How To Communicate Effectively With Lenders
Amongst the key reasons why several Real Estate Agents find it troublesome to deal with a lender is because they do employ the use of the 3Cs 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 prime ten mistakes when communicating with a lender.
1) Forgetting your query – Be ready once you call the lender. Write your questions down on a notepad to make sure you don’t waste your time or the lender’s to avoid having to call them back. Hold times will be long and getting through to a negotiator on the phone is not forever easy.
2) Asking ill-defined queries – Lenders do not have time to figure out what it’s you’re asking. Be clear along with your questions and do not try to beat around the bush for info you know they may not provide to you. Also, do not ask obvious questions that you must already know.
3) Being inconsistent with your questions – There’s no need to embellish or provide an extended winded explanation to the lender. Be straight to the point and you will find the lender will reply to you in the same way. The more clear you are with your questions, the better the communication will be with the lender.
4) Not being able to answer a query from the lender – Be sure you know the even the smallest detail of your transaction. Getting a hold of the lender is not easy, therefore when you’ve gotten through, make sure you’re well prepared to provide all the necessary information they might need.
5) Providing incorrect info – When collecting documentation for the short sale submission, double check to be sure you verify all information. Any mistakes will simply delay the approval process.
6) Being Rude – Throughout these stressful times, it’s extremely vital to be cool. Being rude and demanding things to happen can not make things move faster. Lenders can be more accommodating to your needs if you are nice to them.
7) Showing frustration or impatience – Your buyer is pressuring you to hurry up and get an approval. Do not let them push you to show your impatience when calling for status updates from the lender. If you set the proper expectations up front, your buyer should know that the process is in play and it can take sometime to get an approval. Keep your buyers updated at all times to keep them calm.
Being hard to reach by phone or email – Lenders don’t have a lot of time to attempt in getting a hold of you. Be responsive to each call or email they send to you. If they see you are on prime of the file, they will respond in the similar way.
9) Telling them how to do their job – Never ever tell the lender what they ought to be doing or why they must accept your offer. This only offends them and can make negotiations more difficult. If you think that one thing should be done a certain way, offer it as a suggestion in which it’d improve the entire transaction, aiding to a successful solution.
10) Arguing to win a point – Don’t argue with the lender as to why they have to take an offer or that the data on their systems are incorrect. Generally you’ll call and get totally different status updates or the data were not communicated properly. Keep your cool and help them to understand the problem.
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