Friday, October 16, 2009

Fremont Bank In Centerville--Will They Do It Again?

Last month one of our Fremont CA home-buyers found us on our website and after talking some things over with me, hired us to buy and sell their home. She wanted to use Fremont Bank for the purchase. She knew the reps there and naturally felt more comfortable in doing so. I would too.

It is still unknown to everyone as to why, but on three separate instances, Fremont Bank acted strange to put it mildly. Events 1-3 are completely true.
  1. During the home buying process, they asked the buyer to come to the office and sign their "refi documents." They did not know it was a purchase loan. Seems harmless on the front, but one of the revered real estate preambles is, "Time is of the essence." So, it freaked some people out. Yours truly was no exception.
  2. Later, they then asked the buyer to come in and sign the loan documents. According to them, it had to be done right away. The buyers rushed over from work and showed up 10 minutes to closing. Breathless, they asked for the documents, but no one from the bank knew what they were talking about.
  3. The next day, they received another call saying that they found the documents. They were on the desk the whole time. They needed to come in and sign right away.
Fremont Bank's closing costs were great, hardly anything at all when you compare, but at what cost was it to the buyer's well being. It's a good thing my buyer was quick thinking and dealt with stress extremely well while Fremont Bank dropped the baton, so to speak.

I now have another buyer who wants to use Fremont Bank for her home purchase in Fremont. I expressed some concern and explained the story to the new buyer. This was all done from an objective point of view, and I only recited facts. Her decision is to move forward with Fremont Bank. Let's hope the baton is passed successfully this time.

By Jeff Pereyda

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