Short Sales & Goodwill
I pose a question to those of you who have short sold your home, are currently short selling your home, or who plan to short sale your home:
“If your lender cooperates with you, makes the process smooth and seamless, and doesn’t try to sneak any nasty language into your approval letter, would you continue to do business with that bank?”
If it was me, my personal answer would be a resounding “YES!!”
Last year I opened up a checking account at Wells Fargo. I’ve used the same bank for many years yet I walked into a local Wells Fargo branch and proudly opened up an account with a whopping $50. Why?? Because I was SOOOO pleased with their short sale system and they made the process so easy for me and for my clients that I felt compelled to bring them some business! This is a true story!!
Sure, my $50 is not a huge amount and I’m not expecting a birthday card or anything from them because of it but I just wanted them to know that I appreciate the way they do business and they are a company that I may someday invest my life into.
On the other hand, let’s take another bank — Bank of America. I have been so appalled by how they do business that I closed all of my Bank of America checking & savings accounts, cancelled my credit card with them, had members of my immediate family do the same, and will probably never go into a Bank of America branch again.
Why?? For the exact same reason I went into Wells Fargo — I believe in supporting the companies that support their clients and in abandoning the ones that don’t — and Bank of America has a lot to learn about how to treat people, at least from a short sale standpoint.
Now is it fair that I throw a company under the bus because of how their short sale department works?
Absolutely!!
If this is how unorganized, unorthodox, untrained, and unimpressive even one other branch of their organization is then they aren’t looking after their customers in any respect. Why would I invest my hard earned money into a company like that?
If you have ever done a short sale with Bank of America then you know exactly what I mean. Sure, it can be done and we do them all the time. But the pain, the headache, the problems, the issues that arise can make for a horrible experience and one that my clients are usually so glad to be over that I can’t imagine them ever patronizing Bank of America again.
My point of this posting is simple — if you have done a short sale and you were pleased with the way the bank handled it then I highly encourage and even flat-out ask you to please please PLEASE continue to patronize that bank. Let them know what a great job they did and how you are thankful to them for helping you out. Companies like this that stand behind their clients and provide excellent customer service will be around for a long, long time.
If you were less than pleased with the bank’s service, let them know!! If you don’t tell them maybe noone else will either! If people start closing accounts, pulling out money, and cancelling credit cards then maybe these banks will wake up and smell the coffee!! They’ll hopefully realize that their poor customer service in one aspect has cost them thousands upon thousands of dollars in additional future revenue from just one customer!
Then maybe we’ll all start to see an improvement not only in the short sale department but in customer service overall and we’ll start to see that economic shift back to blue skies and sunny days — and the end of this terrible recession.
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