Lately, in the real estate business, it seems that most have forgotten their history.
While the current market is a bit slow, next year will be different, etc.
Some entities don't help themselves when it comes to future business.
Case and point. We have been working with a couple for the past couple of years in helping them buy a home in Santa Clarita Valley. As an aside, my connection point with them was that he and I worked LAPD together.
During that time, we were in escrow, they had second thoughts and we were able to have escrow canceled while they were able to retain their deposit. (BTW, we have never had a client's deposit forfeited to the seller when a buyer of ours wanted to cancel...)
After that scenario, I kept in touch and they wanted to hold off on buying, they signed a lease and they contacted me a year later.
We talked, they were ready to move forward with a property in Ventura and I set them up with a search and was ready to show them listings.
In fact, I reached out to see if they received the listings that I had sent to see when they wanted to go.
And just like that, they stated that they were referred to an agent by Navy Federal Credit Union.
I was confused. I had worked many times where the Navy Federal Credit Union was on the lending side of the transaction.
And that was with my own buyers.
I'm not the type of real estate agent that takes business away from capable lenders.
So, when Mag and Steph came to us so long ago and stated that Navy Federal Credit Union was their lender of choice, I was still good with their decision.
I was taken back. We had worked with this couple and their family for a long while. I know they were happy with the service they had received.
I know it's a buyer's choice to chose the agent they want. However, it's not fair play when the Navy Federal Credit Union refers out their "chosen agents" when they are aware the borrowers already are working with a Realtor.
This was an incentivized decision, I'd bet you. The agent is "preferred" by the Navy Federal Credit Union, as we were at one time with the Los Angeles Police Federal Credit Union.
However, the LAPFCU never took a single client of ours from us and gave them away to another. Even when our relationship was over as our preferred lender, they never took business from us and gave it to one of their "preferred" real estate agents.
Honor is still in our midst.
But, what happened to the NFCU? Why would they have even started down that path when our clients told them they were working with us?
Maybe our clients weren't forceful enough. I see it day in and day out. The pushy salesperson, the fast-talking so and so, maybe that was the case with Navy Federal?
It could have been that our clients did not like us anymore. After working together for years, then helping them buy real estate, maybe that was the issue? Of course, they did call to let me know that Navy Fed referred them to one of their preferred agents.
One of the things that come up from time to time, where people forget the discussion, is that you have a choice of who you work with when buying real estate.
In most cases, it's the real estate agent informing their client of the typical loan costs and where to get their best deal.
After that, it's typically the agent making the referral to a lender.
If the buyer has a lender in place, these are the questions the agent will send to them while cc'ing you on the same email.
- Are you available after hours?
- Are you available on holiday?
- If we were to find a home and needed an updated approval letter matching the amount of our offer, would you be able to do it on an evening at 8 pm when you are away from your office?
- Are you able to provide an Underwriter Approval for this client? (the strongest form of approval)
- Do you give your clients your cellular phone and do you answer it when not at the office in case there are loan questions?
Most times, we are not in a hurry when buying a home. However, there are some cases when a property hits the market, we can only view it during the open house, the clients are in love with it and we need to get everything packaged and sent over Sunday night before 8 pm.
If the lender is not available or able to scribe a new pre-approval letter with the amount matching our offer, our presentation gets delayed.
We have noticed at some Credit Unions, they are form fillers only. The personal interaction and being able to do work off-site is not allowed, nor tolerated, and not able to be done even if the employee wanted to do it.
I know the point I'm trying to make. You need a lender that is competitive, does not have massive overhead, has not overextended his business credit lines and has a "team" attitude.
Today our clients are in a home in Ventura and happy. That is all I wanted in the first place. I heard through the rumor mill they did not care for their agent, that bothered me because they are such good and trusting people.
I just completed a Transaction in Port Hueneme, very close to the military base. The client that used us interviewed the Navy Federal Credit union but chose to work with Chase.
The best think about the property that I sold him was the fact it's going to make a great rental in the future. You see, when I'm representing a home buyer, I put myself in their situation combined with my experience.
It's like I'm spending my own money. I want a property to check as many boxes as possible. Being suitable for a future rental or vacation rental is a couple of biggies. I was also able to get this property for our clients after a massive price reduction, we were the first in and bought it because it was a great fit.
Navy Federal Credit Union, I'm saddened and had hoped we could have a great relationship when people come to us wanting to work with you as their lender.
I'm Connor with Honor and I'm glad to be at your service. I will never talk you out of using your preferred lender, however I will double-check their fee's, interest rates and availability, so I can be confident you are getting your very best deal.
Thanks for reading my rant from the Santa Clarita home experts.