Dave Boye of Black Diamond Mortgage, live from his “man cave!”
Today’s lesson is: never let a good deal die – never! It’s one of our principles. Here are a couple examples:
- We never say the loan is declined in the literal sense, and we never say you “can’t ever” have the loan. What we mean by that is: if not today, then eventually. As of today, if you aren’t making quite enough to do what you want, but you’re close, then we’ll say once you get there, then we will get your loan for you.
- If you have a loan application and your credit score is just a bit low, the answer won’t be a decline and nothing else – it will be once we can get your credit where it needs to be, then you’ll get a home.
So realtors are great at this, which is the counter offer. I’ve noticed looking at my pipeline, I think there are about 10-15% of our deals that at one point something had happened where the loan wasn’t going to come together exactly how we put it together. An example might be that a borrower is going for the zero down loan, but it turns out they can’t get the zero down loan. This is a big bummer, but FHA is only 3.5% down and their guidelines are a bit more expansive than the zero down loan. A lot of times it’s just rallying everyone with a counter offer and still closing with things packaged a little differently.
Following the realtor expertise out there, the “never let a good deal die” philosophy is to always counter offer and say that it’s not a no, it’s when the following conditions are met, we are going to close this deal. Our policy is to keep telling you what’s going to happen until you get what you’re looking for. Over time, it has made our business grow. People understand that if there’s a way to do it, then they get it in the office and we’re going to figure it out, and if we have to change it a little bit to make it work, we’re going to get the deal done. If you want to know more, reach out to us at Black Diamond Mortgage!