Guiding a new client to a trusted lender

**wolfneyetna** · 08-17-2009, 08:40 PM

Two deals with 1st time buyers were stalled for over a month before they finally closed - 8 weeks after contract in one case, 10 weeks in another - because they found (incompetent) lenders prior to meeting me.

How to let prospects know that using a random loan officer can royally screw up a deal? And that a trusted, experienced loan officer can sail their deal through in record time?

I've been struggling with this one for months.

One of the aforementioned buyers suggested I write a blog post... and lightly "suggest" that new buyer clients read it. Great idea!

It's a bit long; but it tells a Jekyll/Hyde story that seems (to him and me, anyway) compelling. I'll post it here... feel free to refer your buyers to this post - might save you a few gray hairs!

Can a Good Loan Officer Make a Difference?

What do you think? Better ideas? Blog post critiques welcome....

**MinnesotaPropertiesOnline** · 08-19-2009, 08:22 PM

I think all of us agents struggle with this all too often. Buyers always seem to trust "their lender" more than anyone/anything. I can never quite figure this one out. Too many times I find my self saying..."All I know is that often buyers are told one thing, and then when they talk to (My guy) he often finds way to make it work. You're only weeks away from moving into this home, I really think you should spend 15 minutes on the phone with him to see if ther really are no other options."

**Greg** · 08-20-2009, 06:27 AM

It is not just first time buyers. We deal with out of town buyers and they want to use their lender from back home. It rarely goes smoothly.

**wolfneyetna** · 08-20-2009, 02:36 PM

Yep... out-of-state lenders tend to be the worst. The case I described on my blog was a Texas lender... that had no idea about Ohio real estate laws or conventions.

Right toward the end of the long, arduous process they insisted we needed a survey... I responded that of over 100 homes I'd sold in the last 5 years, only one lender required a survey... because the land the home sat on was zoned agricultural.

I think there's way less accountability when the lender is out-of-state.