Bad Information Made Clients Fly Halfway Around the World

By
Real Estate Broker with Charlemagne International Properties BRE# 01147470

The lender spoke with confidence, maybe even a bit of swagger, when I asked early in the transaction if my clients could wire money from a US bank account to a California escrow company from China.  "No problem," came his quick reply.  The same information was repeated to my client.  It would be handled with security questions and the use of a private banker familiar with the client. 

 

Wrong.  Big problem.  Exactly one week before the scheduled close of escrow I received the 'bad news' call.  Even though my client has a long banking relationship (both business and personal) with the bank, he was never assigned a private banker. At the eleventh hour we were told it could not be done due to an increase in fraud. Two weeks prior I asked the lender if arrangements were in place to transfer funds.  He said it was 'being taken care of."  

 

Bad information from a lender made my clients fly halfway around the world.  They arrived in the US yesterday, went to the bank and completed the wire transfer of funds.  Oh, they transferred a bit more than required--now, no loan is needed.

 

I suppose the lender was not expecting this tidbit of news either.

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Topic:
Lending / Financial
Location:
California Los Angeles County
Groups:
Cosmic Cow Pie...The Rome Way
"Whacked"!!!
The Ninety-ninth Percentile
Local Expert
Tags:
palos verdes luxury homes for sale
palos verdes real estate broker agent norma toering

Comments 36 New Comment

Ambassador
1,516,895
Christine Donovan
Broker/Attorney 800-610-7253 DRE01267479 - Costa M
Donovan Blatt Realty

Norma - Though I've not had a buyer have to fly half way around the world yet, I have many who are extremely frustrated with lenders.

June 26, 2012 09:51 PM
Rainmaker
568,777
Phil Leng
Phil Leng Team - Residential Real Estate Experts &
Keller Williams Eastside Market Center

Hi Norma,

Good buyers.

Bad loan officer at the bank.

They probably came here cheaper than all the loan fees anyway.

Justice was done.

Phil

June 27, 2012 02:44 AM
Ambassador
1,165,077
Norma Toering
Palos Verdes Homes in Los Angeles Area
Charlemagne International Properties

I asked the lender to pick up the cost of plane tickets and the answer was a quick and curt, "No."  It's that 'too big to fail' attitude that will cause them to lose one loan at a time.

 

Thanks for your comments, everyone.  Writing this post helped my blood pressure...

 

Yes, Carla, the money was in a US bank and they could not arrange for my client (a US citizen) to authorize wiring the funds from China.  They insisted on a face-to-face. This is one of the Big Three...

June 27, 2012 04:37 AM
Ambassador
598,354
Doug Rogers
Your Pineville Louisiana Agent
Bayou Properties Realty

Hope the lender enjoyed working for free! In our business there is nothing wrong with saying, "I don't know".

June 27, 2012 07:30 AM
Rainmaker
281,654
Carra Riley
CRB, CRS, GRI
Author, Speaker, Consultant, Carra Riley Inc.

Norma ~  now that is a war story to top them all.. I thought I had heard everything!  New challenges every single day.. thanks for the heads up! 


Featured in Cosmic Cow Pie....The Rome Way

June 27, 2012 09:19 AM
Ambassador
1,165,077

Norma Toering

Palos Verdes Homes in Los Angeles Area
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I am a California real estate Broker-owner. Tune in for Best Buys in Palos Verdes; Market Updates; Buy & Sell Signals; Advice to Buyers & Sellers and other real estate related topics of interest. Updates will be posted on all four cities on the Palos Verdes Peninsula, PV School District and other happenings on The Hill.

South Bay Los Angeles cities I sell real estate in: Palos Verdes Estates, Rolling Hills, Rolling Hills Estates, Rancho Palos Verdes, San Pedro, Long Beach, Torrance, Lomita, Redondo Beach, Hermosa Beach and Manhattan Beach.

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