Over communication or under communication in mortgage lending is bad on both accounts. I know it's setting high expectations to hope for otherwise, and I have been making a conscious effort lately to lower my expectations, but sometimes I lapse and still expect stellar performance. When that happens, I'm often disappointed. Lowering your expectations of others leads to more happiness in life.
Because I don't know about you other real estate agents, but I truly hate getting emails over and over from mortgage lenders after a transaction has closed. I don't mind it so much during the transaction, and it's been helpful information along the way on occassion, but after the sale closes, no. It's spam.
Oh, I just wanted to tell you that Halloween is coming, is often the type of typical excuse. What a moron, is my response. Stop spamming. I don't work with buyers, I have no reason to ever call that mortgage lender and if I did, now you can bet I would not.
So I wasn't too surprised yesterday after hammering and yammering to get a response about a delayed closing, the lender tells me he tried to respond to my last email but was blocked. Which meant he had to pick up the phone. It also means he never tried once during the transaction to keep me informed.
You know, one more point. As a listing agent, I can tell you it is absolutely irritating to have a lender call prior to offer acceptance, gushing and cooing over the phone about how he has gone through the buyer's loan application with a fine tooth comb, how he checked the buyer's credit report, verified her employment history, how utterly solid and practically all preapproved by underwriting this buyer is, and then whammo. Once we demand the loan contingency removal, the tune changes. Back pedalling.
Oh, please, give us more time, they cry. No wonder Sacramento Realtors become cynical. I have a long memory about such stuff. You can read more in my personal blog today at this link: Perseverance Means No Cricket Sounds in Sacramento Real Estate.
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