Lawsuits Against Customers who shop around for mortgate rates. What are we going to see next, lawsuit if you buy a cheap gas from a different gas station.?

Check out this link

http://www.canadianmortgagetrends.com/canadian_mortgage_trends/2009/11/lawsuits-against-customers.html

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Originally posted by rajivjuthani

Lawsuits Against Customers who shop around for mortgate rates. What are we going to see next, lawsuit if you buy a cheap gas from a different gas station.?

Check out this link

http://www.canadianmortgagetrends.com/canadian_mortgage_trends/2009/11/lawsuits-against-customers.html</font>

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Rajiv,
I think you probably missed the second paragraph. Ok, never mind, let me copy/paste that for you and others:

Jeff Greenberg, owner and paralegal, says: "Brokers don't want to sue their clients and it's not good business, but the fact is that it's not good business for a client to negotiate in bad faith and to take advantage of someone who relies on their commissions to live.”

Also read this:
"If a broker provides excellent rates, helpful advice, and quick service, and the customer takes the broker’s rate elsewhere, the customer clearly doesn’t value the relationship (and they probably never did). "

Though I don't agree with these kind of 'law Suits' filed by Mortgage brokers and neither I am a Mortgage Broker myself nor is any of my family members but just think about it: A person works on a file, spends many hours and money, gets his customer the 'Mortgage Approval' for best bossible rates and terms/condition with only one 'hope' that he is gonna get his customer's business and earn two times' meal for himself and his family AND 'that customer', without respecting the valuable time spent by somebody, in bad faith, takes those papers with him and 'bargains' with the other lenders. Do you think it is acceptable, morally or ethically? I mean just try to put yourself in somebody else's shoe and then think.
There is no harm in shopping around. Everybody does that and for everything. But here the situation is little different. Most of the time we do 'shop around' for the tangible things like you go to Wal mart and Sears and bay and etc. etc. to buy, lets say a pair of Shoes. You may ask few question to the sales reps also. Even if you don't buy still they will answer your question BUT they are being paid for that.

Please read this carefully:
If a broker provides excellent rates, helpful advice, and quick service, and the customer takes the broker’s rate elsewhere, the customer clearly doesn’t value the relationship (and they probably never did).

also this:
Rate is what people pay. Value is what they get.

Unfortunately, this is where some (not all) of so called professional, educated and highly talented people lack. They don't know the worth of value which they get. Even if you try to tell them, they wouldn't listen.
As far shopping around for gas: You go to a gas station, look for the price and then just turn your car to another gas station where the gas price shown 2-3 cents cheaper. You had not even stopped at the previous gas station forget about wasting gas attendant's time. Now lets say you fill your tank at the second gas station and when you going in to pay, you notice that the gas station no. one just reduced the price by 8 cents. Now what to do? Would you go to the attendant and tell him to take the gas out from your fuel tank because the other gas station is offering you better price? If you do say so, what do you think the attendant is gonna tell you? (I leave the reply for everybody's imagination
I believe, on CD forum, we have hundreds of IT people. For those who develop some application or software, the scenerio is:
Someone asks you to develop a software and gives you a deadline of two weeks without even paying you a single penny in advance and you start working on that, spend many hours and keep updating your progress to that 'customer'. That 'customer' changes the specifications atleast two times within a week but the dealine is still the same. Somehow, you develop the software/application and send the layout (I don't know the technical term, sorry) to your 'customer' for testing. Now that 'customer' takes that layout and goes to another developer, shows him (developer #2) the layout, negotiates the price and places an order to him.....comes back to you and says: SORRY, someone else is gonna do the job for me. OR it might also happen that 'that customer' does not even show the courtesy of calling you back and saying NO. Now my question is:
* Would you start working on something without any advance payment?
* If you do and the 'customer' goes and places the order somewhere, how would you feel (multiple choice, answer any one)
> Feel like hugging and kissing the customer and say" That's OK, bro. In case you need any similar help in future, just let me know"
> You will think: This is what my 'Bhagya' is AND you will start reading Geeta Saar.....Kya leke aaye the, kya kho diya?
> You will think: As a customer, he has all the right to shop around and waste everybody's time and money.
> All of the above
> None of the above

Nothing personal to anybody but my only request/suggestion would be: Shop around but only before committing to somebody. Once you make a commitment, then believe in your own decision and stick to your committment.

Pheww.........

Thanks for reading such a looooong post.

Enjoy your day!