Re: Banks, They cheese me off. - Posted by kelly
Posted by kelly on October 21, 2003 at 19:37:33:
Heres an idea if you want to pursue it. Remember banks are often about arrogance, not business. The people you have to deal with have NO interest in properties themselves and are often people in positions of authority who are not qualified to be there. Here are some things that can work. Find out who the board members are and write each of them. Include the details of the offer, the disadvantages of the bank holding property (and they often don’t know), your potential business as a customer (even if you don’t use them, and the fact that you are well established in the real estate community and everyone you know is going to hear about this deal (including this site). Obviously, no-one who is aware of how poorly they handled this will think real highly of them nor should they. You might even send a copy to the president of the bank but make sure the board gets it.
You are also in a position to recommend mortgages and their decision will certainly be mentioned in any conversation you have with someone whos looking for a mortgage. After all if a bank has no problem rejecting a legitimate offer on an REO no less, how many other bad decisions are they making that can hurt people.
You get the idea.
I have found that this can do more than just give you an avenue to vent. When people in our business are in positions they aren’t qualified for, it effects everyone-buyers, renters, lease-option folks, etc. And this kind of response can really change things, even if you never do business with them again.
Don’t make it personal/just think of every way in which this decision effects them negatively. You know the obvoius (they could have cash and/or payments now instead of a property they don’t want) Also REO’s do NOT look good to bank examiners-it’s an indication of a bad loan.
You may think (like I did) that its a waste of time. But whenever you put heat on anyone in our business (even a bank reo pencil head)its always benficial. And you never know. I’ve seen things like this turn into some incredibly beneficial relationships later on.
Oh and make sure you tell everyone who they are and what they did.