Tuesday, April 05, 2005

Wasted Trips & Curent Offers

Wasted Trips
My offer that is currently under contract has really opened my eyes to just how service these days really has a lot to be desired. I've mentioned the wasted trips I've made to my loan officer's place, and yesterday had better be the last. I had to go there to repay for the survey that I had just paid the week before. The lady doing my application somehow got the wrong figure from the survey people the first go around. Well, I get there, and the same lady says that the survey amount can probably be rolled into the loan. She said she would pull my file to find out. WTH??? Why couldn't she had done this before I arrived? Hell, why couldn't she have done this before I went to pay last week? It turns out she couldn't find it on my Good Faith Estimate, and, therefore, it won't be rolled into the loan. So, I start writing out another check, when she suddenly says "Wait a minute! Please write the check out to the survey company's name and not ours." Too late. So, I void that check and write out another one. Geesh!

Later in the evening, I check my email and notice a response from my agent. She says the HUD office is driving her nuts, and now I have to come back in a resign some more documents. Not only that, my wife has to come in to sign some documents, too (Note: Texas is a community property state, therefore, if the deed is going under my name, my wife also has to sign and be on it). Lesson learned. I'm going to set up an LLC and start making offers using it, instead. It should help in more ways than one anyway.

Current Offers
My agent also emailed me to give me status on the three offers I submitted yesterday. It turns out one of them is already pending, which I thought was odd since the update I received from her just yesterday morning showed it was still on the market. I'm guessing the status changed sometime during the day yesterday. The second one was the property that has the foundation problem. She said she deleted the PDF contract she wrote for me previously on this property, and would have to write a new one. The third property, which I thought was a private seller, turns out to be owned by FNMA, so I can forget about any owner-carry financing. I'll still submit bids for all three regardless of the new status I got on them. I need to start getting my ducks lined up and get my LLC established.

Also, the monthly REI club meeting is tonight. Not sure if I'll be able to make it or not. I haven't been since last December, and I want to go tonight because a local RE investment attorney is the guest speaker. I'd like to rub elbows with him (and others) to start networking more. I know of several local investors, but outside my RE agent and loan officer, I know no other people sho could be vital members of my team.

2 comments:

Trisha#1 said...

I know what you mean about the lack of service in our business! I get so frustrated sometimes! I work in a customer service role during the day, so I just don't understand how inept some individuals can be. I dealt with one loan officer who was supposed to be working on a refi for me, who took 2 weeks to return my multiple calls--and only returned the call when I threatened to go elsewhere! In fact, that was the only way I could get him to respond EVER! Like you said--WTH?!?!?

Trisha
http://trishablogsite.blogspot.com

Steve said...

Sounds like I'm not the only one. My loan officer is the same way - I'll call or send an email and get nothing. Even when I go by his office, he's never there! I have to deal with his employees that have a lot to be desired (as you can probably tell already). Even though I am going through this mess, I realize that it is still better in the long run than with a HML (from what I can calculate). I just wish I had a rich relative or friend who could loan money for a nice win-win solution. One day - one day.