Andrew Scherer, Real Estate Representation At It's Finest (Approved Mortgage Group)

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Rainmaker
4,001,401
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Overpromise and underdeliver.  Also not keeping informed as the transaction changes.

Mar 01, 2015 11:09 AM
Ambassador
3,981,808
Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

Blaming others in the transaction for not meeting deadlines. The buck stops there and I know there are times the lender drops the ball on ordering the appraisal or title. It is not always someone else at fault.

Mar 01, 2015 09:58 AM
Rainmaker
302,429
Cindy Davis
SD Home Source Realty - San Diego, CA

My biggest frustrations are lack of communication during escrow, and not giving back to the Realtors who refer to them. 

Mar 01, 2015 06:55 AM
Rainer
279,198
Dipti Thakkar
LAER Realty Partners - Andover, MA
On a team with Praful Thakkar

No communication.

Jul 09, 2018 09:56 PM
Rainmaker
4,796,409
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Lazy lenders who don't know how to communicate or do the preliminary legwork.

May 13, 2018 05:33 AM
Rainmaker
629,057
Ajay Pandya
e-Merge Real Estate - Columbus, OH
Realtor Ajay Pandya

I am not frustrated with them.

Feb 22, 2018 09:09 PM
Rainmaker
3,048,869
Tony and Suzanne Marriott, Associate Brokers
BVO Luxury Group @ Keller Williams Arizona Realty - Scottsdale, AZ
Serving Scottsdale, Phoenix and Maricopa County AZ

parked and reading

Mar 27, 2016 10:29 PM
Rainmaker
532,394
Robert May
Robert W May - Lethbridge Real Estate - Lethbridge, AB
Real estate consulting

im just clicking back through some of the old Q and A's, looks like this one got lots of good answers.

Mar 01, 2016 02:02 PM
Rainmaker
397,622
Stephen Arnold
HomeSmart Elite Group - Scottsdale, AZ
CRS, GRI, SFR

I'm in agreement with Inna!!  COMMUNICATION!! Just send me an email when ANYTHING signifcant happens (NEEDLE MOVER)....and to the lender, please do not add me to your email list post transaction... :( (LISTING SIDE)

Mar 02, 2015 05:42 AM
Rainmaker
339,098
Chris and Berna Sloan
Group 1 Real Estate - Tooele, UT
Tooele UT

COMMUNICATION...period! I can deal with every other problem mentioned if I have good communication!

Mar 02, 2015 04:39 AM
Rainmaker
335,511
Jenna Dixon
DRA Homes | Cobb County Real Estate - Marietta, GA
Empowers You With a Better Real Estate Experience

I'm going to take a different approach as the wife of an LO.  Agents expect the LO to reveal confidential information about the buyer or the mortgage transaction and become disappointed when this doesn't happen. Instead of not communicating with the agent, redirect them to the buyer for more information.  The most typical delays that I see actually occur during the appraisal process and of course, agents find it impossible to believe that it was the appraisal that took 14 days to be completed.  The AMCs are the worst thing to happen to real estate in a long while.  They have zero stake in the process and zero accountability for the delays that they cause.

Mar 02, 2015 12:41 AM
Rainmaker
768,818
Bruce Walter
Keller Williams Realty Lafayette/West Lafayette, Indiana - West Lafayette, IN

Our biggest frustration is with lenders who do not know the proper questions to ask when pre-qualifying a buyer for a loan.

Mar 01, 2015 10:35 PM
Rainmaker
737,051
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

The typical structure of the lending business requires the LO to make promises for which they have to the ability to deliver. Too much of the process is way, way, way beyond their reach....and they won't admit the same.

Here's what I want. A FINANCIAL commitment on the part of the LO/lender for $500 every day past scheduled closing.

Here's what I want. The underwriting for the buyer to be fully completed the first week. Appraisal and final credit check can be done prior to closing. This requires to LO/Lender to commit their resources just like I have committed mine at the front end, not two days before closing.

Show me you really mean business.

 

Mar 01, 2015 09:10 PM
Rainmaker
525,199
Mike & Eve Alexander
Buyers Broker of Florida - Orlando, FL
Exclusively Representing ONLY Orlando Home Buyers

I cannot trust most mortgage lenders to be accurate on a PQ, so I have my clients do anothe PQ with the few lenders who are true pro's.  They have never let me down.

Eve

Mar 01, 2015 08:55 PM
Rainer
495,818
Sham Reddy
H E R Realty, Dayton, OH - Dayton, OH
CRS

They are truthful and honest in their stand and change their minds too often and don't allow enough time to respond

Mar 01, 2015 07:44 PM
Rainmaker
3,161,206
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

Lenders who scribble out pre approvals to people who clearly are not approved....

Mar 01, 2015 06:51 PM
Rainmaker
797,059
Troy Erickson AZ Realtor (602) 295-6807
Good Company Real Estate www.ChandlerRealEstate.weebly.com - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

Andrew - Great question. Having been in the mortgage industry, I know how things go. The problem with lenders is they always say they can finance someone (and like to guarantee it 100%), only to find out a couple of days from closing that they cannot. Instead of communicating any and all issues, and being honest up front, the lender continues to tell me that everything is okay and we are scheduled to close on time when they know there are issues and hurdles to overcome. They try to hide the info from me instead of letting me and the borrower know up front so we might be able to help clear up those issues. I just wish they would be honest and open with the information they get from the underwriter, etc.

Mar 01, 2015 05:42 PM
Rainmaker
1,675,236
Larry Johnston
Broker, Friends & Neighbors Real Estate and Elkhart County Subdivisions, LLC - Elkhart, IN
Broker,Friends & Neighbors Real Estate, Elkhart,IN

There are some that are awesome to work with and others that have a deaf ear when it comes to correcting them, even with proof.  Sometimes, you can send the same docuent to them, several times and you have signed proof that they received it, but they will deny getting it. Some just want to prove they are in control, which doesn't help the industry any.

Mar 01, 2015 12:43 PM
Ambassador
4,297,836
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Andrew Scherer - sometime we don't know  the 'whole' truth from them on why there are delays in the process. Overall, I don't have many concerns or complaints.

Mar 01, 2015 11:45 AM
Rainmaker
2,394,627
Evelyn Johnston
Friends & Neighbors Real Estate - Elkhart, IN
The People You Know, Like and Trust!

I have an awesome Lender and I am always getting educated about different loan products, he says I know more about loans than the normal agent, however, some of the stipulations seem unfair to me. Of course my mind is blank and I cannot think of one circumstance...

Mar 01, 2015 11:32 AM
Rainmaker
3,975,208
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Poor communication when something goes wrong.

Mar 01, 2015 11:02 AM
Rainmaker
2,936,322
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Too many overpromise and underdeliver. Too many simply don't meet deadlines and don't communicate thoroughly with their cients.

Mar 01, 2015 10:54 AM
Rainmaker
91,034
Georgia Weaver
Weaver Realtors - Storm Lake, IA
A Promise Made is a Promise Kept! 712-291-0118

Andrew,

I practice in Iowa and Iowa is an abstract state. Our office I will not update an abstract until I have a final loan approval from the buyer's bank (meaning the appraisal is complete, all buyer's information checks out and all documents have been received and approved by underwriting). The reason I wait is because if something goes sideways the seller is still responsible for the fee for the updated abstract ($400-$650). Once the abstract is updates, it is taken to an attorney who then writes a title opinion.

This can cause a big time crunch come closing time. Many times the bank will not provide the final loan commitment until just prior to closing, I am talking days! Most banks want the brokerage to update the abstract and obligate the seller before they will provide final loan approval. I am not willing to do that unless the bank is willing to pay for the update if the buyer fails to be able to purchase.

Mar 01, 2015 10:33 AM
Rainmaker
1,471,435
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • Green • GRI • HAFA • PSC Calabasas CA

Communication. As a listing agent I have no control over the choice of a lender. Most of the times, it is almost impossible to reach that lender.

Mar 01, 2015 09:31 AM
Rainmaker
722,260
Pete Xavier
Investments to Luxury - Pacific Palisades, CA
Outstanding Agent Referrals-Nationwide

No more offers of  food!...I'll get over it.  ; )

Mar 01, 2015 08:06 AM