General frustration with lien holders
For a long time I have been wondering if there isn't someone in upper management of some of these lien holders who realizes when their short sale or loss mitigation side of the house makes life miserable for REALTORS(r), that when we ask our new Buyers, "Have you arranged your financing?" and they answer, "Yes, we've been to XYZ Bank," that we scream, "OMG! Let me take you to someone who understands customer service, business, . . . anything/anybody but them!"
Whether BofA, CITI, or anyone else realizes it or not, the members of N.A.R. constitute their front line, word of mouth advertisers. Our reccomendations probably send more borrowers to more lenders than Lending Tree ads. If not more than Lending Tree, certainly they pay less for our referrals than they pay the Tree. I know the way local mortgage officers smoosh us at the Boards, they get how much business we can influence in positve ways.
And you can bet I remember what banks (or passive agressive companies to whom they outsource their loss mitigation work, which in my mind still makes the principal responsible for the actions) act like they are too busy to work with me and take months to get an answer.
I bet I'm not the only one, either.
Bill
Replies to This Discussion
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Permalink Reply by Smitty on
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LOL. I refer people to a local bank in my area that doesn't sell to the secondary market. They keep all loans in house and have much more flexibility. They do have higher fees but the tradeoff is well worth it. I would never recommend someone to WF or BOA...I do believe they would be cheaper in fees but seeing the other side is enlightening and enough for me to tell them to stay local.
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Permalink Reply by Aaron Ayotte, Short Sale Monkey on
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Bill, I couldn't agree more! Next to getting the right value on a short sale, working with a GOOD buyer's lender is absolutely a MUST to get these things to close on time!
We closed a big short sale deal last month in which the buyer was using a hard money lender - a construction job immediately after closing, to be sold later. You'd think that with hard money, there wouldn't be as many delays as say, with B of A, or Chase. Ohhh no. It was WORSE! We missed our closing date, not once, BUT TWICE!!! And no matter how much I explained short sales to him, no matter how much the listing agent (also representing the buyer) explained short sales to him, it didn't matter -- he had the money, so it was his timeline. I wanted to strangle the guy.
What he doesn't realize is that his name came up in several conversations following that closing, and not in a good way.
PAY ATTENTION PEOPLE!! Service, communication, and good-ol-fashioned caring about your customer STILL MATTERS!!
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