Lenders, How to Lose a Charlotte Realtor- and Their Buyers, in Hours|Ask The Broker
December 2nd, 2007 Categories: Real Estate News
Lenders, Mortgages, and Charlotte Real Estate Agents…
the relationship needs to be close… Just as I was considering a similar post, I found this one and I decided I couldn’t say it any better. This is important for first time home buyers, and as I think of it, a good reminder for all buyers and the lenders who would like to serve them.This post came from an excellent blogging real estate broker from Chico, California. Thanks to Sandi Bauman of Chico California for the post excerpted below:
Lenders beware: How to lose a Chico, CA Realtor (and therefore buyer) in 3 days.
I would say, as far as Realtors go, I’m fairly easy to get along with. I typically play nice with my peers. My end of the work is done in a thorough manner, and on time. If, as a lender, you do your job well and respect my clients, I will happily recommend you to future Chico, CA buyers.
That is, I’m easy to work with UNTIL you tick me off.
If I feel that an unethical action (or lack of one) on your part has jeopardized my clients in some way, then be prepared to make it right. On the client’s behalf, I will hold you as accountable as I can. You probably won’t like it much…. just so you know. (Well said Sandi!) Once we get them taken care of, I won’t be bringing you any new business.
How to lose a buyer in 3 days (or less!) Alternatively, the opposite of what I look for in a mortgage broker…
1. Ignore phone calls and emails.
2. Intentionally leave off or reduce known fees on the good faith estimate.
3. Quote them one rate when you are fully aware that they won’t qualify.
4. Assure me that you can close the loan on time when you won’t be doing so.
5. Tell us that the buyers are prequalified for a specific loan, when in fact, you haven’t done the work.
6. Assure me that you have everything you need to close when you HAVE NOT received all documentation.
7. Bait and switch my buyers at the closing table. That interest rate better be pretty darn close to the quoted one!
8. Abandon us at the closing table. You should be there to explain any and all concerns the buyer has regarding his loan papers.
9. Be incapable of admitting that you don’t know, or have made an error. I’m not perfect, and don’t expect anyone else to be. If you make an error… just say so! Don’t run us around and waste more time. See the complete post here.
Earlier, I said the relationship between Realtor and lender needs to be close… close is good, incestuous is NOT. As a Realtor I too “play nice with others” and generally easy to get along with… right up to the minute my client gets less than they should, whether from the lender, the seller or whomever. Then I’m no longer nice.
A couple of other recent articles about the terrific Charlotte real estate market by Forbes.com and ABC News 
People interested in moving to Charlotte, investing in Charlotte, or buying in Charlotte, you deserve expert representation. Give me a call, a try out, and I’ll work every day to make you a raving fan. Terry McDonald
Call me direct at 704-351-1519, and I’ll see you in Charlotte!
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Great article Terry. And so true. I have had clients go to lousy mortgage brokers only to get burned in the end. Clients should trust their real estate agents to refer them to quality lenders. I’m sure you’ve got quality trustworthy lenders in the Charlotte real estate market. I would certainly call you first if I needed to buy a home in Charlotte. Thanks - Karl
Hi Terry… great minds think alike, huh? Thank you for the backlink
I really do think it’s important that buyers are aware of some of the telltale signs of a not-so-great lender. Also, the lender needs to know that the Realtor is doing their best to protect their client’s best interests. After all, the purchase they are about to make is most likely the largest, most important one of their lives! Why people settle for a lender that can’t even bother to return calls or finish work in a timely manner is unfathomable to me. There ARE great lenders out there… if I can help my clients find them, I will!
Terry, this is an excellent article that shows you and Sandy both have great work ethics. As Realtors it is our fiduciary duty to look out for our clients right to the closing table. It’s always a good feeling to close a deal, shake hands and walk away with happy clients that will call you again in 7 years and refer their friends and families to a Charlotte NC agent they can trust.
Terry,
This is a great article. I have seen these actions hurt the Realtor / Lender / Buyer realtionship too many times. The reason lenders break these simple rules is a lack of experience, knowledge and confidence. They do not return calls because they don’t know what to say. they quote the wrong rates because that is the only way they feel they can get a deal. And they refuse to admit that they don’t know because they don’t possess the confidence in themselves to find the answers.
As a mortgage professional it is my job to take great care of both my client and my Realtors. I take that job seriously. Fortunately for us all, the ones that do these things wrong are falling out of this business everyday.
Great post and great reminder!
Ed Nailor