Teachers!

or Register to post new content in the forum

11 RepliesJump to last post

 

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Oct 25, 2006 7:03 pm

Have a client who is a combination of our two least favorite people...former teacher turned real estate agent. BAH!


He is slowing depleting his CAL-STRS rollover account, and recently requested yet ANOTHER distribution. As usual I advised him of the timeline of events, the cost of wiring funds, penalties (early distributions) and e-mailed the paperwork to him.


He sat on the paperwork, didn't send it back to me for over a week, and when he finally did I processed it - but apparently that's not fast enough because NOW the money is not going to be available in time for him to close escrow on his new house on Friday.


He somehow thinks this is MY fault & that I'm supposed to pull his check out of my -ss. Told me I was less than ETHICAL, less than HONEST, and that I (as in ME) would be responsible for the late escrow penalties he would be paying!!!


My rep is out on vacation - and what I'd really like to do is hang up on him!

Oct 25, 2006 7:37 pm

You could make him a "Pain in the ass of the year" award and bestow it to him along with his check...

Oct 25, 2006 7:48 pm

Well, I know a guy, who knows a guy, who knows a guy who can make problems disappear. (If ya' know what I mean, wink wink.)


Seriously, your client should be able to make arrangements with his bank, for a "bridge" loan. For example, if he's $50,000 short for the closing, he/she can simply have their bank take-out a $50,000 loan, with maturity in 30 or 60 days. The bank could even use the new house as collateral, for the temporary loan. You could also send the bank a letter verifying that your client will receive the funds to pay-off the loan, within 30 or 60 days.


However, your client should verify that the costs of this temp loan won't exceed the penalties for late escrow.


Good luck with this client! 

Oct 25, 2006 9:38 pm

Worse yet, it sounds like this idiot is taking a diversified portfolio and putting far too much of it in real estate at the top of the real estate market.


That guy would not be the first of his type that I've shown the door to.

Oct 26, 2006 8:24 am
Indyone:

Worse yet, it sounds like this idiot is taking a diversified portfolio and putting far too much of it in real estate at the top of the real estate market.


That guy would not be the first of his type that I've shown the door to.



My guess is that the guy is buying the house to live in, rather than buying it as a reallocation of his investment portfolio. 

Oct 26, 2006 9:39 am
mktsystms:
Indyone:

Worse yet, it sounds like this idiot is taking a diversified portfolio and putting far too much of it in real estate at the top of the real estate market.


That guy would not be the first of his type that I've shown the door to.




My guess is that the guy is buying the house to live in, rather than buying it as a reallocation of his investment portfolio. 


You are probably correct, but that doesn't change the fact that too much of the clients' net worth is wrapped up in real estate no matter what the reason is for buying it.


Without knowing any more about the client, the fact that he/she is taking substantial money from their qualified plan to close would suggest that they're buying too much house, compounded by the fact that this might be just about the worst time in recent memory to be buying residential real estate. 


Looks like a recipe for disaster.  Naturally, it will be the fault of the markets and the broker.

Oct 26, 2006 10:14 am
Devoted SA:

Have a client who is a combination of our two least favorite people...former teacher turned real estate agent. BAH!


He is slowing depleting his CAL-STRS rollover account, and recently requested yet ANOTHER distribution. As usual I advised him of the timeline of events, the cost of wiring funds, penalties (early distributions) and e-mailed the paperwork to him.


He sat on the paperwork, didn't send it back to me for over a week, and when he finally did I processed it - but apparently that's not fast enough because NOW the money is not going to be available in time for him to close escrow on his new house on Friday.


He somehow thinks this is MY fault & that I'm supposed to pull his check out of my -ss. Told me I was less than ETHICAL, less than HONEST, and that I (as in ME) would be responsible for the late escrow penalties he would be paying!!!


My rep is out on vacation - and what I'd really like to do is hang up on him!



If this guy is really laying it on thick, hand him off to the branch manager to shut him up. I wouldn't want MY SA to spend another moment of her precious time on a jerk like that.

Oct 26, 2006 12:40 pm

Thanks guys.


No, he's not buying this house for a primary residence. He's a typical real estate tool - he's got "this" deal happening over here, "this" deal happening over there. He thinks he's that guy from A&E's Flip That House. He also thinks that like in the real estate business, his ranting and ravings and temper tantrums can persuade me to make mountains move on his behalf.


Inner Child - nice thought, my Rep IS my branch manager (we are an indy ofc) and she's lua-ing right now as we speak...so by 4:30 yesterday I had enough of him and his attitude and told him:


Mr. ,procrastination on your part does not constitute an emergency on mine.  I have done the best I can do for you & if you feel I have not, you are free to call and see if you can move things along faster.

Oct 26, 2006 12:45 pm

SNAP!  Well done DSA!

Oct 26, 2006 1:00 pm

Thanks - I don't think Rep will mind. I was ready for a beer and some tylenol by that point!

Oct 26, 2006 2:15 pm
Starka:
mktsystms:
Indyone:

Worse yet, it sounds like this idiot is taking a diversified portfolio and putting far too much of it in real estate at the top of the real estate market.


That guy would not be the first of his type that I've shown the door to.




My guess is that the guy is buying the house to live in, rather than buying it as a reallocation of his investment portfolio. 


You are probably correct, but that doesn't change the fact that too much of the clients' net worth is wrapped up in real estate no matter what the reason is for buying it.


Without knowing any more about the client, the fact that he/she is taking substantial money from their qualified plan to close would suggest that they're buying too much house, compounded by the fact that this might be just about the worst time in recent memory to be buying residential real estate. 


Looks like a recipe for disaster.  Naturally, it will be the fault of the markets and the broker.


Exactly...and as we saw in a subsequent post, the dumbass is speculating at the top...fire him and say good riddance.  I guarantee he wouldn't be my client after an episode like that.  Life is too short to work with assholes.


...and DSA...excellent response.