THE USAA MOVERS ADVANTAGE STOLE MY CLIENT,..

or should I say customer..if she was a client,..that wouldnt have happened

met a buyer through facebook,. She was a young vet
I have lots of experience with vets..so I figured its great
I told her about loan programs..sent her listings..
Set up an appointment..NO SHOW..then dissapeared.
No Biggie..figured she wasnt ready
today She post on facebook..YAY closing in November..
So being polite I said ,..I want in on the housewarming


She says OMG Linden check your inbox..I did..
she said I need to sign up with USAA they rebate her 1900 towards closing..
but she had to pick a usaa movers advantage agent..
first of all I got dissed for a 1900 concession?
2nd of all..i could have gotten her a 9k concession from seller

3rd of all that usaa preferred agent actually had to pay that from thier commission
usaa didnt give the buyer anything..

unbelievable...

that usaa told her in order to get the concession she had to use thier agent...

I dont know what Im more mad at
usaa or the buyer...

just venting

Why would you be mad at USAA? That doesn't make any sense. BTW they're the best bank out there.

USAA preys on our military. Mt last clients to use USAA dumped USAA right before closing. My clients were savvy and the referral part never came up which is a good thing for my clients because I would not have paid it and my clients would have lost big time not using me.

Interest rates had dropped and USAA refused to lower the rate they had locked in. I got them to switch to one of my lenders who got them the lower interest rate and saved them $7,000 in closing cost junk fees.

USAA does not look out for the military, they prey on them. All my lenders will lower the interest rate after lock in. It is what good lenders do.

The vet who thinks they saved $1,900 actually paid dearly for that money. What a shame.

I wouldn't be surprised that a buyer would dump someone they don't know with the idea of saving $1900.

Heck, be honest...if you could save nearly $2000 wouldn't you?

It's a shame that she was hoodwinked though.

Lindenmoe, how could you have gotten her $9000 in concessions? I'm curious...

easy in my contract

Seller to provide buyer a $9,000 credit towards buyers closing cost. Banks allow up to 3% in Nj

nonsense..they are liars..they said they will give my buyer a 1900 credit..they do not..they take a referral fee from the realtor, which they do NOT disclose as you know.. then the give the buyer SOME of the money..not even all of it.
they take the realtors hard earned commission..the realtor paid that concession, not usaa.

Well the seller has to actually agree to it. Do you know for a fact that the seller was going to agree to that?

So this must have been a $300,000 house ($300,0000 x 3% = $9,000) I understand USAA gets a referral fee from the agent of 50% of the commission, so if the commission rate was 3% USAA got a referral fee of $4,500 and passed on $1,900 to the buyer.

What a deal!

Yes. got it done 100% of the time on deals the buyer asked.
she bought a 350k unit. could have gotten her over $10,000 actually.
I have a 100% success ratio getting sellers concession in my market.

fact is usaa lied to them and said they were the one that gets them the credit..
it came from the realtors pocket not usaa
not only that but usaa pocketed the difference.

Its ok..Im armed with ammo now,..so every veteram we speak too,
gonna know about usaa practices..better believe that.

and she wasnt even happy with that realtor service they reccommended, she felt she had NO choice, they say she MUST use a usaa agent.. wonder why? cause I aint kicking anything back to usaa

I would rather give the FULL amount to my client! nj is allowed to give incentives it was legalized here 2 years ago,..
as long as it shows on the Hud-1

Yea, USAA, Redfin, and all the other discount brokers trying to give back commissions are really killing this industry.. I'm trying to make as much money as possible in the next 3-5 years before the traditional real estate commission is gone and we all working for nothing..

A buyer who's willing to ditch you in order to get a $1900 credit is probably not the sort of buyer I'd want. If the buyer wanted to stick with you but nonetheless felt forced to use another agent, I'd certainly be willing give an equal credit if the buyer truly did feel forced to use another agent. At least in my market, a couple grand is practically nothing.

A somewhat related thought on discount brokerages. Just out of curiosity, I test-ran a rebate/credit-based model for a little while (marketed in parallel to my "usual" marketing campaign), with the percent credited based on the final sales price. What I learned is this:

1) The buyers who want a substantial credit tend not to be the sort of buyers I want to work with. I got the feeling many of them were ready to ditch me as soon as someone else came along with a better deal. (I did get a handful of very loyal buyers out of the deal, and they've been phenomenal for referrals.)

2) The buyers who were most enthusiastic about working with me were the ones least interested in a commission credit. I had some buyers actually refuse to accept the credit.

3) I really didn't see much of an uptick in leads or sales as a result of offering a commission credit.

I've actually had good experiences with Redfin agents, but too many of the discount brokers don't seem to be on the ball when it comes to urgent issues that crop up.

Not trying to pour salt on the wounds - but how about being upset with yourself for not being able to articulate to your client on how working with you would save them more then going through USAA - and did you contact USAA to see what you could work out??

Good Luck - I have also heard good things about USAA as a bank - but this is a first as a lender.

First of all,..you didnt read my post..I sent her listings and info..and she dissapeared. the Usaa thing came after..she was already under contract..

she was already with usaa and the [censored] poor usaa agent.

no sweat off my back,..im mad at usaa not the buyer.

nice try . Don.

sheesh read the post first.

So you lost a sale big whoop. Quit blaming USAA. Sounds like you should be more mad at yourself than anyone else for not getting a Buyers Rep Agreement. I was in the Army for 5 years and USAA is the best bank out there. They provide excellent service to there customers. If you were going to buy and home and didn't know a Realtor and your bank was going to offer you a credit for doing business through them then you would be an idiot for not taking advantage of that. Am I right? And who cares where the money is coming from and exactly how it is distributed that doesn't matter. The agents that are associated with USAA I assume get leads from them and from those leads the agent pays a referral fee and of that referral fee USAA gives some of it back to there customer. Now what is wrong with that? Sounds like hell of a bank to me. What you claim is that every agent associated with USAA is a terrible agent and your the best there is. Chalk it up as a loss and stop crying. I highly doubt your claim that you get the maximum 3% Seller concessions 100% of the time. You sell on Avg. 450k houses and I highly doubt every seller you make an offer to is jumping with joy to just give away 10k towards your buyers closing.