It's not as much of loaded question as you may think. However, it is interesting to pose to those of you that have been lied to by either. Sometimes real estate agents lie when whey have done something wrong. They also lie when they have not done some something that they should have. At the forefront - they throw around the word expert around because it's free and there is little or no verification as to if it really applies.
Banks can lie to. You are dealing with human beings during that process. Sometimes they may tell you there is no "handling fee" or that your "late fee" has been waived. They may also tell you things like they have your best interests at heart and that you should have them help you with a loan modification and that you should not worry about short selling your home.
That last issue is the case and point of this post. While I am sure no bank would "on purpose" mislead their clients about the possibilities of a Loan Modification or even a principal reduction. Some do. We have had our clients call us up and tell us about a letter they received from their bank in the mail. The bank promises on the letter to do their best with regard to a loan modification or principal reduction. All they need is to be allowed to help, (so says the letter).
The interesting thing about each time this has happened to our clients, is that this was not the first time they had been down the Loan Modification road. In most of the circumstances, they had tried before. They had also been denied before. Now that the property is listed as a short sale - the letters and offers start again. We only want the best for our clients. We only want our clients to get what they want. That is the bottom line. If one of our clients can save their home and have their loan modified to fit terms that are comfortable with - then The Paris911 Team wants that more than anything.
However, shame on some of the banks that seem to lie to those clients that have encountered life changing events with regard to their employment, life etc - that is having a direct impact on their mortgage. Shame on them!!!!
We have been working full time in real estate since 1998. We have seen some strange games come onto the real estate playing field. At the beginning, was the "Real Estate Agents" and their loan modification scam. They were telling real estate agents if they were to give up their database of people they sold homes to during the height of the market, they would throw $1000.00 their way. The decision to decline was a no brainer for my team and I. I would not give up my database for 50 times that amount. That is totally wrong and we never want any of our clients to be thrown under the bus.
As the Loan Modification "help programs" leveled out to be scams - the agents that sold their clients short are not in the business of real estate any longer. However the banks are a much bigger entity. All we can do is best protect our clients. We want the best for them. We want them to know that we only care about what they want. That is the way a Real Estate agent should be.
To answer the question of if you should believe your bank or your Real Estate agent? I would think a good balance is appropriate. Once you find out that your agent or bank has lied to you - verified - fire them. If it's your bank that has lied to you, there is not much you can do about it except to discontinue to do business with them in the future.
Any letters, mailing or phone calls should be bounced off of our real estate agent. You should be keeping your short sale expert in the know when it comes to any bank generated phone calls or mailings to your home. That way they can counter quicker and make sure that you are getting the correct intel when it comes to the bank and what they are reporting.