Dan: Hi this is Dan!
Bad Banker: Dan, this is ___________ _________ from ________ bank here in Ocala.
Dan: Great I am really glad you called. I was trying to find out what was happening with the loan for Mr. _________. As you know the property was supposed to close 60 days ago and the contract has been extended twice for 30 days each. We are supposed to close on Friday, It is Wednesday today and the selling agent just told me you had asked for another 30 day extension.
Bad Banker: That's right.
Dan: When I asked the other agent why he gave me the name of Ms. ___________ at your bank. I had called her this morning to ask about the delay and she just said your bank needed more time.
Bad Banker: That's Right.
Dan: I am sure you are aware that I told Ms. ___________ that the contracts here have a time is of the essence clause and that means that the __________ family would loose their deposit if the closing does not take place on Friday. The seller is antsy and won't extend unless the buyers double their escrow money. This is money the selling agent says they don't have. I reminded her that closings here in Ocala usually take place in 30 days or less and Friday would put us at about 105 days, another extension would bring us closer to five months in escrow, and so to ask the buyer anything I would need to have a real reason for the delay that the seller would accept. She told me she could not provide that information to me because of "confidentiality" reasons.
Bad Banker: That is right.
Dan: I explained that the copy of the contract she had signed by the buyer requires updates on loan status and requires the bank share this information when requested. I told her I would be glad to fax over a written request for this information with a copy of the contract authorizing your bank to comply. She said that made no difference, and that my sellers had two choices - 1) Give the buyers an additional 30 day extension or 2) The bank would stop work on the loan. I suggested a third choice, do what it takes to get the job done by Friday so the buyer does not loose his deposit.
Bad Banker: That is why I am calling, you don't have to worry about the mortgage.
Dan: Great you mean it is going to close Friday?
Bad Banker: No, I mean we have decided not to process the mortgage because you hurt MS. _________ feelings by suggesting she was not doing her job. I am sending a letter to the buyer and the seller explaining that your rudeness and lack of professionalism offended my employee and so the buyer must look elsewhere for a loan.
I have never been spoken to in that manner before, but maybe once or twice in my 30 years in business, and I knew that I had to do something. Some times you just have to suck it up.
Dan: I am sorry, I offended her, I would like to apologize, would you suggest I call her, come in and meet her in person or should I just send her a note?
Bad Banker: I can transfer you if you like.
Dan: Since we clearly have a misunderstanding, is it possible to do a three way with you so you can make sure I don't step out of line again.
Bad Banker: That would be fine, just hold one minute while I get her on the line . . . Hello Dan I have Ms. _________ on the line go ahead.
Dan: Hi Ms. ______________ this is Dan Homan from Coldwell Banker again, I just wanted to apologize for offending you this morning and suggesting that you had not done your job correctly. I understand that there are many hands that a mortgage application goes through, and if I even implied that you had personally not done everything in your power to process this application in the last 105 days I am deeply sorry.
Ms. _________: I accept your apology, but why were you so mean?
Dan: I am sorry; sometimes I get so involved in the zealous representation of my sellers that I forget that I am not talking to the right person. I just assumed that you represented the bank and I was voicing my disappointment with the bank, not with you. By the way did you get my fax?
Ms. __________: Yes but I did not look at it yet.
Dan: After we hung up I called the seller. As you know, since the financing contingency was not met, the first extension acknowledged that, and the second extension also included a post dated release of escrow that was signed by buyer and seller. This was done to insure that the escrow would be released to the seller on Friday if there was no closing. The fax was a copy of a letter I sent to the selling agent to forward to the buyer and to the seller stating that the seller was going to put the property back on the market on Friday at 5:00. They would hold off on claiming the escrow if they received a letter from your bank stating the reason for the delay in financing a date when the bank would without fail close - in the next 15 days. If the bank did not provide such a letter the escrow would be claimed on Monday morning.
Bad Banker: Dan this is ____________ again. I hope you don't mind my jumping in here, but that last part didn't sound like part of an apology.
Dan: It wasn't. I don't apologize for aggressively looking out for my sellers' interest in a transaction. Is there anything else I can do for you?
I received the letter from the bank by over night mail the next morning and the closing took place the following Wednesday.
Bottom line: Had I not looked out for my seller's interest throughout the escrow process - including contract extensions, I would have been a position of weakness when dealing with a nasty banker.
© 2007 Dan Homan