I have a buyer that is currently under contract on a home with VA financing. The initial lender that was tasked with the pre-approval was a referral. The buyer had friends that highly recommended this lender and so I felt reasonably confident that things would be smooth even though I was not personally familiar with the company or the lender.
Strike one: The loan officer was on vacation. Well, that was not the issue really. We all deserve and need time away. But it was the fact that she took the time to email the buyer and told him that he would hear back from her assistant the next day. Crickets. Three days later, still no answer or return call.
Strike two: The assistant contacts the buyer and instructs him to scan and email all of his financial documents. What? Nooooooo. There should be a secure network to upload this type of financial and confidential information. You cannot just send your social security info and tax info in your yahoo mail.
Strike three: Still no pre-approval letter and the buyer is in danger of losing the house that they want. Time to call MY preferred lender for their area. She specializes in FHA and VA financing and she can usually get everything submitted and a pre-approval letter within 24-48 hours.
My preferred lender contacts the buyer immediately, goes over their needs and then promptly sends the link for the buyer to upload all of their confidential information needed for the pre-approval process. In less than 2 hours, I have the pre-approval letter and it is ready for the buyers to make the offer. We already know the payment and closing costs for this home so we know how to best position the buyer in the contract.
It has been over 10 days since we have had an accepted offer. But would you believe that just today, the first lender, the one that had been on vacation and never got back to us.....she finally emailed my buyers asking if they had emailed their documents. Uh no.. we are under contract and are working with a lender that was able to get our pre-approval to us the same day. And we are closing next month. She missed the boat and didn't understand why my buyers chose someone else.
Silly. All she would have had to do was not make promises that she didn't intend to keep. Had she simply told them that she was on vacation and that she would not be available until the next week, they might have waited. But to be told that she would call the next day and then for that call to come two weeks later.....no. The buyers contacted her, then her assistant and then me in desperation when we knew that we might be competing for the home that they wanted.
All LENDERS and REALTORS are NOT created equal. If something doesn't seem right or if what they say or what they do are not the same thing, you have every reason to question and ask for another opinion. In this case, I had recommended three different lenders when we first started talking about their future home purchase. They chose someone else that was not on my list. In order to be recommended by me, I need to know from experience that they are competent and they do what they say they will do...because my recommendations reflect on me! I don't need to babysit them or check in to see what is going on. Answer the phone and do what you say you will do. You will have more business and more referrals than you can handle when you do things the right way!