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It's Not a Prayer, It's a Question and a Response Is in Order

By Norma Toering Broker for Palos Verdes and Beach Cities

Real Estate Broker/Owner with Charlemagne International Properties BRE# 01147470

February 24, 2011 08:18 AM

I get pretty protective when my client's welfare is concerned, and right now I'm frustrated with lenders/banks who fail to respond to questions that deserve answers. Come on, it's not a prayer, it's a question and a response is in order.

We're not talking short sale or bank-owned, this is a standard sale. My out of state buyer needs to make arrangement with movers to transport his belongings, and a close of escrow date sometime within the next week is too vague. His funds are in, loan documents are signed, loan is approved and now another review? Banks work in mysterious ways and it seems all time-lines are fluid.

Maybe I should not question the wisdom of the banking demi-gods, but total disregard for the scheduling necessary on behalf of their new customer is not increasing their goodwill, and heavens knows their public image could use a little spit and polish. As I tell my clients, it is not a buyer's market, it is not a seller's market, it is a lender's market and we set our clocks to their time.

Don't get me wrong, I work with some wonderful lenders, but some push me to the far edge of tolerance with their omniscient and omnipotent attitudes. We all have schedules and time-lines to meet, but more consideration for the new customer who will soon be sending a monthly check would be most appreciated. It's not a prayer, it's a question and a response is in order.

Norma Toering & Team RE/MAX Palos Verdes Realty
(310) 493-8333 / Office Phone: (310) 831-0800

PalosVerdesLifestyle - Nominated by Relocation.com as one of the top ten Los Angeles area real estate blogs. Ranked by Technorati in the top 1% of all blogs. As seen in the Daily Breeze newspaper.

South Bay Los Angeles cities I sell real estate, property, houses and homes in: Palos Verdes Estates, Rolling Hills, Rolling Hills Estates, Rancho Palos Verdes, San Pedro, Long Beach, Torrance, Lomita, Redondo Beach, Hermosa Beach and Manhattan Beach. Information is deemed reliable but not guaranteed.

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Randy Ostrander

Lake and Lodge Realty LLC - Big Rapids, MI

Real Estate Broker, Serving Big Rapids and West Central MI

Most are good but some banks are over the top with their power. My local 5/3rd bank recognized the "No Flip" rule from FHA but refused to recognize the Waiver FHA had implemented to help the housing market. Said as a company they have decided to not recognize the waiver, making my buyer (their client too) wait 37 days to close on a house. Iwas extremely disappointed in their lack of concern for our mutual client.

Feb 24, 2011 08:27 AM

Christopher Taylor

Corpus Christi, TX

I agree, it is very frustrating when you can't get a straight answer, in my case the hold up was the title company whose computer system has been down for several days.

Feb 24, 2011 08:29 AM

Norma Toering Broker for Palos Verdes and Beach Cities

Charlemagne International Properties - Rancho Palos Verdes, CA

Palos Verdes Luxury Homes in L.A.

Randy - A short response is better than simply ignoring the question...it is certainly leaving a bad taste in our mutual client's mouth, and I do agree most are good.

Feb 24, 2011 08:32 AM

Norma Toering Broker for Palos Verdes and Beach Cities

Charlemagne International Properties - Rancho Palos Verdes, CA

Palos Verdes Luxury Homes in L.A.

Christopher - At least you have a technical reason for the delay...

Feb 24, 2011 08:33 AM

Erika Rogers

Red Rock Real Estate ~ Southern Utah's Largest Independent Brokerage - Saint George, UT

St George Utah Real Estate & Relocation Specialist

Norma, I agree with you. People are making huge changes in their lives with a move and need a little more specific answers than "sometime this week"?? Nice post

Feb 24, 2011 08:39 AM

Deborah "Dee Dee" Garvin

C2 Financial - San Diego, CA

C2 Financial

Norma, It is not only real estate agents that are being driven over the edge. I am sitting here waiting for the approval on my son's purchase (with earnest money hanging in the balance) and I cannot get the underwriter to budge. Now, let's see, I cannot get any movement (let alone a rush) for myself??????? Frankly, I wish everyone worked on a comission, or piece meal, basis. Bet they would not go home at five!!!!!

Feb 24, 2011 09:01 AM

Norma Toering Broker for Palos Verdes and Beach Cities

Charlemagne International Properties - Rancho Palos Verdes, CA

Palos Verdes Luxury Homes in L.A.

Erika - A little mutual respect goes a long way in keeping a relationship from being too one-sided.

Feb 24, 2011 09:31 AM

Norma Toering Broker for Palos Verdes and Beach Cities

Charlemagne International Properties - Rancho Palos Verdes, CA

Palos Verdes Luxury Homes in L.A.

Deborah - I understand delays, but ignoring a question is just wrong.

Feb 24, 2011 09:32 AM

Malcolm Johnston

Century 21 Lanthorn Real Estate LTD., Trenton, Ontario - Trenton, ON

Trenton Real Estate

Norma, often there's no one person at the lending institution that takes personal responsibility for getting things done, so there doesn't seem to be any urgency on their part. On the other hand, we as agents do our level best to do as much as we can, and "the buck stops here".

Feb 25, 2011 01:33 AM

Norma Toering Broker for Palos Verdes and Beach Cities

Charlemagne International Properties - Rancho Palos Verdes, CA

Palos Verdes Luxury Homes in L.A.

Malcolm - Agents never get to say the file is with my transaction coordinator or my broker and it will be at least 72 hours before I can get back to you.

Feb 25, 2011 03:16 AM

Ron and Alexandra Seigel

Napa Consultants - Carpinteria, CA

Luxury Real Estate Branding, Marketing & Strategy

Norma,

It seems that some of the banks are scared to really make a decision. Everything has to go up the ladder to someone who is in charge...Hopefully, it all turns around soon and you will have your closing to celebrate. Happy Saturday. A

Feb 26, 2011 02:42 AM

Norma Toering Broker for Palos Verdes and Beach Cities

Charlemagne International Properties - Rancho Palos Verdes, CA

Palos Verdes Luxury Homes in L.A.

A - Could not agree with you more! Another client applied for a loan online, then decided he would rather work with a local lender. Of course that first application popped up and we now have to wait while the second bank conducts due diligence for possible fraud...

Feb 26, 2011 03:03 AM

Not a real person

San Diego, CA

How right you are that it’s a lenders’ market, and too many lenders don’t seem to want to sell….

Feb 26, 2011 06:58 AM

Norma Toering Broker for Palos Verdes and Beach Cities

Charlemagne International Properties - Rancho Palos Verdes, CA

Palos Verdes Luxury Homes in L.A.

Russel - My client said it seems the lender is looking for a reason not to approve my loan rather than working to get it approved...guilty until proven innocent.

Feb 26, 2011 07:26 AM

Ellie McIntire

Ellicott City Clarksville Howard County Maryland Real Estate - Ellicott City, MD

Luxury service in Central Maryland

It's very crass, but I have always said that I only work with local loan officers that I can hunt down if they don't perform. I had a very bad experience with an out of State lender who just stopped taking my calls. The disregard they have for everyones timetable does not sit well with me.

Feb 26, 2011 10:21 AM

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I am a California real estate Broker-owner. Tune in for Best Buys in Palos Verdes; Market Updates; Buy & Sell Signals; Advice to Buyers & Sellers and other real estate related topics of interest. Updates will be posted on all four cities on the Palos Verdes Peninsula, PV School District and other happenings on The Hill.

South Bay Los Angeles cities I sell real estate in: Palos Verdes Estates, Rolling Hills, Rolling Hills Estates, Rancho Palos Verdes, San Pedro, Long Beach, Torrance, Lomita, Redondo Beach, Hermosa Beach and Manhattan Beach.

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