Jennifer Provencio
San Diego County and Central Valley - Oceanside, CA
The Reverse Mortgage Speciailist

Belinda Spillman Sorry you are so frustrated with lenders. I am a lender. I cannot speak for others, but what I can say is that my clients are NUMBER 1! I call them minimally every week (if not more frequently-depending on case). My realtors (buyers and seller's agent) are also called minimally on a weekly basis. I have found that staying in touch alleviates a LOT of issues!

Jul 24, 2015 03:08 AM
Anna "Banana" Kruchten
HomeSmart Real Estate - Phoenix, AZ
602-380-4886

Belinda - I've been down this road recently with a BA in a mulitple offer situation. I haven't written about it as it was pretty much unbelievable how many times the lender dropped the ball and thought it was no big deal. It did finally close but not without a great deal of attorney involvement.  It makes me very VERY thankful for the lenders we work with that are professionals in every sense of the word.

Jul 24, 2015 03:56 AM
Dick Greenberg
New Paradigm Partners LLC - Fort Collins, CO
Northern Colorado Residential Real Estate

Hi Belinda - We share your sensitivity regarding buyer's lenders. A great one will reduce the stress for everyone involved in the transaction with good communication and the truth about where things stand. But it's been our experience that too few make this effort. We do remember the bad ones, and that makes a difference getting an offer accepted.

Jul 24, 2015 03:59 AM
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Belinda - the lenders who don't know their job can not keep up with all the rules and end up disappointing.

Jul 24, 2015 04:39 AM
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Are you saying that not all lenders are not created equal. Unfortunately are you are right and situations like this put us all in a bad light. I'm sorry for your bad experience.

Jul 24, 2015 04:54 AM
Susan Haughton
Long and Foster REALTORS (703) 470-4545 - Alexandria, VA
Susan & Mindy Team...Honesty. Integrity. Results.

THANK YOU FOR THIS POST today!  I have been scrambling to get my seller to Docusign a number of addenda today for a settlement scheduled for Monday morning at 10.  Want to knock my socks off?  The loan package should have been sent already and I should have a preliminary HUD by now, but apparently, they are still going through everything again and again at the 11th hour!  Ridiculous!  I FEEL YOUR PAIN!

Jul 24, 2015 05:27 AM
Marte Cliff
Marte Cliff Copywriting - Priest River, ID
Your real estate writer

I'll never forget the out-of-town lender who was handling the loan for an out of town buyer (different town). The lender wasn't staying in touch with the buyer at all, and both buyer and seller kept calling me to see if progress was being made. (This was back in the day when long distance calls cost money, and I had an 800 number.) 

So, I kept calling the lender. She didn't answer and she didn't return calls. She finally DID call the buyer and say "Will you tell your damn realtor to get the hell off my back!"

The sale finally did close, and our office was careful to warn clients AWAY from that bank for their home loans. 

 

Jul 24, 2015 07:44 AM
Rob Thomas
Prestige Homes of The Tri Cities, Inc. CALL....423-341-6954 - Bristol, TN
Bristol TN-VA & Tri Cities Agent, ABR, GRI, e-Pro

I don't think some lenders care at all about communicating... it is not high on their priority list.

Jul 24, 2015 09:22 AM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

My experience in transactions has been that if there is going to be a problem, it is usually a lender that has been chosen by the buyer, who ends up not performing.  I make a point of always having a backup lender on the back burner, should such a situation arise.  Of course that's easier if it is your buyer, rather than another agent's.

Jul 24, 2015 10:46 AM
Wayne Zuhl
Remax First Realty II - Cranford, NJ
The Last Name You'll Ever Need in Real Estate

Another factor is that differen people prefer different communication styles. We have a bunch of lenders we work with - some people love one guy and others hate him.

Jul 24, 2015 11:40 PM
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

Hi Belinda -- I think everyone in our profession can feel your pain -- I know that doesn't make the situation any better.  Hopefully, this ordeal will be over(and successfully close) soon and you can feel some sand between those toes.

Jul 25, 2015 12:57 AM
Belinda Spillman
Aspen Lane Real Estate Colorful Colorado - Aurora, CO
Colorado Living!

I guess some of these lenders are not worried about future business at all.  Baffling for sure.

Jul 25, 2015 02:40 AM
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

We have all been fooled by these lenders. All we can do is mark them off our list for the future and try to remember to never let it happen again.

Jul 25, 2015 05:35 AM