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The buyer (whom I did not represent) for one of my listings recently walked from the transaction during the mandated seven day waiting period from when the GFE is issued. (Ended up costing him $3300 earnest money plus another apx. $2000 in other out of pocket costs.) Mind you, this was the fourth GFE that I was aware of and was prompted only because the lender did not change the loan number when the loan went from conventional to FHA. Two weeks had passed since the change. The buyer was approved for financing. We were closing in two days. Then the compliance department … (4 comments)
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