The Importance of a Trusty Lender

This week alone we have been faced with a lender cancelling three days prior to close, one lender requesting an extension of time and another lender being able to close their file 11 days prior to close. What a week it has been! One thing that we have learnt is that communication,
trust and reliability are the most important characteristics you should look for in your lender.

From the moment we started working with our buyers and contacted their lender for their pre-approval we knew it was going to be a challenge working with him as it
took four business days for him to respond to our email. We sent several emails and left voicemails and even anticipated sending a pigeon with a letter at one stage.
When the lender finally returned our correspondence there was no apologies just a simple “pre-approval attached” message. The pre-approval it-self was very lousy
with his and his supervisors information being incorrect.

As the days grew closer and closer to removing contingencies we became more anxious as there was no updates
from the lender. The moment that we knew this lender may fundamentally screw up this entire process was when we received a call from the listing agent to advise us
the appraisal had been cancelled.
In shock we tried contacting the lender several times with a variety of methods and even advised him it was urgent in our correspondence. The lender cancelled with one
appraiser and advised he had ordered the new appraisal three days ago, which he had not.

The day came which we dreaded, the date of full contingency removal was here and we had yet to hear back about the appraisal. The listing agent bombarded us with emails,
texts and voicemails as, naturally enough, she was worried about her client. Three days later we were faced with a demand to close escrow and we were advised that the seller
would not be returning our clients Earnest Money Deposit which was $5,000. Soon after this we received an email from the lender stating that they could not fund the loan
due to inconsistencies in our client’s earnings. We did not even receive a courtesy phone call which is the least we expected considering the news he was giving us.
Our clients were distraught as this was their dream home and the fact they would lose their deposit. We decided enough was enough and we needed some much needed
face to face communication with the lender.

The address in the lender’s contact information was incorrect not to our surprise. We were then able to locate the office in which the lender “worked” from, he was surprised
to say the least to see Arlo there. After speaking with the branch manager and explaining how frustrating this whole process has been and how our client would
potentially lose $5,000 Arlo was then able to gain an insight into what they needed to do to help fund the loan. We were able to change the loan type and are now pushing
to close within the next week. We still have to bombard the lender to get information on the status of the loan.

For those of you who are interested in purchasing property interview a selection of lenders, just like you would a property, before you make your final decision. We have
two lenders who we work very closely with and are more than happy to refer them to you as we know that they can get the job done and keep all parties updated throughout
the transaction!

Upon talking to Arlo, I realized that he is very knowledgeable and humble!

Before speaking with Arlo, I received really poor customer service at Carlos Gutierrez - Berkshire Hathaway. I was so upset...
Blue Chip Realty Group Testimonials
5.0
2016-06-08T20:16:23+00:00
Before speaking with Arlo, I received really poor customer service at Carlos Gutierrez - Berkshire Hathaway. I was so upset that I thought all the reviews about realtors in San Diego was phony. Upon talking to Arlo, I realized that he is very knowledgeable and humble! When my mom is ready to sell her house, I will definitely give him a call. He was able to answer my questions and did not make me feel "put down" in any way. In my opinion, this is how to do business especially when it comes to real estate. I'm still so mad at the other company but he helped ease some of that frustration. Thank you.

Arlo explained the benefits of a short sale and also explained the other options. After listening to our options, we decided a short sale would be best.

Arlo and his team helped my family out of a difficult situation last year. We refinanced at the peak of...

Tony E.

Blue Chip Realty Group Testimonials
5.0
2016-06-08T20:11:11+00:00

Tony E.

Arlo and his team helped my family out of a difficult situation last year. We refinanced at the peak of the market, and needless to say, were upside down by about 50%. Arlo explained the benefits of a short sale and also explained the other options. After listening to our options, we decided a short sale would be best. It was a tough decisions, but it was obvious Arlo has helped many people before us because he was very compassionate throughout this tough time, he even sent us a handwritten card in the middle of the listing period. Arlo is also partnered up with two real estate attorneys, which can be a huge asset when it comes to legal questions.

Arlo is the consummate professional and takes his work very seriously. I will gladly recommend him to anyone looking to sell high end real estate in La Jolla or San Diego.

Arlo Nugent and his Team helped sell my home in La Jolla in 2010. He used video marketing, which at...

Jeff M.

Blue Chip Realty Group Testimonials
5.0
2016-06-08T19:54:33+00:00

Jeff M.

Arlo Nugent and his Team helped sell my home in La Jolla in 2010. He used video marketing, which at the time no other agents seemed to be doing, and actually found a buyer in China! I was hesitant at first, but the buyer checked out and we had a very smooth transaction. Arlo is the consummate professional and takes his work very seriously. I will gladly recommend him to anyone looking to sell high end real estate in La Jolla or San Diego.

Arlo was very patient, explained all of my options, and ultimately negotiated very favorable terms for us! Well done!

Arlo helped relocate me and my family to Coronado 2 years ago. I was probably not the easiest client to...

Tammy H

Blue Chip Realty Group Testimonials
5.0
2016-06-08T19:53:41+00:00

Tammy H

Arlo helped relocate me and my family to Coronado 2 years ago. I was probably not the easiest client to deal with, but Arlo was very patient, explained all of my options, and ultimately negotiated very favorable terms for us! Well done!
5.0
4

La Jolla

An up scale beach community in San Diego that, while technically within the city limits of San Diego, is considered by many to be its own city in many ways. La Jolla is home to the University of California, San Diego campus, beautiful beaches, and gorgeous scenery

Read More

Pacific Beach

PB as it is known as by local residents, is home to one of San Diegos more developed night-life scenes, with a great variety of bars, eateries, and clothing stores.

Read More

Coronado

Coronado is a picturesque resort town in San Diego County in Southern California. It is situated on a peninsula just across the San Diego Bay from Downtown San Diego and offers quiet beaches, lovely bay scenery, and sights such as the historic Hotel del Coronado

Read More
 
Translate »
Facebook
YOUTUBE
Instagram
SOCIALICON
SOCIALICON