One of the foremost reasons why several Real Estate Agents find it difficult to communicate with a lender is because they do not apply the 3Cs method of effective communication. Be Clear, Be Concise, Be Courteous. Through feedback from Real Estate Agents, Loan Modification and Short Sale Negotiators, the list below has been identified as the common mistakes that should be avoided in dealing with lenders.

1) Forgetting your query – Be prepared once you call the lender. Write your questions down on a notepad to confirm you don’t waste your time or the lender’s time and to avoid having to call them back. Hold times can be long and getting through to a negotiator on the phone isn’t perpetually easy.

2) Asking unclear questions – Lenders don’t have time to work out what it’s you’re asking. Be clear with your query and do not attempt to beat around the bush for information you recognize they’ll not give to you. Additionally, don’t raise obvious questions in which you already know the question.

3) Not being concise with your query – There’s no need for you to embellish or offer a long winded explanation to the lender. Be straight to the point and you may notice the lender can respond in the identical manner. The more efficient you are, the better the communication will be with the lender.

4) Not having the ability to answer a question from the lender – Be positive you know the small print of your transaction in and out. Getting a hold of the lender is not the best thing, therefore when you are doing get through, be sure you’re well prepared with any information they may need.

5) Providing false information – When collecting documentation for the short sale submission, double check to make sure you verify all information. Any mistakes will simply delay the approval process.

6) Being Rude – Throughout these stressful times, it is very vital to keep your cool. Being rude and demanding things to happen can not make things move faster. Lenders will be more accommodating to your needs if you’re courteous to them.

7) Showing frustration and impatience – Your buyer is pressuring you to hurry up and get an approval. Don’t allow them to push you to show your impatience when calling for status updates from the lender. If you set the proper expectations up front, your buyer ought to know that the process is in play and it can take slowly to get an approval. Give your patrons frequent updates to help them stay calm.
Difficult to reach either by phone or email – Lenders don’t have a ton of time to keep trying and get hold of you. Be responsive to every call or email they send to you. If they see you’re on prime of the file, they can respond in the same manner as well

9) Telling them how to do their job – Never ever tell the lender what they should be doing or why they must settle for your offer. This solely offends them and will create negotiations tougher. If you think one thing ought to be done in a certain way, explain it as a suggestion which it’d improve the entire transaction, aiding to a successful solution.

10) Arguing with the lender – Don’t argue with the lender as to why they have to take an offer or that the information on their systems are incorrect. Typically you may call and get different status updates or info that may not be communicated properly. Keep your cool and help them to understand the problem.

Another great article by Osgoode Real Estate