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chris_l42
8 Posts |
 Posted - 03/27/2008 : 1:06:21 PM
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I had a client who has recently decided to not go through with a loan. She had agreed to sign tonight after revieing the hud and loan terms yesterday with me on the phone and on paper. I have it in writing through email as well as a verbal commitment. I printed out her documents and was going to give them to a notary when she decided to call me and say her husband wasnt comfortable moving forward with the loan.
Is there anything i can do in this situation since i spent over 1 month working on this debt consolidation loan? |
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americanheartlan
2037 Posts |
Posted - 03/27/2008 : 1:08:07 PM
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| SOL Buddy...You don't get paid til they sign on the dotted line. |
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katbunk
1129 Posts |
Posted - 03/27/2008 : 1:09:02 PM
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What, like collecting money from them? Forcing them to sign docs?
Happens all the time...............It's called working on commission. |
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williamspeaking
3656 Posts |
Posted - 03/27/2008 : 1:09:03 PM
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| Is this a serious question? |
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ppulatie
1803 Posts |
Posted - 03/27/2008 : 1:09:18 PM
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| No close.....no dough.... |
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katbunk
1129 Posts |
Posted - 03/27/2008 : 1:09:39 PM
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| Oh, you're a realtor. That explains it. |
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mganovsky
1107 Posts |
Posted - 03/27/2008 : 1:09:46 PM
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| Why are you involed with Mortgage loans as a Realtor. But Any way that is part of doing business, some times refi's fall out. And even if they signed they still have 3 working day's to change thier mind also. Best to just move on to the next one. Good luck to ya. |
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CoolMtgGuy
1076 Posts |
Posted - 03/27/2008 : 1:10:03 PM
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Haven't you heard? Laws do not exist to protect mortgage originators, they exist to prosecute and control you!
Sorry ... there is nothing that you can do about it ... and you will not find anyone to feel sorry for you other than your buddies here on BO. |
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neo-logic
381 Posts |
Posted - 03/27/2008 : 1:11:12 PM
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Correct me if I'm wrong, but I don't believe you have any real cause to seek damages.
Verbal agreement can be potentially hear-say and an e-mail transmittal, even if it specifically states her intent, does not equate to a contract.
It's just the nature of our business. Your best bet is to find out what the REAL hesitation is from the decision maker. From the sound of it, it looks like you have to talk directly to husband, and work something out. Maybe it's the cost, the program, the rate, some other influence that you need to handle to finish the loan. |
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caadacjohn
434 Posts |
Posted - 03/27/2008 : 1:11:32 PM
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Being a realtor, Chris probably had no idea that this could happen. Welcome to our world!! Maybe you can tell your real estate friends about what a pain in the arse it can be to work loans and maybe then we can be "appreciated" a little more on that end?
(God does have a since of humor!) |
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CoolMtgGuy
1076 Posts |
Posted - 03/27/2008 : 1:12:43 PM
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| Just realized that you are a Realtor ... are you also a licensed originator too? I thought that only CA allows that with a single license. |
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americanheartlan
2037 Posts |
Posted - 03/27/2008 : 1:14:59 PM
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Does the refi make sense?
Would you do it if you were him? |
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rtrefflich
1777 Posts |
Posted - 03/27/2008 : 1:15:07 PM
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| Welcome to the business |
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dkendall1979
6875 Posts |
Posted - 03/27/2008 : 1:16:51 PM
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That's why being a mtg. broker sucks sometimes. No you don't have to go out and drive idiots all over the place only to be told no, but we don't have agency agreements either.
You're left to your own accord. Sitting, sulking.... using your tears as lube in the night. It's a lonely lonley life, that of the mortgage broker.
quote:
Originally posted by chris_l42
I had a client who has recently decided to not go through with a loan. She had agreed to sign tonight after revieing the hud and loan terms yesterday with me on the phone and on paper. I have it in writing through email as well as a verbal commitment. I printed out her documents and was going to give them to a notary when she decided to call me and say her husband wasnt comfortable moving forward with the loan.
Is there anything i can do in this situation since i spent over 1 month working on this debt consolidation loan?
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neo-logic
381 Posts |
Posted - 03/27/2008 : 1:18:50 PM
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quote:
Originally posted by dkendall1979Sitting, sulking.... using your tears as lube in the night.
Damn that's a hell of a way to turn those sad frowns upside down. |
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engrjon81
357 Posts |
Posted - 03/27/2008 : 1:38:20 PM
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quote:
Originally posted by katbunk
Oh, you're a realtor. That explains it.
lmao |
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caadacjohn
434 Posts |
Posted - 03/27/2008 : 1:41:51 PM
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| Chris?? you still here??? Hello!!!????? |
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MisterVA
4568 Posts |
Posted - 03/27/2008 : 1:49:10 PM
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| The law you are looking for is called "Murphy's Law". Hope that helps. |
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monarchdad
1489 Posts |
Posted - 03/27/2008 : 1:51:45 PM
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quote:
Originally posted by chris_l42
I had a client who has recently decided to not go through with a loan. She had agreed to sign tonight after revieing the hud and loan terms yesterday with me on the phone and on paper. I have it in writing through email as well as a verbal commitment. I printed out her documents and was going to give them to a notary when she decided to call me and say her husband wasnt comfortable moving forward with the loan.
Is there anything i can do in this situation since i spent over 1 month working on this debt consolidation loan?
Yes, go to work for Wal Mart so you will always be paid (just not very much) for your time.
I'm thinking this post might be a yank. |
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cblaskoski
441 Posts |
Posted - 03/27/2008 : 1:54:19 PM
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"Don't pitch the *****."
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808
1212 Posts |
Posted - 03/27/2008 : 2:05:53 PM
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| at least they did it before they signed docs, on your debt con loan (I'm assuming O/O) they could've signed on Monday then called that Thursday and cancelled. Sounds like they might've shopped you at the last minute, the man never usually pulls the plug at the last minute unless he saw a Lending Tree commercial on TV. Welcome to the 'buyers are liars' world of mortgage brokers. |
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caadacjohn
434 Posts |
Posted - 03/27/2008 : 2:16:50 PM
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i just got off the phone with I guy who says a broker offered him a 5/1 at 5.5% with no points or fees on a commercial loan. Says the broker calls him everyday...and promises that this is the "real" deal.
I told the prospect to contact me after he gets sick of being lied to. |
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financeone
606 Posts |
Posted - 03/27/2008 : 2:21:12 PM
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| SOL |
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GVDenny
229 Posts |
Posted - 03/27/2008 : 2:32:20 PM
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I have a feeling Chris is frantically trying to delete this post right now to no avail. LOL, I bet they wish they NEVER posted this! You people are harsh! LMAO!
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anthonyt2325
1307 Posts |
Posted - 03/27/2008 : 2:36:01 PM
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quote:
Is there anything i can do in this situation since i spent over 1 month working on this debt consolidation loan?
Yes....move onto the next loan. |
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monarchdad
1489 Posts |
Posted - 03/27/2008 : 2:39:02 PM
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quote:
Originally posted by GVDenny
I have a feeling Chris is frantically trying to delete this post right now to no avail. LOL, I bet they wish they NEVER posted this! You people are harsh! LMAO!
You can call it harsh - I think we just prefer to operate with the assumption that someone working on a loan has a basic idea of how things work in this business. |
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clarenceworley
3221 Posts |
Posted - 03/27/2008 : 2:42:18 PM
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| Become an appraiser...they get paid regardless. |
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jkurland
260 Posts |
Posted - 03/27/2008 : 2:43:26 PM
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| I'm wondering who paid for the appraisal. |
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CoolMtgGuy
1076 Posts |
Posted - 03/27/2008 : 3:34:32 PM
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"I think we just prefer to operate with the assumption that someone working on a loan has a basic idea of how things work in this business.".
I guess we could dream ... strange things can happen sometime ... like that pregnant man on TV yesterday! |
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lunarhamster
2204 Posts |
Posted - 03/27/2008 : 3:55:17 PM
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Is this a serious question?
You are the Realtor? not a snowballs chance.
Unless the Buyer signed a buyer/agent agreement outlining certain fee's regardless of the outcome, but your question seems more loan related than Realtor related, even if they did sign something, it's a dic* head move to pursue it, let it go, move on to the next one that will close. |
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monarchdad
1489 Posts |
Posted - 03/27/2008 : 3:59:58 PM
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quote:
Originally posted by lunarhamster
even if they did sign something, it's a dic* head move to pursue it, let it go, move on to the next one that will close.
Wow, I think I want to party with you cowgirl. |
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fsboguy
3341 Posts |
Posted - 03/27/2008 : 4:01:30 PM
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| You can ***** about it on a message board. Sometimes we work for free. Welcome to the mortgage biz. |
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KHufford
3088 Posts |
Posted - 03/27/2008 : 4:03:39 PM
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THE MORE IMPORTANT ISSUE IS WHAT ARE THE BENEFITS OF THE LOAN FOR THEM?
If there are benefits, and you cant sell it enough have someone talk to them for you -take over close -
Ill do it for you if need help! Sometimes people just need a different voice.
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Banker0679
6367 Posts |
Posted - 03/27/2008 : 4:07:45 PM
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haven't you heard of Roe Vs Wade?
Dude you lost a long time before you even took the app |
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kpulcini
3 Posts |
Posted - 03/27/2008 : 4:28:31 PM
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| HAHA |
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FLMike
465 Posts |
Posted - 03/27/2008 : 4:46:05 PM
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quote:
Originally posted by katbunk
Oh, you're a realtor. That explains it.
So true in so many ways....
I used to be a realtor and had to get out because I couldn't work with people like that. It was like they lived in a totally different world then the rest of us. I’ve only seen a hand full of realtors that are worth a $#!t.
Before I took the class and state test I would hear people talking about how hard it was to become a realtor. Keep in mind that I suck at taking tests and made a 95% on the class test and even higher on the state test. I’ve never seen a group of people that are so clueless.
Once I tried to work with a realtor from Coldwell Bankers and sent her one of my clients, which she promptly tried to steer them into using their financing. The client was very loyal and told me what she was trying to do. When I called the realtor on the carpet she asked me what my rate was, after telling the client they could beat my rate, not knowing anything about them and quoting rates.
I was the one that was giving her the client in the first place, putting money in her pocket. I had more to send her way as well. I call it stepping over a dollar to pick up a penny. I had seven clients at the time I was going to send her if all went well and she lost them all over trying to screw me over on the financing for the client I sent her.
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dkendall1979
6875 Posts |
Posted - 03/27/2008 : 4:47:13 PM
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Great post!
quote:
Originally posted by kpulcini
HAHA
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cblaskoski
441 Posts |
Posted - 03/27/2008 : 4:53:57 PM
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quote:
Originally posted by dkendall1979
Great post!
quote:
Originally posted by kpulcini
HAHA
nice. moded. |
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mortgagemessiah
6635 Posts |
Posted - 03/27/2008 : 4:54:17 PM
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| Excellent observation Dave! |
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Banker0679
6367 Posts |
Posted - 03/27/2008 : 4:56:46 PM
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great 1 post
quote:
Originally posted by kpulcini
HAHA
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CoolMtgGuy
1076 Posts |
Posted - 03/27/2008 : 4:58:33 PM
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"Once I tried to work with a realtor from Coldwell Bankers and sent her one of my clients, which she promptly tried to steer them into using their financing.".
Anyone considering referring clients to agents at most of the larger real estate companies should know that the agents are pressured to use their inhouse mortgage source. Many of them openly tell their agents "You do not get internal leads if your do not refer business to our mortgage people".
Be careful out there ... it can eat you alive! |
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toddblue
981 Posts |
Posted - 03/27/2008 : 5:02:49 PM
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Chris,
I can offer my services and consult you on what you should do next. I require a small, up-front, due diligence fee.
Oh, what the heck. I'll give you your first consultation free:
Stick to Realtorizing. Leave the loans to the pros. |
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terrapin52
61 Posts |
Posted - 03/27/2008 : 5:03:58 PM
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It's unusual for a realtor to steer a client that you referred to her, but if your clients find their own realtor, you have about a 10% chance of closing it! You MUST get a good, loyal realtor for as many of your clients as possible or kiss them goodbye!
quote:
Originally posted by FLMike
quote:
Originally posted by katbunk
Oh, you're a realtor. That explains it.
So true in so many ways....
I used to be a realtor and had to get out because I couldn't work with people like that. It was like they lived in a totally different world then the rest of us. I’ve only seen a hand full of realtors that are worth a $#!t.
Before I took the class and state test I would hear people talking about how hard it was to become a realtor. Keep in mind that I suck at taking tests and made a 95% on the class test and even higher on the state test. I’ve never seen a group of people that are so clueless.
Once I tried to work with a realtor from Coldwell Bankers and sent her one of my clients, which she promptly tried to steer them into using their financing. The client was very loyal and told me what she was trying to do. When I called the realtor on the carpet she asked me what my rate was, after telling the client they could beat my rate, not knowing anything about them and quoting rates.
I was the one that was giving her the client in the first place, putting money in her pocket. I had more to send her way as well. I call it stepping over a dollar to pick up a penny. I had seven clients at the time I was going to send her if all went well and she lost them all over trying to screw me over on the financing for the client I sent her.
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racerx
10225 Posts |
Posted - 03/27/2008 : 5:05:15 PM
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Since everyone else is picking on Chris, I may as well join in.
Your title should read: "Are there any laws..."
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mortgagemessiah
6635 Posts |
Posted - 03/27/2008 : 5:07:52 PM
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quote:
Originally posted by chris_l42
I had a client who has recently decided to not go through with a loan. She had agreed to sign tonight after revieing the hud and loan terms yesterday with me on the phone and on paper. I have it in writing through email as well as a verbal commitment. I printed out her documents and was going to give them to a notary when she decided to call me and say her husband wasnt comfortable moving forward with the loan.
Is there anything i can do in this situation since i spent over 1 month working on this debt consolidation loan?
Nope! Welcome to the real world. You've got to suck it up and take it like a private in the Greek Army! |
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FLMike
465 Posts |
Posted - 03/27/2008 : 5:11:25 PM
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This particular realtor went to my church and our kids went to the same school within the same parish together since kindergarten, our kids were in middle school at the time. Who would have thought?
quote:
Originally posted by terrapin52
It's unusual for a realtor to steer a client that you referred to her, but if your clients find their own realtor, you have about a 10% chance of closing it! You MUST get a good, loyal realtor for as many of your clients as possible or kiss them goodbye!
quote:
Originally posted by FLMike
quote:
Originally posted by katbunk
Oh, you're a realtor. That explains it.
So true in so many ways....
I used to be a realtor and had to get out because I couldn't work with people like that. It was like they lived in a totally different world then the rest of us. I’ve only seen a hand full of realtors that are worth a $#!t.
Before I took the class and state test I would hear people talking about how hard it was to become a realtor. Keep in mind that I suck at taking tests and made a 95% on the class test and even higher on the state test. I’ve never seen a group of people that are so clueless.
Once I tried to work with a realtor from Coldwell Bankers and sent her one of my clients, which she promptly tried to steer them into using their financing. The client was very loyal and told me what she was trying to do. When I called the realtor on the carpet she asked me what my rate was, after telling the client they could beat my rate, not knowing anything about them and quoting rates.
I was the one that was giving her the client in the first place, putting money in her pocket. I had more to send her way as well. I call it stepping over a dollar to pick up a penny. I had seven clients at the time I was going to send her if all went well and she lost them all over trying to screw me over on the financing for the client I sent her.
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assassin17
2619 Posts |
Posted - 03/27/2008 : 5:13:16 PM
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quote:
Originally posted by chris_l42
I had a client who has recently decided to not go through with a loan. She had agreed to sign tonight after revieing the hud and loan terms yesterday with me on the phone and on paper. I have it in writing through email as well as a verbal commitment. I printed out her documents and was going to give them to a notary when she decided to call me and say her husband wasnt comfortable moving forward with the loan.
Is there anything i can do in this situation since i spent over 1 month working on this debt consolidation loan?
Next time charge a non-refundable Application Fee, disclosed in advance. Of course, you will lose loans to those of us who do not. |
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