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It's (Not) Up to You

By
Mortgage and Lending with US Bank NMLS: 22343

It's (Not) Up to You

 

How many of us have ever worked with a professional on a highly important matter where, regardless of the issue at hand, we reached that critical inflection point, the one where we needed help and answers the most?  What happened when the advisor in whom you put your trust looked back at you and said, "It's up to you."?  How did that make you feel?

 

We are about to go into the height of the spring buying season here in the San Francisco Bay Area, competition is fierce and inventory scarce and a question that many of our buyers are asking us in order to make their offers stronger is, "Can I waive my financing contingency?"  Now if you are working with me on your home mortgage, the simplest and best response I could give you would be, "It's up to you."  But that's not why you're asking in the first place.  As a reputation-based lender, it's also not an answer I can expect to give --- and still expand my business at a time when many buyers have very real concerns against competing with all-cash offers and multiple bid situations.

 

I want to examine, just for a minute, the service we provide and why I feel a strong responsibility to never turn critical decisions back to the customer.  Now, this is not to be confused with an attitude of making a choice for the client.  Absolutely not.  Instead, it's a focus on providing informed advice, a wealth of experience and a sense of the risks associated with any of the technical aspects of the loan process.  These are things that we know better than our clients.  These should not be "up to" the client.  They, more appropriately, fall into the realm of our expertise.

 

So let me let you in on a secret.  The large, retail banks don't have to answer this question.  Whether or not they lose you as a client, the next account-holder will be in through the same door that hits you on the way out.  Why take such risk when you know that even with poor customer service, your institution is still the path of least resistance for the vast pool of those who sense false comfort in name recognition?  And the large call-center mortgage operations?  They don't need to answer the question either.  Many of them do not have "boots on the ground," and their business model is driven by cost competition.  Your loan advisor may not have the authority to make such a decision, assuming, of course, you're even dealing with the same person on each call.  And while we are all for technology and efficiency, accountability is not something that our company believes can be automated.

 

A question we get as much as "Should I waive my loan contingency?" is, "Why should I work with you and not my main bank?"  And the two questions are related in many ways.  First, you should work with me because I recognize and understand the need to have questions of this importance answered --- and as an extension of this, that answering may happen in the evening or on the weekend or whenever it you find yourself most stressed out and needing help.  You shouldn't need to go these choices alone.  Second, you are dealing with a real person, and not an institution.  My reputation and the service I provide to each client is my biggest value proposition.

 

So, yes, your choice of mortgage professional is entirely up to you.  But should you choose to work with me for your purchase or refinance needs, know that those really tough, loan-related questions and problems don't have to rest exclusively on your shoulders.  All I do is mortgage and I'm up to the task of helping you navigate the choices and decisions that will be critical to your success.

 

Your move, 

 

 

Robert J. Spinosa
Executive Loan Advisor
NMLS: 22343 CalBRE: 01297944
Cell: 415-367-5959 Fax: 415-366-1590
rspinosa@rpm-mtg.com    www.rpm-mtg.com/rspinosa 
1058 Redwood Highway, Frontage Road, Mill Valley, CA 94941

 

RPM Mortgage, Inc. – NMLS#9472 – Licensed by the Department of Business Oversight under the Residential Mortgage Lending Act. Equal Housing Opportunity.

Comments (24)

Susan Haughton
Long and Foster REALTORS (703) 470-4545 - Alexandria, VA
Susan & Mindy Team...Honesty. Integrity. Results.

Excellent service because clients are counting on us to actually answer some questions and not leave it entirely up to them. 

Apr 16, 2017 12:15 PM
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

I tell my buyers all companies will have similar rates and cosing costs, the difference will be service. In the end it is always their decision, however they need the facts and that is where i come in. My favorite question is "what i would do"?

Apr 16, 2017 01:18 PM
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi

Totally true regarding the differences in quality of service, Scott Godzyk .. potential Borrowers don't give that fact enough wait while searching for their LO ...


Gene 

Apr 17, 2017 09:36 AM
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Caveat emptor came into being because it was necessary. Agents help on this

Apr 16, 2017 02:34 PM
Dick Greenberg
New Paradigm Partners LLC - Fort Collins, CO
Northern Colorado Residential Real Estate

Hi Rob - Great post and a close look at the value a committed professional loan officer can bring to a transaction. That, and questions like it, are the tough ones buyers struggle with, and nothing beats having someone on their team who will make the effort to provide honest answers.

Apr 16, 2017 02:58 PM
Lauren Williams, CPO
Casual Uncluttering LLC - Woodinville, WA
Professional Organizer: Puget Sound homes

Rob Spinosa WOW, YES!!!! If only every expert, every professional collaborated with their clients with an attitude of "I'm here to educate and guide you so you can make the best decision you can make with the best information I/we have." I've been failed by providers who did refuse their responsibilities with "It's up to you." And I've promised myself to never do that to my clients.

Apr 16, 2017 06:08 PM
Melissa Jackson REALTOR
Trinity Premier Properties - Azle, TX
Helping You Make The Right Move

I prefer my clients to be educated and let the right professionals answer these questions.   

Apr 16, 2017 07:44 PM
CA COASTAL ESTATES Lauren Selinsky Perez CRS
California Coastal Estates - Aliso Viejo, CA
"Your Real Estate Broker" #oclauren

I would never ask my client to waive the financing contingency, but I don't mind removing that contingency when the time is right and that could be earlienthrn the contract states. I'd have to be 100% sure. Lauren Selinsky

Apr 16, 2017 11:34 PM
Rob Spinosa

What we'd like to see more of --- certainly, are RE agents that work through this question with their clients.  There is a segment of agents who turn the decision over to their clients.  They'll say, "Talk it over with your loan advisor.  It's up to you."  But yet they promote the reality of waiving as the only chance to win the property.  In my opinion, that's not an "up to you" situation either.  That's an "up to us," and insight from the agents is valuable too.

Apr 17, 2017 06:43 AM
CA COASTAL ESTATES Lauren Selinsky Perez CRS
California Coastal Estates - Aliso Viejo, CA
"Your Real Estate Broker" #oclauren

Following you now.
Btw- low inventory here to in SoCal.
Lauren Selinsky

Apr 16, 2017 11:35 PM
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Thank you for the post. I will bookmark it and share it with others.

Apr 17, 2017 03:48 AM
Jeff Stevens
Berkshire Hathaway HomeServices New Mexico Properties - Las Cruces, NM
Jeff Stevens, Associate Broker/REALTOR

Although answering questions for my customers and clients is part of my job description, there are certain questions and lines that should never be crossed. Just the other day I had a customer ask if they should waive inspections. My simple answer for that - I highly recommend that you do not. Good post. Thanks for sharing.

Apr 17, 2017 06:35 AM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Rob

Buyers need to be fully informed and educated about their loan, just as they should be about the rest of their transaction, so they can make the right decisions. That, and the customer service is what sets apart lenders.

Jeff

Apr 17, 2017 06:43 AM
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Excellent piece, Rob Spinosa ... and you place a spotlight on WHY it's so important to conduct a thorough, in-depth search for the right LO to assist you during your financing.  

Maybe as an LO we can't (and shouldn't) be making the final decision for the client.  But we can and should be providing and educating them to the facts ... and explaining all their options ... so they can make a sound and beneficial decision for themself.   Not all LOs can do that ... or are willing to take the time to do it.

Well-deserved Feature!

Gene

Apr 17, 2017 09:45 AM
Nick Vandekar, 610-203-4543
Realty ONE Group Advocates 484-237-2055 - Downingtown, PA
Selling the Main Line & Chester County

To give our customers the information to make informed decisions is what created a satisfied customer. Most clients want control, but to have that, they need to understand the options. Each of us can guide them in our areas, but we are agents not principals, they are the principal and they make the decision.

Apr 17, 2017 11:07 AM
Stavrula "Sam" Crafa, RNC,GRI, CDPE, PSA
Future Home Realty - Seminole, FL
Providing the integrity and service you deserve.

Buyers, and seller for that matter, don't know what they don't know. Providing good service is informing the client about all possible options available along with the ramifications that go with those options. We help them self discover what option is best for them. Experienced professions bring that value to the table. It is up to them but after we have done our job. 

Apr 17, 2017 07:29 PM
Marte Cliff
Marte Cliff Copywriting - Priest River, ID
Your real estate writer

I agree with Stavrula "Sam" Crafa, RNC, GRI, CDPE - people don't know what they don't know, and it's up to professionals to teach them.

I don't run into that as often as you do, but now and then I need to take time to teach people things like why they want certain things included in bios, why they need to include their location on their website's home page, or why sending just one prospecting letter is a waste of time and money.

Apr 17, 2017 10:38 PM
Kat Palmiotti
eXp Commercial, Referral Divison - Kalispell, MT
Helping your Montana dreams take root

Excellent and personal customer service - that's what people really want. That's what choosing you will result in!

Apr 18, 2017 03:37 AM
John Wiley
Fort Myers, FL
Lee County, FL, ECO Broker, GRI, SRES,GREEN,PSA

If we are not going to provide the service of answering questions, the consumer can decide they do not really need us.

Good service is giving knowledgeable answers.

Apr 18, 2017 05:51 AM
Scott Thompson
Columbia Mortgage Plus - Blue Springs, MO
Commerical Finance - Blue Springs, MO

And isn't it disturbing when they have talked to 4 banks and you are the first person with the salt to produce a straight answer on this?

Apr 20, 2017 10:31 AM
Dorte Engel
RE/MAX Leading Edge - Bowie, MD
ABC - Annapolis, Bowie, Crofton & rest of Maryland

Dear Rob,

Unless you have cash, you cannot remove that contingency, but working with a good lender can get you ahead of everyone else. In your neighborhood, cash purchases may be more common, but around here, I have one about every four years or so, which means most people use loans. Regarding decisions, I like to lay out all the options & then leave some breathing room for consideration. Sometimes, you cannot compete, but other times, a little creativity can get you the edge. A good LO can make the difference here.

Apr 21, 2017 03:09 PM
Kimo Jarrett
Cyber Properties - Huntington Beach, CA
Pro Lifestyle Solutions

Skilled professionals could answer almost any questions with few exceptions, tax and legal, yet, most agents IMO would defer to their clients to make a decision based merely on their emotions and not prudent analysis. 

The fear of losing an opportunity is IMO what drives the actions of most agents, which begs the question of who is looking out for whom? 

Apr 24, 2017 12:37 PM