Electric Loan Officer

Category - Credit Help

Big bank drama | Your gonna laugh when you read this one!

angry-with-your-mortgage-bank

So today is the Friday before a big holiday weekend, Memorial day 2012 to be exact, and I get a phone call from a potential home buyer who wants to write an offer on a short sale. Sounds completely normal so far right? Just another routine thing in a Phoenix Loan Officer’s work day, WRONG! Let me just set the stage a bit, some listing agents have preferred lenders that they know are trust worthy and that can be relied upon, wierd right a trusty loan officer? Anyways with a particular agent I work with, borrowers are required to get prequalified through yours truly so that they can write an offer on this particular agents listings.

The borrower was already prequalified by the big bank that they work for, so that this cannot be considered “slander” I am going to leave the name of the bank out of this. The potential home buyer happened to be a loan officer at a big bank, and when he called me I could immediately tell that he was frustrated. He told me that he wanted to write an offer on this property but didn’t think it was necessary because he was already approved through a big bank (not even the big bank he was working for which is kind of strange) but none the less, I go about explaining to him that the listing agent has a fiduciary duty to protect her seller and prevent the sellers home from going into a foreclosure. I continued talking about how if a lender was to “drop the ball” that there is a chance the house could go into foreclosure and that he needed to get prequalified through me to move forward.

Fast forward a couple minutes into this conversation and he says, this is illegal. I tell him, no, its abosolutely NOT illegal… I tell him that you are not required to close the loan through my company Nova Home Loans, you are just required to get “prequalified” so that we know you are legitimately capable of obtaining financing. I asked him if he would like to move forward and he tells me, “no, I am going to call the agent myself, this is BS and I am qualified for DOUBLE this asking price anyways”. I proceeded to tell him to have a wonderful day and with a smile on my face I hung up the phone.

Buuuuttttt that’s not all…. A couple hours later my loyal listing agent calls me and says you are NOT going to believe whats going on. I said “what”? She went on to tell me that the loan officer told his agent that they were going to report us for illegal activity and that he recorded the phone call. I started busting up laughing, I am not even kidding right now it was one of the most hilarious things that I had ever heard. Why you ask? Let me explain, because the very own BIG BANK that he works for requires you to get prequalified through one of their Loan Officers before you can write an offer on one of their REO properties!

It just goes to show you how much these guys really know over there, let me just tell you these guys are true professionals… All the more reason to do your diligence when representing a seller on a short sale transaction. Anyways I am out to have a pina colada by the pool and start my weekend. Be safe, and if you have anyone who needs a laugh, send them this via the share bar to the left!

-Justin, The Electric Loan Officer

Need a Loan Officer you can rely on?

Whether you’re an agent or a borrower, fill out the form below and let me know how I can best serve you!

[gravityform id=”8″ name=”New Blog Lead!” title=”false” description=”false”]

Contract Acceptance | Are you tired of getting your offers turned down?

help-button

I would have to say that if you are a home buyer in the Phoenix Real Estate market, “contract acceptance” are the magical words that you are waiting to hear from your Real Estate agent. For lack of better words, it’s tough out there! If you have read any of my previous blogs such as “Bottom of the Market” you would know that now is the time to buy, that is if your real estate agent is skilled enough at their job to get you contract acceptance.

Yes, I really did just say that… With the competition right now it may be time to ditch your uncle Bob who is a part time realtor and work with someone who specializes in getting purchase contracts accepted. “Well I thought all real estate agents were the same” you ask, my answer is absolutely NOT. I am fortunate as a Phoenix Loan Officer to work with fantastic agents as well as terrible ones, I have seen it all believe me! I have a handfull of Phoenix Real Estate agents who can take a buyer out right now and show 5 houses, they find “the one” then write a contract at what the agent tells them it needs to be written at in order to get contract acceptance and then BOOM we are on our way to getting the buyer the keys. After all, we don’t like to waste gas and drive around in the heat looking at homes for kicks and giggles right?

There is something that sets the top producing buyers agent apart from the rest, I could go on and on about what they do but that is a story for another time. If you are like most home buyers right now you are frustrated and tired of getting your offers turned down, you might possibly be losing a little bit of confidence and asking yourself “maybe I just wasn’t meant to be a homeowner”. The vast majority of people will be lazy and will not take action to change this, but the smart homebuyers are the ones who will see what options are available. If you long for contract acceptance then contact me now and I will discuss with you what options you have as a homebuyer.

As always, if you know a friend who has been shopping for a home FOREVER and getting a bit frustrated, do them a favor and email them this article you may be answering their prayer!

-Justin, The Electric Loan Officer

Need a Loan Officer you can rely on?

Whether you’re an agent or a borrower, fill out the form below and let me know how I can best serve you!

[gravityform id=”8″ name=”New Blog Lead!” title=”false” description=”false”]