Mistakes To Avoid When Communicating 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.

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) Being inconsistent with your question – There is no need to embellish or offer an extended winded explanation to the lender. Be straight to the point and you’ll notice the lender will respond in the identical manner. The more efficient you are, the more effective the communication can 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 – 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 of impatience – Your buyer is pressuring you to hurry up and get an approval. Don’t let them push you to show your impatience when calling for status updates from the lender. If you set the right expectations up front, your buyer should recognize that the process is in play and it will take it slow to urge an approval. Keep your clients updated at all times.
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 must be doing or why they have to accept your offer. This only offends them and can make negotiations tougher. If you think one thing should be done in a specific approach, explain it as a suggestion which it might improve the entire 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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MLA Style Citation:
Guest, Guest "Mistakes To Avoid When Communicating With Lenders." Mistakes To Avoid When Communicating With Lenders. 10 Feb. 2010. uberarticles.com. 10 Feb 2012 <http://uberarticles.com/real-estate/mistakes-to-avoid-when-communicating-with-lenders/>.

APA Style Citation:
Guest, G (2010, February 10). Mistakes To Avoid When Communicating With Lenders. Retrieved February 10, 2012, from http://uberarticles.com/real-estate/mistakes-to-avoid-when-communicating-with-lenders/

Chicago Style Citation:
Guest, Guest "Mistakes To Avoid When Communicating With Lenders" uberarticles.com. http://uberarticles.com/real-estate/mistakes-to-avoid-when-communicating-with-lenders/

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