Tomorrow, we are a week overdue on closing thanks to a bank closing its doors. The bank that bought the bankrupt bank promised we wouldn't have a problem. Well, now closing is a week overdue, my buyer is frustrated when she gets her paperwork in the mail.
Now they are telling her that her loan is 1.15% higher than she was quoted, there is incomplete address on the paperwork and almost double the closing costs! Now, I don't want to say it was the brokers fault! It was in transition, but this new bank could have done a lot better job.
So this morning my client was talking of just going back to renting and walking away from the whole thing
because she was not going to be screwed. I went and picked up her copy of the paperwork that the broker had never even seen before they mailed it out.
I went to his office when it opened this morning and told him that I needed this fixed now and we need a closing tomorrow or she may walk and go with another bank. He understood, but I could tell he was just as frustrated with this process as I was. I told him I was going to be back every hour to an hour and half to check on his progress, since I couldn't count on getting a hold of him on the phone. It was ringing off the hook, even while I was sitting there.
Now, as an ex-dj I am known to have a sense of humor, and sometimes, that is what is needed to get things done and make what is really a jerky thing to do, not seem so bad.
Here is what I did at my 10:30 visit to his office -
YES I DID GO BACK AS PROMISED!
The first thing I said is, "I told you I was going to be back!" Then I laid a bottle of brake fluid on his desk and asked "Do you know the saying the squeaky wheel gets the grease? Well today I am your squeaky wheel!" He got a good chuckle out of that, but then I said, "This has to close by tomorrow or my client is walking away, she is tired of the runaround!"
So now that I've gotten him to laugh, I said "Now, I'm giving you two more things and give you a decision!"
At this point I put an "Excellence Award Ribbon" and a tub of "Vaseline" on his desk and told him, "What you do over the day will decide which one of these you get at 5pm!" He did say, "I would rather have the ribbon!" I told him, "I would rather you have the ribbon also!"
I then told him, "You know I'm going to write a blog about this, and you are going to put these on your top shelf in your office and have to explain them anytime someone sits down!" Then I got up started to head out of the office and said "See you in an hour to hour and a half, unless you call me and say we are signing this afternoon or tomorrow!"
To the person this is about, I won't mention any names! But, I do know you are fellow Active Rainer! I also know that the bank closing isn't your fault. I just wish there was better planning from the bank that purchased you! Hope everything works out here soon and I must have to admit you have been pretty darn good through out this process, but you are the only person I can go after, so I'm going to be your squeaky wheel!
UPDATE #1: My next visit was at 1pm today. I took over a plate of mint chocolate chip cookies on a baseball plate. I told him "This symbolizes that I'm gonna start playing hardball, but it could be a mint of a business decision if you get this done!" He actually flew someone out of his office this morning at 8:30, after my first stop, and she on the phone with him when I got there with the cookies. (However, it isn't looking good for my client signing tomorrow.) I'm about to head out for my early afternoon visit and I think I'm gonna take a candle and tell him he had better start burning this at both ends if he doesn't want lose this sale, and possibly some future ones, until his new banks gets things figured out!
Update #2: I went back and delivered the candle as promised and it looks like we are signing tomorrow.
However, I'm not counting it until we have.
Update #3: My blog has been sent to upper managment and it has gotten their attention. But, still no docs! I am doing a radio show today at noon pdst, and I plan on mentioning this bank as part of the reason banks are having problems. (NO CUSTOMER SERVICE!) It is looking more and more probable that I won't be using this bank for a few months until they get their programs under control and can figure out what they are doing!
Update #4: With no docs yet again, my clients say tomorrow they are going to have to start over and use
another bank. I have enjoyed working with this mortgage broker in the past, but his new bank just
doesn't believe in customer service. So I have advised him that we will be taking the loan somewhere else and told him to call me when either his bank gets their act together, or if he decides to leave the company. Lucky for me this is a condo conversion project and the seller is being very understanding of the situation and is doing everything he can to help.
Final Update - The bank finally closed! Only one month later than we were supposed to and I really would like to thank the seller for being patient and understanding that it had nothing to do with the buyer! The story is the only reason we had to continue with this bank it turns out is because of a non-warrantable title and this bank had a fund for those. That didn't mean that I will use this bank again and I've heard others say the same thing since then. One of the reasons I heard was that the underwritter went on vacation and didn't bother to give the file to anyone else. Basically kept it in her desk for two weeks... What the _ _ _ _?