Get it in writing

I saw my banker about a month and a half ago on refinancing my condo while I came home on leave. He said the bank fees would be rolled into the new mortgage. So I thought this would be great, no money out of my pocket and a lower monthly payment. Sounds great, right? Well my wife emailed me a few days ago and said the person at the bank said he thought it was clear that we would have to pay the money up front. My wife also at the initial meeting agreed that's not the impression she left the office with either. So anything dealing with money and you deals, be sure you get it in writing. Not everyone is honest these days and will do anything to get money from you.

Tom

I made a post years ago about how negotiations are only half the battle. When I negotiated in the sale of my business, what was spoken and what was written in the documents were TWO TOTALLY DIFFERENT THINGS.

Verbal agreement is 1/2 the battle ... getting the lawyers to draft documents that reflect those agreements is the other.

I know mortgage docs are a little different, but these lenders have sneaky ways of putting stuff (fine print) in the docs.

For example, when I refinanced my house this year, they snuck in a prepayment clause for 1 year. I was never told and they did it because I fought for a lower interest rate. That "sneak" almost prevented the deal from happening.

It's sad but true. I make a habit of not doing business with people who don't live up to their word, especially in real estate. There are so many people out there and usually little way of verifying if they are honest.

I tell them up front not to play games, and if they do, I walk. Out of principle. It seems in RE, you really only have your word. And you need to live up to your commitments come hell or high water if you want to make a name for yourself.

Happens all the time. Many times when I have walked from a meeting happy that I have found a like minded fellow who gets me, I find out that he didn't understand me one bit and what that fellow agreed on (orally) was worth nothing. Just "fluff".

If you don't get everything in written form, it is not an agreement at all. Just a waste of time.

NOTE: never play the bankers game. Have the bankers play your game. Have them qualify for you. Think like a skilled marketer in everything. Even in the dullest of things. You create the rules, then others have to follow.

These days that is easier done than you think. In Sweden we have websites that have banks, insurance companies play to get your business (a website that compares rates). I am certain the USA have lots of them. Sweden typicly follows other national markets on many things related to commerce. If we have it, you definitely have it as well.

This kind of stuff happens all the time especially when you have a partner. Not to get on a different subject but two people, my father, and my uncle have been scammed by their partners for over a million in cash. I sure learned a good lesson from their failures. Don't trust anybody unless you have it backed up legally in writing

Even then you can be screwed. Then it is all about who can use the agreement the best way. Or who has the most money to win in court even if they are wrong legally.