Tucson AZ Home Loan Info


The Few. The Clueless. The Untrained.

Lenn Harley's post yesterday merits your attention, especially if your clients are buying short sales. Lenn concludes that "Banks think they're selling RETAIL rather than RESALE."


Banks don't know how to sell.

Case in point:

I stopped into a Big Bank yesterday to cash a check.  The lobby was nearly empty.  I thanked the teller, turned toward the "personal banker" desk ten feet to my right and asked:

"What's your interest rate on a 30 year mortgage with good credit and 20% down?"

Without looking up or inviting me to sit down, the "personal banker" replied "five and a half." (I had just locked a client at 4.875% for the same loan.)

"Thanks," I turned and walked toward the front door. 

"No problem," I continued toward the front door.

You're holding an open house:

I walk in.  You don't look up from your bar stool at the granite kitchen counter
because you're absorbed on Twitter. 

"How much is this house?" I look around.

"Three hundred and thirty thousand dollars." You tweet.

"Is that the best you can do?"  You stop tweeting for a moment.


"Okay, thanks." I walk toward the door.

"No problem.  Have a nice day." You tweet.

Big bank "foot soldiers."  The few.  The clueless.  The untrained.


I'm Mike in Tucson, your preferred Tucson, AZ Mortgage lender.
Mike Jones (Tucson Mortgage Company, LLC): Loan Officer in Tucson, Pima County, Arizona
Think of me as your Tucson mortgage expert.

Call me if I can help you with a purchase or refi mortgage;
(520) 349-9090

Comment balloon 24 commentsMike Jones • March 25 2009 04:25AM


Mmm.  Nice surprise.  Thanks.

I've been selling bank foreclosures, REO properties for many years.

The banks have not changed their procedures from their practices in the 1980s.

Does the word dinosaur come to mind???

What happened to the dinosaur?  Probably the same thing that should happen to banks that don't mature with the population.  Sad that our government is in their pockets and rewarding them for their incompetence. 


Posted by Lenn Harley, Real Estate Broker - Virginia & Maryland (Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate) over 11 years ago


I sure agree with that last statement especially!  Thanks for being the first to comment.

Mike in Tucson

Posted by Mike Jones, Mike Jones NMLS 223495 (SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) ) over 11 years ago

LOL Mike, not the clueless and untrained? Local banks have no idea or clue what to do after the sheriffs sale. Then it becomes the good ole boy system. Its a mess!

Posted by Chip Jefferson (Gibbs Realty and Auction Company) over 11 years ago


I hope not!  :)

Mike in Tucson

Posted by Mike Jones, Mike Jones NMLS 223495 (SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) ) over 11 years ago

And the solution is?

Posted by Janice Roosevelt, OICP ABR, ePRO,Ecobroker ( Keller Williams Brandywine Valley ) over 11 years ago

I realized many years ago if I couldnt get something sold I would starve.  Employees of banks and many other large corporations do not work on the premise of hunt and kill or go hungry.  Its just another hour in another day.   Of course you do find an occasional person who wants to truly help, then their hands are tied by countless regulations.  What a mess a mess a mess. I think there is no sense of urgency to get it done. (it being houses sold)

Posted by South Austin Real Estate Blog (Sky Realty South Austin) over 11 years ago


Now there's the truth.


People like you and me are the answer.  Getting out there and getting it done.

Mike in Tucson

Posted by Mike Jones, Mike Jones NMLS 223495 (SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) ) over 11 years ago


Wow..so true! I agree with Lenn what a shame their incompetence is getting rewarded!

Posted by Dorie Dillard CRS GRI ABR, Serving Buyers & Sellers in NW Austin Real Estate (Coldwell Banker Realty ~ 512.750.6899) over 11 years ago

Good story, Mike.  I think that probably pretty well sums up, at least partly, why the banks are in the mess they're in - ARROGANCE!

They just think they're entitled to charge 3/4 point over the going rate for mortgages while paying 1/4 point (or less) for savings.

Posted by Mike Hendren (Mike Hendren Photography) over 11 years ago

Indifference or apathy?  I'm not so sure there is a marked difference in either one. 


Posted by Carol Smith (Casmi Photography) over 11 years ago

Mike, it' sad to say that this is the direction our country seems to be taking. It's not just the banks or occasional Realtor, it's in every service field we frequent. People just don't seem to care about the individual any more. It's part of the if you don't someone else will mentality.

Posted by Suesan Jenifer Therriault, "Inspecting every purchase as if it were my own". (JTHIS-Professional Home Inspection Team) over 11 years ago

Mike - A sad but true summary. It's a frestering problem of entitlement.

Posted by Claude Cross, Charlotte NC Homes For Sale (Homes By Cross, Inc. ) over 11 years ago

Mike,  Bankers assume you are just itching to buy their foreclosures.  Clueless is right - if they were smart they'd accept short sales more readily,  Karen

Posted by Karen Kruschka, - "My Experience Isn't Expensive - It's PRICELESS" (RE/MAX Executives) over 11 years ago


I agree!


It's why I will always have a job in my industry, unless they legislate brokers out of existence.


It certainly makes it easy to differentiate ourselves from the crowd!


Thanks for stopping by to comment!


I like your hat!  (Just had to say that.)


We need educated voters next go-round.  It floors me that a tax cheat has been placed in charge of the IRS, has the ear of the President, and is making banking rules.

Mike in Tucson

Posted by Mike Jones, Mike Jones NMLS 223495 (SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) ) over 11 years ago

We may have saved the banks from further losses by keeping them out of the Real Estate business.

Posted by Terry & Bonnie Westbrook, Westbrook Realty - Grand Rapids Forest Hills MI Re (Westbrook Realty Broker-Owner) over 11 years ago

Great post, Mike - and right on!  I liked Lenn's comment that REO banks act like dictators, and when you couple that attitude with "clueless" and "untrained", it makes for a nasty combination.  Ugh...

Posted by Randy Hooker, Gilbert, Chandler, Mesa, Queen Creek (Dreamcatcher Realty / Greater Phoenix Area) over 11 years ago


I was just reading a piece on Bloomberg about the banks becoming Pavlov's dog on a diet of Fed money.  This first hundred days of the new administration hasn't done anything to encourage me about this coming year.


Sure, but to what end?

Mike in Tucson

Posted by Mike Jones, Mike Jones NMLS 223495 (SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) ) over 11 years ago

Mike, your post and the conversation thread that follows made my day this morning.  I despise the banking industry.  Last fall we sold a home...(got a purchase agreement for 334900) they wouldn't accept the offer.  This week we learned that one of my broker's friends has purchased the home (FROM THE BANK) for 250000.  They really know how to move real estate. 

Posted by Suzanne McLaughlin, Sabinske & Associates, Realtor (Sabinske & Associates, Inc. (Albertville, St. Michael)) over 11 years ago
  • So great opportunity is being created for us. It's a fact! kate in lv
Posted by Kate Kate over 11 years ago


I like your attitude, young lady!


That's a shame!

Mike in Tucson

Posted by Mike Jones, Mike Jones NMLS 223495 (SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) ) over 11 years ago

If you live in an area where foreclosures are on every corner then if one lender doesn't want to play a buyer can just make another offer down the street.  Supply and demand doesn't seem to come to dawn on them. 

Posted by Pat Fenn (Marketing Specialist for CJ Realty Group/Cindy Jones Broker ) over 11 years ago

We should encourage these losers to stay in the business.  It just makes it easier for those of us who know how to sell.

Posted by Bob Hirsch (The AVD Group) over 11 years ago

Mike - Ouch!  You mean I should actually make eye contact in between tweets at an open house?  Oh, now I get it.  I'll give that a shot next time.  Great post, Mike.

Posted by Marlene Bridges, Laguna Homes|Laguna Condos|Laguna Real Estate (Village Real Estate Services, Inc.) over 11 years ago


LOL  Really!  Thanks for commenting.


Thanks for commenting.


That's the size of it, unfortunately.

Mike in Tucson

Posted by Mike Jones, Mike Jones NMLS 223495 (SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) ) over 11 years ago

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