Document the conversation!

Uncategorized Jan 25, 2024

I wanted to share a situation that took place this week with one of my clients, and I thought it might provide a good reminder to all of us that just because we said it, doesn’t mean people heard it! Often people will hear what they want to hear, not necessarily what you did say. This holds true when people want the answer they want and not what you said. Case in point, a client is a veteran and has used a VA loan before but is not using a VA loan this time because they don’t have enough eligibility to keep their current house with a VA loan already in place, and rent it, and buy the next primary residence.

This client was fixated on a VA loan and couldn’t get past it. The LO explained over the phone that they couldn’t use the VA loan but had other options that would work within the budget, but it wouldn’t be 100% financing and money would have to be brought to closing. The call was completed, and the client appeared to understand the situation (and had plenty of assets to make the deal happen) but the LO didn’t follow up the call with an email that documented that call and clearly explaining each point they had shared during that call.

Well, the client went to the internet and got bits and pieces of information that they tied together so they were convinced the LO had lied to them and was trying to scam them out of using a VA loan to buy this house. They then wrote a three-page letter to the referring real estate agent, denouncing the LO and their company! The agent then called the LO and the LO explained the entire story, which the agent was able to understand, but the damage was done. If the LO would have just put the reasons they discussed in an email and sent it to the client, the client would have had the actual reasons to search, instead of what they believed to be the case. It also would have been possible to copy the agent on that email and the agent would have understood the situation BEFORE the client blew it all up.

Situations happen. Communication is very important. Please be sure you always follow up with a call with an email, and an email with a call! It won’t solve every issue, but it will prevent a few! 

Today we have initial and continuing jobless claims, GDP, & New Home Sales. Friday, we have PCE and Pending Home Sales.

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