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Doctor Every Time I do This

By
Real Estate Agent with Re/Max Assoc. Brokers Inc.

Doc every time I do this I get a shooting pain down my back. The Doctor's answer is: "then, don't do that". Old joke but it has a lesson, I needed to take a closer look at. In many respects we realtors can get a shooting pain right in the lower back area very close to our wallet every time we trust an unknown participant in a transaction. So we do what the doctor orders "don't do that".

We can acquire tunnel vision just like a horse running the Kentucky Derby with blinders on, we don't want to look to the side for fear of distractions. 

I had a wonderful surprise enter a transaction a couple of weeks ago. One of my clients needed a lender and of course I sent her to a couple of lenders I trust. They have always kept me in the loop, and gave me all the pertinent information to conclude a successful closing. It seems her income-to-dept ratios were a bit off and we were in the middle of the sub-prime debacle so things in the lending fields were in flux. The two lenders just didn't have the right product for my client. So they came back with a negative report that sent us to "THE LENDING ZONE".  

W O-O-O-O   I just had a shivers go up my spine. Unbeknownst to me, she went on line and started looking for someone that would give her a simple "YES". That in itself can get a client and agent in a mess of trouble. I was quite skeptical when she came back with a lender from Lending Tree. They're something like a supermarket of lenders.

His name was Lee Brown, Branch Manager of Top Mortgage in Wichita, KS. I have a hard time working with folk I can't see or never met and you always get those phone tag conversations: he calls you, leaves a message, you call him, leave a message, you both call each other, and get a busy signal. You call and a machine says, "press 1 if you speak English", "press two if you don't", "press three if you don't care" or something like that. You all know the routine. They sound good on the phone; they tell you what you want to hear. But when it comes to results, Wham there goes that pain.

So I'm waiting for the other shoe to drop when he gives me a call. "Hey Russ, do you have an appraiser you trust in the area" ah, what was that, you want the name of an appraiser I trust?  So I'm like fumbling over myself to get him the name of a good fair appraiser.

That transaction went with out a hitch he said it, he did it, the HUD statement was in way ahead of time. None of that mad dash over a calculator at the closing table. On time-all the time I loved it.

We need stuff like this every now and then to shake us up, get us out of our routine.  I told him I was quite skeptical at first with the online lenders but he told me that Lending Tree has some pretty stringent requirements on the lenders that participate with them. With this experience I just might go out on a limb and take my wife to a new restaurant and maybe just maybe try something new on the menu. I said "just maybe" I don't want to get carried away.

In Your Service, Russ Prothero

 

Comments (5)

Randy L. Prothero
eXp Realty - Hollister, MO
Missouri REALTOR, (808) 384-5645
I was waiting for the other show to drop.  A very nice surprise ending.
May 18, 2007 12:36 PM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Russ, glad this worked out for you, but I here the reverse of this all the time.  It is to bad for this guy (Lee Brown) who seems to know what he is doing, gets grouped in with the ones that cause the problems.

May 18, 2007 01:16 PM
Lysa Napolitano
Daytona Beach, FL
Russ, this is the first time I've heard of someone using that service, I'm so glad the other shoe didn't drop and that the transaction went smooth! What did you have for dinner?
May 18, 2007 11:25 PM
R. B. "Bob" Mitchell - Loan Officer Raleigh/Durham
Bank of England (NMLS#418481) - Raleigh, NC
Bob Mitchell (NMLS#1046286)

I'm of a split personality when it comes to this topic.  I do both mortgages and real estate, so I find myself sometimes being that "strange" lender and sometimes I find myself being the listing agent with "flybynightmortgage.com" doing the buyer's loan.

All I can say is that we should all follow the golden rule.  "Do unto others..."  As a lender, I'll be frank, it gets old having some washed up 2 deal a year agent question my abilities and ethics.  It down right pisses me off when the agent tries to steer my client away from me, especially if I've worked with this client before and THEY have confidence in me!  All that said, having been on the other side of the transaction, I do understand the concern.

Treat the "strange" lender with respect and stay on top of the deal is the best advice I can give.

 

Bob Mitchell

ValueList 

May 23, 2007 02:51 AM
Neal Bloom
Brokered by eXp Realty LLC - Weston, FL
Realtor CRS-Weston FL Real Estate
Welcome Russ..never knew were a member until now....good luck!
Jun 28, 2007 01:46 PM