Believe it or not we closed this transaction of Thursday. My buyers decided to dump his lender (broker) and worker directly with a local bank. They found two local banks that will work with them even though they are from out-of-state.
I want to give John Wickcliffe at First Citizen a great big "THANK YOU" for helping to get this transaction closed in short order once he was brought into the transaction. He was able to use the previous appraisal and was able to approve my buyers in just a few days.
My buyers are already looking at another investment property. So, guess who will we use to finance the transaction?
In short, the lender disappeared. He would not return phone calls and would not respond to emails. Most importantly, he stalled on processing the loan. So, he was replaced.
Read Disappearing Lender- Parts 1 and 2 to get the full story.
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I'm just curious why your buyer switched lenders at the very last moment?