Listen and find the solution!

I had a different post planned for this week but events have me thinking that sharing this will help all of you that read this post week in and week out see the value in trying to implement some of these concepts that my coaching clients use on a daily basis. Nothing feels better to a coach than when one of his people use the tools and finds success. This story comes to me from one of my coaching clients, Greg Leszczak, a producing manager at Fairway Independent Mortgage in Virginia. He shared this with me and with his permission I am sharing this with you.

Hi Mike,

I wanted to share a story of a recent client that just signed his disclosures last evening and is scheduled to close on his new “forever home” in May. This client was referred to me by a Realtor® I have been trying to get business from for quite some time. He had previously referred these clients to another lender at the end of last year. After consulting with the loan officer at the other company who told them the only way to get the loan done would be to put 20% down the borrowers were quite dejected and stopped searching.

As spring approached the borrowers got the bug and started looking again. They really wanted to move up to a single family home from their current townhouse for their growing family but they knew what their maximum monthly budget for their mortgage payment was and they just couldn’t figure out how to make it work. With rates and values where they are there would never be better a better time to buy they wanted to act before rates and home prices started to rise.

Here was the dilemma…..they owed about what their current townhouse was worth based on what the Realtor® had gotten them in terms of comps in their neighborhood and they had a maximum amount of 3-5% available to put down on the new home. Since they didn’t think they could sell the house for what it was their plan was to rent the house until they could gain some additional value. They could rent the home at a $200 to $300 a month loss with their current mortgage payments. Based on the anticipated loss on their rent and the minimal down payment and the fact that the new rent they would be receiving was too new to count for their debt ratios they were maxing out for a loan in the high 400’s to low $500’s and they were just not finding what they wanted.

I gathered as much information as I could to try and find a solution that made sense. The husband had VA eligibility but he had used it to purchase his existing home…….the light bulb went off. If I could find a way to convince him that selling the home even at a loss made sense he could then get his eligibility back and use it to buy his new home. I contacted the Realtor® who had referred the loan to verify the information the buyer had shared in terms of current value and what he could expect to get if he rented. The Realtor® verified the information and in fact mentioned that a neighbor of theirs had just listed their home and had gotten it under contract in less than a week. I asked the Realtor® if he would be willing to take a smaller commission if we could convince the borrower to list his home, his answer was “hell yes”. Why wouldn’t he, he would now have two deals where he had none. After working through the figures with the Realtor’s® reduced commission it turned out that the borrowers would most likely take a loss of about $7000 on their existing property. While they were not too excited about that when I pointed out that keeping the home would actually result in a $200 to $300 a month loss in rent they realized that they could make that up in less than 2 years. On top of that they would not have to live with the hassle of renting the home, paying for repairs, dealing with tenants….etc. etc.

The icing on the cake they could now look for homes in the $550k-$575k range (the wife had seen a home for $550k that she had fallen in love with) and their monthly payments would still be $500 a month less than the alternative options they were looking at (FHA and conventional with mi). They took the weekend to think it over and contacted the Agent the following Monday, they listed their home.

It gets better; the Realtor® suggested increasing their listing price by $15,000 after seeing all of the upgrades they had in their home and the limited supply available. They received 2 offers the first week one was for full list price with no closing cost help. They had just gone from losing money to walking away with a profit!! They wrote a contract on the $550,000 house the wife was in love with which was ratified with $5500 in seller concessions they close on May 31st.
When they were leaving the wife gave me a hug and whispered “thank you” in my ear. It doesn’t get any better than that.

Have a great weekend!

Greg Leszczak

This is just an example of what happens when you listen to the entire story and find the solution that may not be what the client had asked for, but generates the result they had wanted. Greg did a great job listening and finding a solution. He didn’t sell, he shared. The results speak for themselves. We can change lives for the better when we all take the time to listen and find solutions.

For questions or comments please email: or you can visit the website:

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Mike White

Improve My Tomorrow Coaching is a company founded by Michael F. White to help mortgage professionals reach their true potential. Based on a belief that working the fundamental principles of the loan origination business combined with a solid system to leverage your day to day business into a self sustaining career! If you are looking to generate consistency in your business, you need to know and implement the fundamentals. Once you know what to do and when to do it, being a mortgage professional is fun, challenging, and profitable. Since the average loan originator in the country closes less than three loans a month, the average originator is unaware that closing seven, ten, twelve or more loans per month is often easier and less stressful than just two or three! If you are tired of the pain and punishment of not knowing where your next deal is coming from; if you spend more time being “busy” instead of “productive”; you need to look and see how we can help you get to a whole new level of business. Take some time to explore this website and read all the free information. If you find some things that cause you to rethink how you are currently doing your business, let us help you! It starts with YOU! There are two programs you can choose, a group program and private coaching. Please look at both before you make your choice.

2 thoughts on “Listen and find the solution!”

  1. Great job, Greg Leszczak, another wonderful Fairway Independent Mortgage success story. It feels so good to help someone reach a dream they really want and make it affordable.

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