Mistakes To Avoid When Communicating With Lenders

One of the major reasons several Real Estate Agents find it troublesome to negotiate with a lender is because they do not employ the 3Cs of effective communication. Be Clear, Be Concise, Be Courteous. Through feedback from Real Estate Agents, Loan Modification and Short Sale Negotiators, the following list has been identified as the Top 10 Mistakes one should avoid when dealing with a lender

1) Forgetting your question – Be ready once you call the lender. Write your queries down on a notepad to ensure you do not waste your time or the lender’s time and to avoid having to call them back. Hold times will be long and getting through to a negotiator on the phone isn’t continually easy.

2) Not being clear with your query – Lenders don’t have time to work out on what it’s you’re asking. Be clear with your query and don’t try to beat round the bush for information you know they’ll not provide to you. Conjointly, don’t ask obvious questions that you ought to already know.

3) Not being concise with your query – There’s no need for you to embellish or offer a long winded explanation to the lender. Be straight to the point and you may notice the lender can respond in the identical manner. The more efficient you are, the better the communication will be with the lender.

4) Not having the ability to answer a question from the lender – Be positive you know the small print of your transaction in and out. Getting a hold of the lender is not the best thing, therefore when you are doing get through, be sure you’re well prepared with any information they may need.

5) Providing false information – When collecting documentation for the short sale submission, double check to make sure you verify all information. Any mistakes will simply delay the approval process.

6) Being Rude – During these stressful times, it is very vital to keep your cool. Being rude and demanding things to happen can not make things move faster. Lenders can be additionally accommodating to your needs if you’re gracious to them.

7) Showing frustration and impatience – Your buyer is pressuring you to hurry up and get an approval. Don’t allow them to push you to show your impatience when calling for status updates from the lender. If you set the proper expectations up front, your buyer ought to know that the process is in play and it can take slowly to get an approval. Give your patrons frequent updates to help them stay calm.
Being arduous to reach by phone or email – Lenders do not have a heap of time to keep trying to get a hold of you. Be responsive to each call or email they send to you. If they see you’re on top of the file, they can respond in the similar way.

9) Telling them how to do their job – Never ever tell the lender what they should be doing or why they must settle for your offer. This will just offend them and can make negotiations more difficult. If you think something ought to be done a certain way, justify it as a suggestion and with that it would improve the whole transaction, aiding to a successful solution.

10) Arguing to win a point – Do not argue with the lender on why they must take an offer or that the information on their systems are incorrect. Sometimes you will call and acquire completely different status updates or info might not have been communicated properly. Keep your cool and help them to perceive the problem.

Another great article by Metcalfe Real Estate