Posted by dede on July 02, 2003 at 15:25:00:
Thanks for the comment tyler. I’m glad I went with my gut instincts on this one. I understand about being a one-man show, but geez call your clients back sometime. I’m going to pull my credit next month to see if anything shows up (him pulling against my permission). Thanks for the advice.
dede
Broker from Hell!! - Posted by dede
Posted by dede on July 01, 2003 at 20:24:46:
Hi Cre Family,
I have to relate the situation that I just encountered with a broker that I met while I attended a investor’s group meeting (DIG in PA). I met the guy who is a “very” slow talker, yet he “seemed” very thorough and up on his game. After all his flyers reads that he had been in the business for quite some time (30yrs), and he was allowed to set up booth at this group meeting. I took his flyer and talked with him for about a minute or two, and then promised to call him to get more details on acquiring HML’ing. I called him the next day, as he is a “one” man shop, and gave him my scenerio (credit probs for me, but not for hubbie) yadayada. I informed him of the money we had down to do deals, and also told him that I had a potential deal in the works. Now, he asks me all types of information about the property (which is fine), then he thought I would be a “dummy” and give him the street address, location, owner’s name and such without having secured financing in place, or a contract on the other property. I told him the owner’s name was “BOB”, and that I didn’t feel comfortable with disclosing the specifics of the deal just yet, but what about pre-qualification on a loan. I gave him the information (SS#'s, etc.), and I didn’t have a good feeling about this guy. I called back about two days later to ask him what was the status and he tells me that I have to realize he’s a one-man shop with only limited time. I asked him what was holding up the pre-qual, and he told me that his computer had crashed and that he had a friend over trying to fix it now. I told him that I would call back in another 2 or 3 days to see if anything had changed.
I called him back today (2days later), only to hear another sob story about his fax machines (all 4 of them) being out of commission as his sob story and excuse. He claims he never even pulled the credit report, to which I replied that don’t bother, and please make sure to destroy all pertinent information related to the pre-qual inquiry submitted. I was furious with this guy. What if I had actually only had this one man that I was considering, and had the deal ready to go. I told him that I was pursuing private investors (I lied, but not really) who had already vouched to cover the costs of acquiring this home. He told me all kinds of spills about not doing this and he was more reputable BS!! I told him that I wanted to make it perfectly clear that my credit report isn’t to be pulled. I don’t know whether this guy “pools” your info to potential lenders (could be 20 to 30) and have all of them pulling information or what. I asked him before the events of today and he told me he only would structure my info with one lender. I’m getting very discouraged with my stint so far with HML’s. But not so discouraged that I won’t be scouring this board everyday and getting out there to make some offers. I have five investors that I’ve lined up to birddog for, and I really need to get to looking. Maybe if I raise the capital (somehow) this way, I won’t have to deal with such unscruplous lenders. Sorry this is so long, but I was ticked off by the actions of this man. I wonder when he thought it was going to be a good time to get back with me???
dede
Re: Broker from Hell!! - Posted by tyler
Posted by tyler on July 02, 2003 at 07:22:49:
Terry, i suspect you found a bad apple…, but i have another thought and may learn from other comments. I am small hml’er…, basically i lend on the property not the person (although i require credit report teh 1st go @). That being said, the 1st thing i need is the address to see if the security will qualify the loan. Know most of the time people have the property locked up before giving this info. I think you did the right thing by not giving out info (wait till lockup); however true hml’rs are lending on the property not really you.