Last week, I got a call from a client who has been looking for homes. She had gotten verbal pre-approval for a loan through a local bank, to whom I had sent her. The loan officer has always been very nice and curteous, but not very prompt about returning calls to me. In this case, I called him to confirm that I'd be able to get a pre-approval letter in the morning. He said it was not a problem, and that they were good to go.
My client wanted to see a specific home, and wanted to schedule a showing on the weekend. After contacting the listing agent, I discovered that there was an offer on the property, but that it had not been accepted. The listing agent admitted that the offer "wasn't the greatest".
I called my client back, and asked how interested she was in this property. I told her that if she thought that it might top her list, we should go today to see the house, instead of waiting. She agreed, and she and her boyfriend met me at the house at 8PM. It was dark, but I carry a very powerful light for exterior inspection, and they were very pleased with the house. The wanted to make a full price offer.
We met at the McDonald's in town, since there was nothing else open, and we wrote the offer. We were all very excited. Their daughter was nearly asleep by the time we had finished. It was after 10PM by the time I got back to my office.
The next morning, I was shocked when the loan officer told me that he was not going to be able to send me the pre-approval letter. He told me it was his fault for not knowing the program as well as he should. The interest rates had changed, and because her ratios were so close, he told me he'd have to wait til May to get them qualified. My client's income increases in May when she takes on seasonal work.
I was disappointed, and I told the L.O. that I was. He was in a meeting, and he said he'd call me back to discuss it further. I haven't heard from him.
I trusted what he said they were good to go, and that was my mistake. I know not to trust him in the future, and that I'll wait to show the house until I have the letter in my hand. Of course, sometimes those letters dont mean much. I didn;t need to be out til 10PM writing that offer at McDonald's. Their little daughter didn't have to be up so late there, she could have been home, snug in her bed.
What really burns me? After he knows that I'm disappointed, he didn't call me back after his meeting. I really appreciate when people recognize that there is a problem, and act, instead of ignoring it. In a competitive business like lending, it doesn't take long for clients to decide they need a new lender.
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