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I want that same deal that my friend got !!!!

pears

Don't we all, want that best deal... My first several transactions in my second year in 1993 in the mortgage industry were interesting ones at that. I still can remember a Veteran that wanted a VA loan, yet I had to try to put him into a FHA loan because of his credit. And then that became a problem because he wanted the same deal that his neighbor was getting, who was also getting a FHA loan, but I told him that he had too wait 6 months or so. And back then, credit scores didn't even exist. But he had an employment issue, that he had 5 different jobs in 2 years with less than perfect credit.

One key point to remember through this whole post, Not one borrower is the same. Even though these two pears look the same from the outside, they aren't the same. You can argue taste, texture, and color, just as a few differences.

Another key point? 'rates change daily' & 'home values can change'.

so many mortgage & real estate questions

As we look into real estate and mortgages, how many times did someone say these key phrases??..........

-- Well, my neighbor sold their house for $325,000 and I should be able to get the same since we have a similar house.

Okay, so let's look at what the differences could be.

Does your house have upgrades?

Is one lot larger than the other?

Is one house in average condition and the other in excellent condition?

Does one have a superior view than the other?

How long ago was that sale? 3 months ago? Values could change...

-- My co-worker just got a 5.00% interest rate with no points and I know it's still out there, so I want that.

How could this be so different for so many? I'll name just a few reasons why.

Did you see the good faith estimate? It could have many fees on it. You need to compare apples to apples.

What was your co-worker's credit scores?

How much money are they putting down?

Are they getting a FHA loan or a conventional loan or a VA loan?

What was their debt-to-income ratios for qualifying with income?

fingerprint, explaining why borrowers are different from each other.

Summary : Not one person has the same fingerprint. This goes for the same for those selling homes or trying to buy one or refinance one. Not one home is exactly the same. Not one borrower is exactly the same. What you need to do is be able to pick a real professional and not a wanna be. Please read : Are you begging me to lie to you?

Overall, there are too many variables when selling homes, buying homes, or trying to obtain financing for these homes. This is more true in today's market, considering the major changes that have taken place. You have a friend or family member in the business? This doesn't even mean that you will get the best deal. Besides, define best, it might not be the same with your friends or family member. And what about this part... did your friend or neighbor leave something out? How do you know. Did they pay extra somewhere else? Keep in mind, not everyone is upfront and or ethical. Do you want reality or fluff & deception?

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Experience & Knowledge at its BEST !!!

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Posted by Jeff Belonger -- The FHA Expert.com -- FHA Loans -- FHA mortgages - USDA loans on 03/02/2009 07:36 AM

Comments (76)

Shopping for Mortgages in the Mortgage / Finance Channel

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Originally posted at: FHA Mortgage Expert - Tri-State Area - New Jersey/PA/Delaware: I want that same deal that my friend got !!!!

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76 Comments on I want that same deal that my friend got !!!!

MAR

Jeff,

There you go again, leaving your fingerprints all over good advice!

People don't know the details of their own deal let alone others, but they like what they hear, reality has nothing to do with it!

When my family moved to Portgage, Michigan for me to start high school we drove by a large billboard every day offering a home with retail zoning for $1,000,000.00 every few months the sign was ether repainted or touched up, but the price remained $1,000,000.00! Ten years later when I returned to Kalamazoo to sell real estate I got invited by another REALTOR to a party celebrating the sale of that house. I eagerly went because I knew the seller, I'd gone to school with his daughter.

I learend a lesson that day. We parked under the bill board that said $1,000,000.00. While talking to the seller a neighbor walked up and ask"What did you finnaly get for this place?" The seller responded: "I got my price!" It was true, but I came with the selling agent and I knew the sale price was $360,000.00! I later heard the questioner tell some one else that "they got $1,000,000.00, mine must be worth $1,500,000.00!"

It's the same in lending! When ask what did the mortgage cost you the new home owner says 4% the truth is it was 4.875%, but that's 4% sorta.

We don't believe Golfers, Fisherman, or Braggarts, why do we believe consumers? The truth is we always make our selves look good, we get our price! Why when we ask a rude question do we except to hear the truth?

As REALTORS and Lenders, we of course have to deal with the truth, or at least some of us do.

Bill

Jeff, I've been told that people occasionally lie about what deal they got too. Oh yeah, I forgot to mention the 15K seller subsidy I had to give when I got 325K for my house. Rich

Reminds me of back in the day when I sold automobiles. Someone would say I want the same deal my neighbor got, hmmm, it appears he embellished what his actual deal was.

Jeff, today insuch a convoluted world churning around us we have to know that each deal is going to be different, no two sellers or buyers have the same deals, that's why one must trust and "rely on their professional team to get them not the same deal, but the BEST DEAL possible". (that's my line and Im sticking to it) ;)

Jeff, love your post I've heard all those lines in my time and you are so right when you say no deal is ever the same.

BILL.... . are you using white marker? I know it's snowing hard out by me, but are you caught in a snow storm? ;o)

RICHARD.... . and yes, this is very true. But I just can't jump out there and say this to anyone, not until I knew most of the deal. No matter if it's selling a house or a mortgage, I need to see things in writing. Very good point, I kind of added this at the end now. thanks

FRANK & JODI..... . it does have to make you laugh, doesn't it. No matter what you are selling, so many differences... so many variables... thanks

GAIL..... . and I agree 110%.... but either the consumers still don't realize this or they actually try to play us, hoping that we'll bend and or brank. As you stated, we need to stick to what we believe and know. Thanks for your input.

CHRISTOPHER.... . thanks... I hope this message gets out to more people. I don't want to offend consumers when speaking to them about this, but they need to hear the truth, the reality of it. thanks

Realtors get it too, not really understanding what goes on behind the scenes. That house sold for XXX and I know mine should sell for that too. House is bigger, seller paid lots of closing costs for the buyer, etc. I was told you took a lower commission rate and I would like you to work for me for that too. Well, the seller was purchasing a substantial home from me as well so I slightly reduced my commission on his home, you are not purchasing a home from me ... Good luck in educating but I'm afraid it is a battle that will keep us on our toes.

Jeff,

Just practicing transparency!

I got interrupted.

Bill

I hear it all the time when listing a home. Timing is everything for home comps and loans. Good reminder, yes we are all differnet and everyones home and financial situation is different.

Jeff: I just had a conversation about this with a Realtor last week. She wants me to send her daily rates! In this environment? I laughed and told her that if I did, anything she would convey to another would be a big fat lie due to the variables. Besides, her quoting rates would be an injustice to all. I suppose it is a good way to get in front of her on a daily basis, but come on. LOL

Jeff, I've had many prospective sellers over the years tell me they think their house is worth what their neighbors house sold for and then find out the number the neighbor told them they got is way higher than the truth. You're right, each situation is different and the truth is not always so obvious.

Jeff,

We get the same sort of stuff in our real estate dealings. Each case is different and people need to be educated of this.

Jeff, this is so pertinent. People almost always want to generalize and have the same deal as their friend "supposedly had" It's can make a person's head hurt to try and think on that level. We need to remind our clients (and ourselves) that we have to compare apples to apples!

When I read posts like this I am reminded of the phone calls I get that begin with: "I need the best deal"

Typically, that person will shop too many lenders and go with the biggest liar.

Jeff -

Man, we have all run into this one!

Problem is, many practitioners, on the lending side or on the real estate side, simply are too timid to disagree and tell the real truth. They drag the client along with no chances for matching the other rate, or selling the home at the client's price.

But they have the contract - they have the "relationship!"

Looks bad for all of us - yes?

Sometimes, you lose business when you are integrity, and this is hard! But this is necessary!

DEAN & DEAN'S TEAM CHICAGO

I hear this regularly. "A guy at work. . . . "

My response is usually, "What was the APR on their Truth in Lending?"

Since the consumer doesn't know what an APR or TIL is, they stop trying to compare loans.

All the consumer knows is "how much is your rate?"

CONNIE..... . as many of us agree with this, I think we need to keep educating the consumer. You wished me best of luck doing this, like it's never ending and going to be very tough. Sure, it could be tough and many might not listen, but if we don't keep putting this out there, it could be worse or get worse. thanks

BILL.... . lol... funny. And that is transparency at its best... lol

MISSY.... . bingo, timing is everything and I might go back and put that back in there. And yes, I always feel that this is a great reminder, thanks.

GWENN.... . as much as I want to keep realtors happy, which I did when I was much newer in the business, I won't do that anymore. I will tell them how it works and if they don't want to except this, I will find someone else. Maybe if I had no business what so ever... but I did that my 2nd and 3rd year in the business.... and I would rather stand up and tell them the facts, the reality of it. If they are a true professional, they will realize this. It could also mean that they will just be more work than worth it. What price to you put on this? So just curious, is it a good way to stay in front of someone?.. thanks for your input.

MARIAN.... . that is something that many sellers or buyers just won't know.... and they think or they assume they do or believe their neighbor or friend. And we just need to make people realize that each situation is different. thanks

CINDY..... . I agree, that each case is different, hence why I wrote this. Yes, we do need to educate people, and we need to keep doing this continuously. thanks

Jeff:

What can I say?....How about..."I can name this tune in two notes. Emphatically, no two loans/deals are the same, there is something unique that will set them apart. Yet, I occasionally work with someone that just can't quite wrap their mind around this. Next!

Everything needs to mirror up EXACTLY to get the same deal.....even then, the lock need to occur azt the same exact time. Just not realistic....that means that the borrower will get better than the friend 1/2 the time and worse 1/2 the time. My favorite expression..."it is what it is". Nice gold star homey.

Hi Jeff, This is a timely post that I'll be passing around. I think as times get tougher agents need to hear this too - it seems that everybody is on edge as transactions are harder to put together. Sometimes it seems nobody wants to hear the truth. And I love the fingerprint analogy - I'll add that to my spiel.

Liz

RUSSELL.... . yes, our heads would hurt and I did this in the beginning of my career. Some may think it's rude, but I just put my clients in their place... but in a polite manner. It comes down to educating them. And good point, not only do we need to remind our clients, but ourselves also... thanks

TOM.... . I will cringe, but I just tell them how it is... and then tell them to define best deal. And yes, they will go to someone that will tell them what they want to hear and not what they should hear. This will never change, but we can try to nip it in the but by writing about it often. thanks

DEAN.... . yes we have. I just believe that it comes down to how we handle it. Do we give in and not educate the client correctly, in fear of not losing that client? And you are 110% correct, that some loan officers and or realtors will drag the client through the mud, hoping & thinking that they are getting that great deal, and then pull the rug out from under them. It's called bait and switch.

LENN.... . lol... throw that curve ball them, I love it. And you are right, all they know is, what is your rate. But if we keep writing about it and educating them, some will get it. It does work.. thanks

Jeff - Thank you for writing this post! It is so true but so hard for alot of people to understand. They just think rate.

RON..... . that would be a good line to use, about naming that tune in so many words. Hey, I'll will admit, once in a blue moon, I might work with someone that we started off with that conversation, "that my friend got this deal." But but if they don't get it as we progress, then I just fire them. More times none, it becomes a losing battle and we just need to pick our battles. If you decide to accompany that client, then you shouldn't complain then. That is my only pet peeve when hearing loan officers and realtors complain about those types of shoppers. Sorry, but put them in their place or deal with it.

LARRY..... . gee, now you are getting into details... lol But you are 110% right, as a loan officer, when someone shops me or gets in a tif about what their friend received, I bring up the lock-in issues... it just comes down to educating the borrower about the ins and outs of mortgages. If you don't do that, you will end up spending a lot of time on that client. and thanks for the compliment.

ELIZABETH..... . you can pass this along all you want. I want people to read this... it is what would help us as professionals down the road. And yes, it does seem lik people don't want to hear the truth. They say they do, but under their own terms.. lol And thanks, about the fingerprint analogy. Use it all you want.

NAOMA.... my pleasure... I think we need to write about this more often, because it could make a difference. A lot of people read what we write. And yes, so many just think rate.. thanks

Another great post, Jeff! Excellent explanation and I'm sure a frustration when people say this to you. It's just not always the same for everyone is it?

Larry B. made the right comment. As experienced loan officers we can usually explain why things are different. And there will always be people to still shop you to the nickel. The problematic part is the numerous loan officers that feed customers a line of bull, confusing and ultimately hurting the customer and our reputation as an industry. For example, (long story short) I gave someone advice the other day to take out an equity line instead of refinancing the whole loan. I didn't get paid of course but it was what was right. Another loan officer that she had previously been working with was trying to take her 50k loan with only 4 years left and turn it into a 15 year. In the end she realized I was right and chose my advice.

I love the analogy to the fingerprint! That hits the nail on the head and is also something consumers will understand. Great post as always!

LOL This is SOOOO Common! I have this down as a post idea, but have not written it yet. Im thankful because there have been some situations where I could give the same deal, but many many others that are no where close because the FICOs were so different.

Congrats on the feature!

You mean people don't always tell you the whole truth? Imagine that! Thanks for a great post.

It's good to put your best foot forward, but leaving out 'pertinent' information is misleading. Sometimes a form of denial I guess! Enjoyed the post.

Great post, Jeff! I especially like the fingerprint metaphor! It is a perfect way to tie it all together.

I think this definetly applies to real estate deals. Client never understand that the market is always changing. Every home, neighborhood, seller are different so even if it is the same deal it may look different

It's amazing that people think they can get whatever they want based on someone else's experience.

Jeff - Solid and sound advice, but then again I know you take passion in "educating" those borrowers who come to understand we are not selling one size fits all shirts!!!!!

Cheers

Yep, even when comparing apples to apples we find many differences between them. Good post Jeff, and I agree it's so timely with everyone wanting that 4.5% rate the press keeps promising!

Keep it up dude!

Gerry Suarez, Jr.

Your FHA Loan Pro!

Great post Jeff- Congrats on the feature! I think inexperience is the key to most buyers saying those lines. We have to remember that we deal with buyingh and selling everyday and most buyers and sellers only once every 5 years or so. It is out job to educate them about the way things are today! Not last week!

Great post. I wonder if they have the same money saved, credit and income when they say that to me. If I ever investigate what the friend really got, there is usually a big piece to the puzzle the friend "forgot" to mention.

This is an excellent post. I have a client now who tells me about the deal her friend got, and she is approaching the market the same way. Even though, that was not the same market, price point, condition, etc.

Nice post Jeff. I have found, too that people tend to fudge a little bit when talking about their deals to friends, no matter what they are buying!

What a great review and truism. What is it about people sometimes that the actual truth is not good enough and has to be tweaked in some way.... I also think this is a tremendous example of why sitting on the fence can hurt versus help in the market we have today.

Jeff... Great post, and so true. We run up against the same thing every day, not just in loans, but in listings and purchases, etc. We just have to constantly try to compare apples to apples to the greatest extent we can. And, unfortunately, there are even no two apples alike.

Jeff- Great post as always. Just the other day I received a call from a past client who was asking me what he could do about his mortgage. His neighbor just got 'such and such' a deal yet my clients bank wouldn't do the same for him. I wish I had thought of the fingerprint analogy to share with him that you used. It is perfect and I will put it in my arsenal bag for later use.

Jeff,

Ain't it the truth!! Everybody expects that they are the same when it comes to qualifying for the best deal. The only time they're truly exceptional is when they're selling their home!

Jeff - THis is a great reminder that people need to think they are getting the best deal available at the time. I wouldn't expect to pay 1980 prices on homes in Brentwood, so if you want the best deal, you have to decide what that means.

Jeff - Fantastic Post! I have even had clients ask me to show them the same house I showed another client (well, you see, I can't because it sold.) And then I got the proverbial: you showed them exactly what they wanted, how come the perfect house doesn't exist for me? Well, I said, it rarely exists for any person. I told the client that the other clients may have bought the perfect house, but perfect for them! Makes a huge difference, and that doesn't mean they didn't make sacrifices on things they wanted.

I just love how you put succinctly into perspective: it's like fingerprints. No two are alike, no two homes are alike, no deals exactly alike. Thanks for putting some great words to a difficult concept for some to understand.

This is interesting.... everyone is always looking to get the same "whatever" that people they know did. But that same "whatever" doesn't always exist.

How about the people that want the deal but don't want to acknowledge they are not eligible for it? Yes, the market changes but buyers/sellers do too!! How about the people that want the deal they saw on TV? If everyone could buy a home for $50. -- then everyone would have at least one -- I would have 10!!! It seem like this current market is creating more and more "get rich quick" seekers that are not willing to get educated about the process.

The Grass always looks greener on the other side-- however its not until your look closely that you can see the grass was spray painted GREEN!!!

That does happen a lot. Probably the best part of being a buyers agent is I provide the same service to all so they get the same deal from me.

KRIS..... . it will never be the same for everyone and yes, it is frustrated when you hear this often. Thanks for the compliment.

STEVE.... . I agree 110%.. even as experienced, knowledgeable loan officers that educate our borrowers, we will still be shopped to the Penny. And yes, this is mainly because of those loan officers that offer bull, bs, or misinformation.

In regards to your example, you gave good advice. There will always be loan officers that will give the second best choice, just so they can make a buck. But you and I are different, we like to sleep comfortably at night and it's a good way to try and get referrals instead... or hope that client remembers us down the road. thanks for your feedback and for your input.

KRISTA.... . in all honesty, I loved it also... ;o) When I was thinking of fingerprint, I was like, damn, an easy example & analogy that most should be able to relate to. You gotta love when a plan comes together. In any case, thanks for the kind words.

JOHN..... . I have many post ideas written down on paper... so I beat you to this one... ;o) Seriously, write about it, this is something that we need to write about often. And yes, so many deals are different just because of the credit scores. And thanks on the congrats...

IRENE.... . lol... nope, not everyone tells the truth. I always like those clients that tell me that their loan officer or realtor is very nice... nice doesn't cut it all of the time. I could be very nice and still lie. And thanks for the compliment.

SUSIE.... . it's always great to put your foot forward and sometimes people fake this. It's just a reality. And yes, denial is part of the equation in many cases... thanks and I am glad that you enjoyed this.

PAT.... . thanks, I thought it tied it all together very well also. Thanks for the compliment.

Okay, I am here to answer your last question and to congratulate you on your featured post.

After some serious thought, I think I want the fluff.

Jeff:

This is a great post, particularly the fingerprint analogy. It is annoying when someone goes to a professional for advice, then relies on what his friends are telling him instead. You are right - no two deals are alike, whether you are talking about a loan or a home purchase. There are many variables that need to be considered.

In comparing that to what a listing sold for, the price in the public records may not be a true price - were there incentives? what was included - a boat, a car? was the property taken in trade?

No borrowers are the same - no sellers, no buyers, no homes - and no real estate agents or mortgage brokers.

Jeff,

Great post. The way you handle it is exactly how all mortgage professionals should. You should sit them down and ask them about their situation and compare it to their friend/coworkers situation. Unfortunatley there are a ton of unprofessional people out there who will just say they can get them what ever they want and they dont properly educate the borrower.

JP Lowry

You make some valid points. We have to be careful about what others proclaim. And finally, every real estate transaction is unique unto itself.

Just once I would like to get a phone call with a voice on the other end emphatically saying, "Can you give me your worst deal possible?" Sales, of any sorts, is an interesting tirade of how one can save a bunch of money, make a lot of money, look better naked, lose weight, save on every expense known to man, and ultimately live a better life. What "Sales" really is in my book is to "Serve". It comes at a price, but a fair one. What's a fair price? A fair price is something you would pay for to ensure the human being you are doing business with is looking out for your best interests, while not forgetting theirs. After all, free advice is rarely free. Service tends to be the same in my opinion.

This post needed to be written and exposed, and it was and is. As a consumer, I take it to conscious. As a Mortgage Guy, I take it to heart. I like it Jeff. I really like it.

Jeff--You are a master at educating the consumer that in mortgages just like real estate it is no a one-size-fits-all world. Everyone's situation being different will yield different results.

Great post, Jeff!

I can't believe when lenders and Realtors tell a buyer that they can get a top-notch interest rate when they don't even know what the buyer may or may not qualify for. We're all definitely different.

Great analogy..good advice and right on the mark. Thanks for sharing!

Good post Jeff, I don't think people embellish or lie they just forget or didn't hear it correctly.

WALTER.... . I agree, this market is allows changing. It would be like asking a doctor to cut back on their fees, but to make sure that I live after the surgery. And yes, even if the deal looks the same, it will still be different.

TONY.... . yes, that one always cracks me up. I guess it's the same reason why I look at other business differently than so many. I respect that everyone needs to make a living and if I don't trust that person or company, to just go some where else...

FRED..... . yes, it's that damn passion.. ;o) thanks. And that is also another good analogy, that one size doesn't fit all. thanks for the compliments.

GERRY...... . yes, I could have even used a picture of two apples. ;o) But wait, you mean I can't get that 4.5% rate? Well, it would cost me some money though....

BRIDGET..... . good point. I agree, we deal with this everyday, but just a better reason for that buyer or seller to trust us even more. The problem with that is they usually end up trusting the wrong people based on the wrong false promises. Hence why I love writing posts like these to educate. And thanks for the congrats and for the compliment.

AUDREY.... . there is always something that is missing... well, most of the time. Even when the source is giving the information, how do they know what to truly look for, hence why they would miss some of the information and probably relay the other pieces of information in wrong fashion. But they know better, right? Hence why they have other jobs that they do and that they rely on us. Anyhoo.... thanks for the compliment.

SHARON...... . even if it was last week, that market has changed slightly. People just don't realize this. Hence why we need to keep writing about this and educate the public every change that we get. And thanks for the kind words..

KRISTI..... . I think many fudge... they want to have the bragging rights, the upper hand. So many want to better the other person, even if it's their best friend or co-workers. And thanks for the polite comment.

I haven't had time to reead any blogs lately. Not any time to even reead this one. Howver the title alone is worth KUDOS! High Five Brother!!! If I had a dollar for everytime I heard that I would retire!

Kim

Great post. What amazes me is most people don't know what their own mortgage is yet they all seem to know what their neighbors is!

Jeff: Thank God I haven't been asked that. I think if the communication between us and our borrower is good enough, it shouldn't matter. If it does, that's not the client for me!

Good post. I totaly agree with the fact that most "other guys" puff up the deal that they actualy got or leave out details about what it cost them to get it. Thanks for the post.

Jeff, Congratulations on a wonderful and very true post. No two people are alike and no two homes are either....there are so many things that may affect pricing. Great information for All of your readers.

Hi Jeff -- Great advice and I hope all buyers learn this.

Jeff - Great post ! You are right, every person and every deal has its own fingerprint ! It is important for us (realtors and mortgage pros) to communicate the pros and benefits and explain why this deal may be different from a past deal. Even then, sometimes they still do not get it, but for the most part they do !!! ~ Chris

Just happened to me today. Borrower told me that her friend got 5% with no points, now won't settle for any rate higher than that and found a lender on the internet offering it.

It's just like gamblers that go to Las Vegas - you only hear about what they win, not all their losses.

Same goes for the people that want the same deals as their friends - you don't get all the facts.

KELLY.... . thank you very much... in regards to truth and being tweaked, why people fall for that or look for that? In many cases, it just comes down to the person that they are dealing with, that makes them feel comfortable with such Red Flag words as... "don't worry", "no problem", "I promise", "I guarantee"... etc, etc. I have even had clients tell me this, when I proved someone else wrong, their response was,.... but they were very nice. In my book, nice doesn't cut it. These are my opinions, but many would agree with me. thanks

BILL.... . there are no two apples a like and I should have used the picture of apples now, which would have made this even easier to understand. But yes, it comes down to the fact that we need to educate borrowers and consumers... and this is a good reminder for ourselves also. Thanks for the compliment.

MATHA.... . even those with the smarts don't have the common sense to think about that, that they don't understand why they can't get the exact same deal. And yes, use the fingerprint analogy any time. Thanks for the compliment.

HAL.... . in my opinion, it's not so much that people think they are the same, but it is sometimes because of their loan officer and or realtor, because they don't explain this. They just let the client assume and they don't educate them on this. That is the frustrating part and what hurts the whole process.

LARRY.... . I think this is an excellent reminder for not only borrowers, but for us as well. And those that compare what their friends and neighbors got when it was like 6 months ago, really irks me, because apparently they don't listen to the news then... especially on how much the market has changed drastically in the last year.

AMY.... . the exact same house? hhhmmm.. that is hard to do, right? You sometimes wonder what happened to common sense. Overall, it just comes down to people like you or me, to explain the process, to educate, and to make people understand. Thanks for the polite comment and definitely use the fingerprint analogy, because I am sure if would help some. thanks

CHRISTINA.... . you and I know this and yes, so many want the same. But it's our job to educate those to make them understand on how this works... and to clear up any misconceptions. thanks

JENNIFER...... . the get quick rich schemes that we see on tv? Those have been around even before the market and real estate crashed. Those that sink their money into this, without doing the proper research, I don't feel sorry for them. Yes, if it was that easy to buy homes for just $50, we all would have many. It's sad, but we just need to educate others about this. Overall, I loved your last sentence, about the grass looks greener on the other side, yet to find out that it was spray painted green. Thanks...

CHUCK..... . yes it does happen a lot. But even being a buyers agent, there has to be some buyers that expect the same that another buyer received. Even some realtors in the comments above have even mentioned this. thanks

JANET..... . I will just thank you for the polite compliment.

CLAUDETTE..... . it is annoying when consumers seek our professional opinions, yet they still listen to friends and neighbors, who aren't in the business. And you wonder why so many things get screwed up. And yes, there are just way too many variables. Thanks for the polite compliments.

SHARON..... . yes, I agree with everything that you mentioned. I didn't get into all of the details, but you did even bring up a good point about sales concessions and such also. I'll add that part, so thanks.

JP.... . it truly does come down to educating the consumer. And yes, it does come down to showing the new clients the difference to what the other people received. But this can be hard at times, because unless you helped those same people, you will always be missing some of the information needed, to make an accurate assessment. and thanks for the kind words.

STEVEN.... . yes, we do have to be careful what others proclaim and we must educate them on the differences.

Some local lenders are sending daily rate sheets but are putting plenty of disclaimers on them.

MAR

Jeff, Great post. The Real Estate and Mortgage market is changing daily like the stock market. People do have the option to lock in the rates .

JASON.... . lol... how funny, yet so true. But that would be too easy, right? And you hit the nail on the head. Price can mean different things to so many. As you and I have talked about, the best price is not necessarily the best deal all around for the borrower. And thanks for those kind words and thoughts.

TERI.... . there is no one size that fits all and we truly need to get this across to so many. And thanks for that polite compliment, much appreciative.

DAN.... . yes, we are all different, even in how we sell. And for those that ask for rate and the lender just gives it to them without asking questions... gee, no wonder we have issues today. thanks for the compliment.

DORIE.... . thank you, thank you, and thank you... Seriously, I was glad that this all came together very easily as I was writing it. Especially the fingerprint analogy. Thanks for stopping by.

CHARLES.... . well, I am going to disagree some. Depending on if you are talking about the consumer or the realtor/loan officer. I truly think that some do lie and embellish from any side of the fence. Even the consumer... it's called playing the sales person, to see if the sales person will stoop to give you better. People will do this. thanks

KIM.... . maybe you should have each person that does say this give you a dollar then. ;o)

SIMON..... . that is true also. Besides, unless you know all the details of your neighbors mortgage, you just can't compare, even when it was 10 yrs ago, in an easy market. Just too many variables. And thanks for the compliment.

PAUL.... . well, I guess it depends on how you get your clients... what area... and a few other variables. Because no matter how good I know I am, I have gotten this. It doesn't matter if they are referrals from realtors or past clients... the internet, etc, etc... people do think this and act on it. And I will disagree about the communication aspect of it also... because I think I have excellent communication with my borrowers. And this just happened recently... from a past client of mine that I am trying to refinance. Last minute, they found out that a niece of theirs does loans. She is actually a processor... so they had to check her out... wasted a few days, but they came back to me because I was cheaper.

But that is off subject a tad. Overall, I think the more business that you get and the more that you are in front of the public, you will get this. And if it wasn't brought up, maybe that client never told you or asked. Just food for thought. And just a fyi... even if and when a client says this to me, I will take the time to educate them on the ins and outs... and try to retain them. Even if I dislike it... thanks

MAR

CRAIG...... . I am sure this happens more than we think. Yet, unless you have every detail in front of you, from that person, you can't truly compare apples to apples. thanks

CAROLE.... . I am sure many of us agree with this, yet we still have people out there thinking differently. That's where you and I come into the mix, needing to educate everyone on this, making them aware of this. thanks

CHRIS.... . thanks for the compliment and I hope many buyers learn from this... thanks

CHRISTOPHER & STEPH..... . you hit the nail on the head... we need to communicate this to the borrowers and to the sellers, educating them before they even jump into the process. For so many sales people, in my opinion, they just give in...making the borrower think that it's possible to get the same exact deal and not educating them on the differences. That is where people like you and I, the true professionals, will step up and take that extra time and effort to educate them. thanks

DREW.... . great example, that you usually only hear about someones winnings and not their losses. And that 5% rate with no points... gee, who knows if the fees are even jacked up. But there are loan officers thinking rates are coming down, and will lower that rate in hopes that they do come down. If not, you will have a pissed off client and that's where you and I come in, to educate them. thanks ps... I'll get back to your e-mail. thanks

BRENDA.... . gee, imagine that... and I wonder how small those disclaimers are. I stopped sending rates sheets out since 1999. Anyone can hand out a rate sheet, but can they get them that rate and or close the deal. I'll try to bring a different value to the table, other than just rates on a sheet of paper. ;o) thanks

GITA..... . yes, the market is changing and people do have the option to lock in...it's when that loan officer doesn't go over that lock option when the borrower is shopping... that is misleading in a way. thanks for the compliment.

MAR

I love this topic and always get the phone call that they want what their family, neighbor or friend got.. no one has the same financial profile... and I find mysels always stating this fact, and then I have to hear they got a rate of?? and I have to say when was that.... either way people just seem not to trust these days and keep shopping, the sad part is that if they would have just commited to let a professional who know the market to help them they probably would have gotten the interest rate when it was there. Facts are everything to price out the loan and most shoppers don't tell you everything.

OCT

Jeff,

Such a great post,

I know clients that can't remember how much they paid for a home, their payment or interest rate 3 months into the deal.

It's a great talking point around the water cooler at work, but like you said everyones situation is very unique and different.

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