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Top Mistakes To Avoid When Negotiating With Lenders |
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One of the foremost reasons why several Real Estate Agents find it difficult to communicate with a lender is because they do not apply the 3Cs method of effective communication. Be Clear, Be Concise, Be Courteous. Through feedback from Real Estate Agents, Loan Modification and Short Sale Negotiators, the list below has been identified as the common mistakes that should be avoided in dealing with lenders.
by TaraMillar
One of the foremost reasons why several Real Estate Agents find it difficult to communicate with a lender is because they do not apply the 3Cs method of effective communication. Be Clear, Be Concise, Be Courteous. Through feedback from Real Estate Agents, Loan Modification and Short Sale Negotiators, the list below has been identified as the common mistakes that should be avoided in dealing with lenders.
1) Forgetting your queries - Once you call the lender, be ready with your questions. Write them 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 can be long and getting through to a negotiator on the phone is not continuously easy.
2) Asking vague questions- Lenders don't have time to figure out what it's you're asking. Be clear along with your questions and not beat around the bush for info you know they may not give to you. Also, do not ask obvious questions that you already know the answer to.
3) Not being concise with your question - There is no need to embellish or offer a protracted winded explanation to the lender. Be straight to the point and you'll find that the lender will respond in the same way. The more consistent you are, the more effective the communication will be with the lender.
4) Not being able to answer a question from the lender - Be certain you recognize the every detail of your transaction in and out. Getting a hold of the lender isn't the easiest, so when you have gotten through, make sure you are well prepared with any data 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 - Throughout these stressful times, it's extremely necessary to keep your cool. Being rude and demanding things to happen will not make things move faster. Lenders will be additionally accommodating to your needs if you are courteous 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.
8) 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 with the lender- Do not argue with the lender as to why they must take the offer or that the data on their systems are incorrect. Typically you'll call and get completely different status updates or information that were not communicated properly. Keep your cool and help them to perceive the problem.
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