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
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