You had him at hello. It started with grand promises and tantalizing interest rates. It was a whirlwind affair with documents flying around the globe. Your Big Three resume carried recognition and clout. He felt comfortable with your world renowned brand. Now he is just another would-be borrower with a broken heart.
What went wrong? Was it because yours was one of those Internet clandestine affairs and you never had a face to face? Breaking up was easy via email. There were a few last minute torrid phone calls but you stood firm and called it off the day loan approval was due.
A good loan is hard to find and even harder to close these days. It takes a borrower with a resilient heart to stay in the game. The phrase "I'm sorry it didn't work out for you" was his cue to move on (this time to a local lender) and seek a new loan, a new lender and continue forward with his pursuit for a place to call home.
Norma Toering & Team RE/MAX Palos Verdes Realty
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Norma Toering & Team RE/MAX Palos Verdes Realty
(310) 493-8333
PalosVerdesLifestyle- Norma's award winning site as the best Palos Verdes homes and real estate blog since 2007. Selected by Relocation.com as one of the top ten Los Angeles area real estate blogs. Chosen by MovingCost.com as one of the best Los Angeles realty blogs. Awarded 5 out of 5 stars by Lender411 blog review. Ranked by Technorati in the top 1% of all blogs. As seen in the Daily Breeze newspaper.
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Norma,
Great post. Had the same sorry story happpen to us and thank goodness the local bank is pulling it together. GOD willing we close on Wendesday.
Diane - Congrats to you and I hope our story has a happy ending too.
Luckily there are many good local lenders that can "clean up" the mess created by a bad lender.
Norma, I worked a transaction where the buyers thought they could get a better interest rate via the Internet. They ended up working with a bank in California. They insisted on working with this bank instead of a local lender. Well the deal did finally go through, but after a lot of frustration and months later. Work with local lender who you know and trust. Good Post!
Norma,
Great story! I think it is tough for borrowers to find great loan consultant especially when it is a purchase and the deal has to close. I do think it is the old 80/20 rule especially since lending continues to become more restrictive and more difficult for a borrower to qualify. This is definitely one of the reasons that many have left the business.
I have seen local banks struggle with closing loans and unable to for a variety of reasons, like lack of skillset or products just not their with the flexibility needed to get an exception to close. My belief is that going the referral route can be more successful as the entity is known.