Dealing with banks!!!

[Arc weld]

Has anyone else got conflicting and contradicting information from their bank? I'm looking at financing a pole shed and the woman I'm dealing with tells me one thing one week and then something totally the opposite the next week almost like she's not really paying attention to what's been said. I'm almost at the point where I want tell her to get with the program or I'll look elsewhere. First she says they have to do an appraisal on the land, then she says she would get approval for financing before the appraisal, then she says the appraisal will be done after the building is put up, then she asks for the tax assessment(which I already supplied) on the land because an appraisal might not be needed, I just got my 2015 tax assessment that was about $9000 more and sent that to her. Now she says they will send someone out to do the appraisal once they have the information on the building. This is contradictory to what she previously told me about getting approval before the appraisal. I had previously told her, I want to have my development permit approved before I spend $400 on the appraisal. She's been at this bank for a long time but seems out in left field. How do deal with people like this that seem lost despite it being their job?

 

[dusty3030]

Remember, you are buying a product from them. You always have to remind a banker they aren't doing you a favor but you are considering them as an option.
Second, a bank will only loan you a portion of what you already have, they rarely if ever take a risk.
This person needs to be told by you to wise up or loose this opportunity for your business.
Good luck.

 

[skyhook]

How do deal with people like this that seem lost despite it being their job?

Inform her of her "inconsistency's', write them down before doing this,
then tell her she has you also confused and running around in circles, then tell her you would like to speak to someone who has more knowledge in this matter or you will file a complaint and move on to another bank.

 

[JMER817]

All the banks are the same...I've been thru a variety of transactions the past few years (rental property buy/sell, land purchase, new home build) and have had issues every time and lots of confusion. I have spoken with friends who have had similar issues. Just realize that you aren't the only one and push thru. Once you get the Polebarn up it will be all worth it!

 

[newbury]

Try and correspond via email or get everything in writing so you have a printed record.

It seems the banks often have conflicting "guidelines" and they can follow any guideline they choose.

 

[LD1]

National bank? or a local bank?

I find it easier to deal with a local bank that only has a few branches vs a big national chain.

Any option to borrow the money against something else?

 

[EddieWalker]

Are you going in and talking to this person face to face? I've found that the only way to get something done is in person. Phone, email and text all get confused. I go into the office, shake hands with the person I'm dealing with, sit down and take notes on what needs to be done. Have them make copies of what they want and how they want it. When I leave the bank I have a folder of everything that has to be done, and how they want it done. I've never had any issues doing things this way.

I have had conversations on the phone that didn't make any sense to me. In ever case, I go to the bank right away and talk to that person face to face to find out what is going on. In every case it's an issue or question that has come up from the other party or one of those involved in making it happen, like a surveyor or appraiser. They ask a question to the loan officer who isn't familiar with the property and in trying to ask me for an answer to that question, they get it messed up. Once i'm there and I see what they need, it's easy to provide that answer.

Good luck,
Eddie

 

[Arc weld]

It's a combination of talking to her in person and e-mails. I've dealt with her in the past and she just seems kind of lost. The last time I saw her in person, I asked how an appraisal could be done before the building was up and she said it would be done after the building was up. It's like she doesn't know what's going on and maybe has to go to someone else? How many years do you have to be in a job to figure out what you're doing? It's very frustrating.

 

[MacLawn]

Arc, I think I'd be looking at another bank or credit union. I had a similar situation, face to face, a few years ago, getting a loan for some remodeling work I was doing. A real mess. I just left the old boy (he was actually about 30 years old. I call everybody an "old boy"), and used one of my credit unions for that loan.

 

[KiotiKowboy]

LD1 asked an important question. Is this a local bank?

If not, you probably need to move your business. Your local banks, especially in a rural area, will have the experience to make these tasks far less irritating.