A Promise is Just a Promise...Make Sure they Can Deliver!

By
Industry Observer with Paratex

Hi all: I ran into a situation yesterday where a competitor claimed they can do a purchase loan on 22 acres. In talking to the realtor we knew that most mortgage banks couldn't do the loan due to the fact it is on more than 20 acres per Fannie Mae and Freddie Mac.

We have portfolio loans so would entertain the idea but it needed to go to loan committee so I couldn't give it a 100% approval. Enter competitor bank who claims they can portfolio the loan and they already have an approval. Mind you this bank is extremely aggressive and this bothers me.

Unfortunately, I've picked up too many pieces on broken loans where a bank claimed they could do a loan and then changed their mind all the while making a bunch of excuses. Personally, I refuse to go there. A Promise is a Promise...Make Sure they Can Deliver!

I am hopeful that the bank can come through. The clients are well qualified and really want to buy this property. If something falls apart, I'll see if I can help. Again, be wary of promises. There is too much at stake! If you have further thoughts or questions, please either respond here or

Contact me

Have a great day!

 

Posted by

Paul McFadden

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Topic:
Lending / Financial
Location:
Washington King County Bellevue
Groups:
Mortgages
Realtors Needing the services of the Lending Powers
Puget Sound - WA Real Estate
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Tags:
unique mortgage loans in washington state

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Rainer
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Marshall Enterprises
Marshall Enterprises - Saint Michael, MN
Antiques, Lawn Care, and Trashouts

Aggressive is one thing, disappointing buyers is another.  Keep us posted on what happens.

May 08, 2014 03:28 AM #1
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Paul McFadden
Paratex - Seattle, WA
Pest Control, Seattle, WA.

Marshall: Will do. Thanks!

May 08, 2014 10:01 AM #2
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Rene Fabre
First American Title - Seattle, WA
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Hi Paul... I've witnessed this scenario a few times over the years and I dislike the situation it puts everyone involved in the transaction... Unfulfilled expectations, dissapointment, and wasted time... I agree, a promise is a promise.... don't make it unless you're sure you can deliver on it. I hope you can help them if need be.

May 11, 2014 06:22 AM #3
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Paul McFadden
Paratex - Seattle, WA
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Thanks, Rene. I occasionally get to clean up the mess!

May 12, 2014 12:32 AM #4
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Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Good morning Paul. I got a call from a banker yesterday that needed to get bailed out of a transaction. How the clients were ever told the loan could be done is beyond me. Great post and very true.

Thank you for commenting on my post.

May 17, 2014 01:55 AM #5
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Paul McFadden
Paratex - Seattle, WA
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Thanks, Joe. Sure. Any time. Glad you could help your client. Take care.

May 19, 2014 04:20 AM #6
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Debbie Reynolds
Platinum Properties - Clarksville, TN
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Paul, How did this turn out? I would love to hear that you came to the rescue.

May 23, 2014 01:11 PM #7
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Paul McFadden
Paratex - Seattle, WA
Pest Control, Seattle, WA.

Nothing yet Debbie. That would be nice wouldn't it?

May 23, 2014 11:36 PM #8
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