The listing machine had this problem...when he was referred a customer by a local bank! With pre-approval and the bank handing him the business..it was good enough... the pre-approval letter that is. On closing day..loan denied..little communication...little explanation...little did he know..the buyer was never approved! When he tried to contact the banker...no response.
Strike One
Fast forward a few months..our little hot shot...city recommends bank...for a 1st time home buyer..buyer pre-approved..the hot shot skeptical..because the hot shot knew..what happened with the listing machine. Same bank...same loan officer..no approval...no closing..but the hot shot still is working the transaction..
Strike Two
Yesterday..one of our agents came to me..he's got a problem...his closing for today dead... dead..dead..he had both sides..and when I asked why....loan denial...buyer was pre-approved...same bank...different loan officer. I was sceptical when I saw the contract...because I remember oh so well...Same story..little response and he got the answer the day before closing.
Strike Three..You're Out!
Ever wonder why agents and loan officers sometimes do not get along or the public view some banks as criminals? I wonder if this bank is in line for a bail out..because I believe they seriously need more than a bailout...
They need to just shut their doors because I can tell you I'll recommend their services when pigs fly!
When recommending a mortgage company or bank..its a good idea to do your homework first!
And if I ever see this bank in my office...
I'll remind them this isn't baseball its real estate and peoples lives...there won't be a warm welcome..it won't be you're out..it will be more along the lines of GET OUT!
Learn your job or get out of the business and don't blame it on stricter lending practices!
About The Author: Midori Miller is a licensed real estate associate with CENTURY 21 Sundance Realty, Real Estate Trainer and Manager . CENTURY 21 Sundance Realty is located in Volusia County with 2 office locations to better serve the public. Daytona Beach and Ormond by the Sea. midorimiller@yahoo.com (386) 453-3236
