Austin TX Real Estate - Hill Country Austin Lakeway Homes for Sale: My Job Has a Longer Description Than Your Job!

My Job Has a Longer Description Than Your Job!

You do Your Job and I'll Do My Job!

This is something I was told during a recent transaction. I had told the lender to not order the appraisal until after the inspection period was over. I always tell lenders this because I don't want the buyers' appraisal money to be used if they decide to back out after the inspections.  The day before inspections, the lender confirms the appraisal was ordered. WHAT?!  Why would you do that.

buyers and mortgage finacning wells fargoHe starts asking the buyer if they would back out, and they kept saying they weren't sure because they didn't have inspections yet. The lender kept telling them not to worry because it would only matter if they backed out. EXACTLY!!  The buyers could back out for any reason they want during their inspection period.

I called the lender and told him to cancel the appraisal because we weren't sure we were moving forward. There were a couple of issues that needed to be negotiated with the seller.

"You do your job and I'll do my job"... Excuse me, but the biggest part of my job is to make sure my buyers have a smooth transaction. There is nothing smooth about a lender spending money that isn't theirs in order to potentially lose it if the buyers decide to buy a different house.  It is also my job to keep the buyers calm and they are not calm when someone else is spending their money when they've been told not to!

My job has a very long description, much longer than a mortgage person's job. Don't tell me to do my job when you can't even do your own job. I'll write the story next week, but this transaction closed more than 2 months late because this mortgage person didn't know how to do his job!! My poor buyers stuck it out. Stay tuned for the story and the Wells Fargo bashing!!

**Are You Packed Yet?**

donna harris Realtor Austin TX blog

Donna Harris, REALTOR®
RE/MAX Austin Skyline
www.DonnaHomes.com

Donna@DonnaHomes.com
austin-texas-homes-for-sale.com

Austin TX Real Estate and the surrounding areas of Lakeway, Bee Cave, West Lake Hills, CedarPark, Round Rock, Spicewood, Circle-C, Steiner Ranch, and everywhere in between... Hill Country Austin TX Real Estate and beyond. Whether you're buying or selling an Austin home, I'll be with you every step of the way. 

For real time Austin TX listings,click here.

** Multi-Million Dollar Producer Year after Year **
** Platinum Top 50 Finalist 2011 out of almost 9000 agents in Austin TX**
** Five-Star Professional 2011 & 2012 **
** RE/MAX 100% Club **

Copyright© 2012 By Donna Harris, All Rights Reserved. You may re-blog with links back to this post.
* My Job Has a Longer Description Than Your Job!
* was first published on donnahomesblog.com.

Comment balloon 12 commentsDonna Harris • November 03 2012 10:33AM

Comments

Hi Donna. That's a mortgage lender that I would never recommend using to anyone. I am sorry, but he had no right to order that appraisal until you gave him the "Green Light". Agents never what their buyers to spend money that is not necessary. I am sure he was not going to refund any appraisal fees if your buyers decided not to move forward during the option period.

 

Posted by Jerry Newman, Texas REALTOR, San Antonio Military Relocation (Brown Realty, 210-789-4216,www.JeremiahNewman.com) almost 7 years ago

Don't you have a deadline to remove all contingencies including the loan contingency?  That's hard to do without the appraisal.  Try pre-listing inspections so you don't enter a transaction thinking it'll be killed. 

Posted by Lloyd Binen, Silicon Valley Realtor since 1976; 408-373-4411 (Certified Realty Services) almost 7 years ago

Donna,  I echo what Jerry said. I would never recommend that lender and I would let him know it. I look forward to reading your story and the Wells Fargo bashing.

Posted by Kathleen Daniels, San Jose Homes for Sale-Probate & Trust Specialist (KD Realty - 408.972.1822) almost 7 years ago

A bad lender's representative will delay and or cause the transation to tank for sure.

Posted by Tim Lorenz, 949 874-2247 (TIM LORENZ - Elite Home Sales Team) almost 7 years ago

Jerry, Nope, no refund, and he actually had to purchase two appraisals because they messed up so bad, the property had 3 appraisals!

Lloyd, The appraisal has to do with the house and not the borrow. Our finance contingencies are all about "Credit Approval" and nothing to do with the house like appraisals, survey, liens, etc... If something about the house prevents the buyer from obtaining their financing, their earnest money is protected as it's beyond the control of the buyer.

Kathleen, The story is a good one... frustrating and infuriating, but a good one. We closed yesterday.

Posted by Donna Harris, Realtor,Mediator,Ombudsman,Property Tax Arbitrator (Donna Homes, powered by JPAR - TexasRealEstateMediationServices.com) almost 7 years ago

That would really burn my back side! Now let me get this right...that lender said "do your job"? If so that's fighting words! I am sitting here shaking my head!

Posted by Sussie Sutton, UTR TEXAS Realtors - Rep for buyers and sellers. (UTR Texas Realtors) almost 7 years ago

In my opinion, a true professional (in ANY industry but PARTICULARLY one involved in a real estate transaction understanding that it takes ALL parts working together to make it work) would never resort to stating "You do your job..." That is a very weak comment and not conducive to the team mentality that a real estate transaction demands from all involved. If I specifically told a lender to NOT order an appraisal and they did it anyway...that would DEFINITELY be the last time I used him.

Posted by Ken Brandon, Camp Lejeune, Jacksonville, NC (Coldwell Banker Sea Coast Advantage (Jacksonville, NC)) almost 7 years ago

Donna, I never order the appraisal until the buyers have told me that they have completed the inspection and they are ready to move forward.  I don't like when someone tries to spend my money, and I refuse to do it to anyone else.

Posted by Kathy Sheehan, Senior Loan Officer (Bay Equity, LLC 770-634-4021) almost 7 years ago

Totally agree with the sentiment that communication must be open ... and that the transaction's professionals must work as a team.  Especially so, given you asked the Lender to NOT order the appraisal.  That should have been enough of a reason, but also served as a red flag that issues might arise.  Just bad business on their part ...

Gene

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) almost 7 years ago

Sussie, I couldn't believe he said it either...

Ken, Very weak, and shows him that he has no idea what my job is since it is my job to communicate with him.

Kathy, Exactly!

Gene, The entire transaction was bad business, and will never use this guy again!

Posted by Donna Harris, Realtor,Mediator,Ombudsman,Property Tax Arbitrator (Donna Homes, powered by JPAR - TexasRealEstateMediationServices.com) almost 7 years ago

Where was he coming from?  No regard for the buyer's money and total disrespect for you.  Surely not a team player.  Glad to hear you got it closed!

Posted by Dori Kay, TEMECULA, CA RealtorĀ® (REALTY ONE GROUP SOUTHWEST) almost 7 years ago

Donna,

Where did this guy come from?  Was he recommended to your buyers or was it someone you knew, but hadn't used before?  I've been using the same 2 Lenders for over 20 years - they have never let me or most important, my buyers down.   

Posted by Debbie Cook, Silver Spring and Takoma Park Maryland Real Estate (Long & Foster Real Estate, Inc) almost 7 years ago

Participate