I've said it before, you know i'm gonna say it again....choosing a lender in San Antonio, Texas
I had the unfortunate experience today of getting yelled at by a buyer who chose their own lender. I'm not proud of it, i'm by no means happy BUT, I can honestly say, I didn't do anything wrong...
I'm not saying you have to use the lender I refer to you by any means, but PLEASE do not yell at me when your lender fails you. I will honestly say to you "I'm sorry!" Do you expect more? Why?
I work with lenders everyday. I don't get a "kickback" from any of them, I don't get a commission, I don't get a new buyer, I don't get a steak dinner, I don't get a trip to the Caribbean, that's not the way I work.
So, what do i get for referring a lender to you, Mr. & Mrs. Buyer?
I get peace of mind. That's enough. TRUST ME! I get peace of mind that you will be taken care of by someone I have done business with before, someone I trust, someone that works on commission & is hungry for your business, wants your business & appreciates your business. Someone that you will want to do business with AGAIN and AGAIN, in the words of Paris Hilton, "that's huge...." I agree with her, it's HUGE!
I know some folks don't know the questions to ask of a potential lender, so start with these:
- Are you in the same city as me?
- Will all the individuals I work with (processors, underwriters, etc. ) be in the same city?
- Can we meet face to face?
- Do you work on the weekends?
- If I were to call on a Friday evening @ 5:00, how long would it be before I got a return call?
- If you request paperwork of me, what's the average turn around time to review it?
- How many loans has your company closed ON TIME this month?
Ok, that's plenty, enough to get you started at least. The above is what get's things delayed in a loan & when I say delayed, I mean DELAYED! Delayed to the point of everyone involved in the transaction (besides the lender who's 5 states away) frustrated beyond belief, the buyer's anxious, the seller's frustrated & the agent baffled...
What to do, what to do, what to do???? I'll tell you what to do!! Listen to your agent!
Kristin Moran
Specializing in San Antonio & surrounding cities
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RE/MAX Access - Realtor®/Owner
KristinMoran@Remax.net 210.313.7397 www.SistersThatSell.com
Buy a home from me, use the truck to move for free!
It is so much easier working with a lender of your choice no doubts about it. When you get an out of the area lender I have had them be terrible and good, they ask a lot more questions and I have to find things out for them as well.
I know when I send clients to my lenders I will be getting a straight answer.
Kristin, I love this list of questions so much that I am going to use them in the buyer packet I hand out. Nice job. I wish you luck on the closing.
Great well written post. This industry is all about relationships with the common goal. My lender bends over backwards for my clients because I will keep referring her.
Wise words from a wise woman...too bad they think they don't need to listen!
You should have this post with you at all times. Give it to your buyers and your listings for that matter. Thats why its good to have Realtors on your side.
Kristin,
I had some buyers who recently selected their lender and had several disappointments along the way. The deal got funded, it cost them more money, and they admitted that they wished they had more strongly considered lenders I recommended. I get nothing from the recommended lenders either, other than some assurance that every thing will be done to get the transaction completed on time and with only reasonable expenses charged to my clients.
Just stopped by to let you know that there's an ActiveRain Super Bowl Party going on. Stop by if you have a chance.
Kristin,
Have a deal on my listing that is about to fall apart - thanks to the out-of-area, unknown lender the buyers used. I've given their agent several alternatives and am keeping my fingers crossed.