Below is an email I just received and it is not the first time either. I have some close lending relationships who deliver over and over again, yet even they have been blindsided recently on values and just plain old BULL.
I had a high 700 credit score Buyer with 50% money down on a $800k property looking for a 15 year mortgage.....the questions he was asked over and over almost caused he and his family to reconsider......just nuts!
Dan,
Thank you for all the time you have spent with us. You have been there when we needed and you have surely shown us properties that would meet our needs.
We tried, but we cannot continue to deal with the constant uncertainty of whether we will be able to settle on a home since the Lenders we have dealt with seem to come up with more and more questions and deliver no answers. We thought we had ket our credit in good order and while that used to be enough, the Lender keeps questioning the values of every property, we are very frustrated.
We hope that we can resume the search next year and hope you understand, we will use you I hope you know that.
I feel the frustration, however I have never experience any "be back" clients.
A long time lending partner in my area started this practice a few years ago. I went in search of a few different lenders and I no longer have that problem. When one back told a particular couple NO they transfered their package to the bank I suggested and we closed in 13 days,.
The lender world if different, unfortunately that is the new normal. Properly educating the client, as to the process and the time it will take is extremely important.
Rob,
I have and the feeling is great.
Tammy,
It certainly makes our job more.....adventurous, LOL.
It always starts at the beginning.....if we are not diligent then we are only making our job that much harder.