There are Many Joys and Benefits to Working with Long Time Referral Partners and Friends ...
But Today I Won't be Experiencing Them
Having been in the mortgage business for so long and having served many of the same referral partners during that entire time, has its good points and its bad. I think the good ones are fairly obvious. Who doesn't love having established long term relationships and working with those that have, after so many years, become good friends too?
But as many pluses as there are to these situations, there are also those times when you experience, and must deal with, the "other" side of the coin. I experienced one of those times today. Here's what's happening:
A long time referral partner/agent sent me a lead for a mortgage. Good! And that lead is the child of another (mutual) referral partner. Doubly Good! The child involved is hoping to buy a home in the area with their spouse. Yes! And my long term referral partner/agent is all excited regarding the prospects of selling a home to ... and working with ... our mutual friend's child.
The child involved has conversed multiple times with both their parent and referral partner/agent regarding the prospect of buying a home. The child has related to both the parent and referral partner/agent, that they have worked hard to improve a credit history and scores that were poor in the past.
Based on what they have been told and lead to believe, the referral partner/agent and parent have gone out looking for homes with the child. And the child has now found a home they want to buy. Each participant has called me. They are hoping that this child/potential home buyer will seek mortgage service and Pre-Qualification with me. Things are moving positively!
Now this same young and hopeful Home Buyer (and their spouse) has been dreaming of buying a home ... and meaning to talk to me (at the suggestion of their parent and agent) for quite a while now. Yet, they have not done so for a seemingly endless list of reasons. When I suggest yet again another meeting time, they are still unable to come.
So to get things moving, I instruct these hopeful Buyers to go to the short form application on my website to fill it out. That way I can get some preliminary, yet vital info, to run their credit. This child tells me that "we've worked SO hard to improve our credit". They also tell me they "just need someone to believe in them, give them a chance, and trust that they will make their payments". Uh-huh ...
And I'm thinking that by now you probably know where this story is going, right??
After running credit I find that this child's credit scores, and those of their spouse, are absolutely ... unbelievably ... dismal. So dismal that it's hard for me to match the "we've worked SO hard and need someone to trust that we'll make our payments" story with the reality of the credit report in front of me. There is complete disconnect between the two.
Truthfully, no one with the credit scores I am seeing, could (or should) have thought they'd be buying a home utilizing them. The number of late payments reported was staggering.
I now am faced with having to tell my long time referral partner, these kids' agent, my friend ... that this child is at best, delusional. I now have to tell a good referral partner that their child's credit, their credit scores, and that of their spouse, are so low that they won't be buying anything ... anywhere ... anytime soon.
To allow this parent or referral partner to continue to think otherwise, would be a huge dis-service. Telling the actual applicant? That's the easy part.
Yes, there are many joys and benefits to working with long time referral partners and friends. But today I won't be experiencing them. The benefits and joys of knowing both of the men I refer to have been many. Because of that, the message I must deliver to them is going to be a particularly hard one to convey. It's going to disappoint these referral partners ... these friends ... on many levels, both professional and personal.
Nope, it definitely won't be easy ...
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