Tick-Tock-Tick-Tock.....Why Can't You Hear It?

How rude and inconsiderate for everyone. They had to have known that there were issues/delays and should have extended the courtesy of a call the day before.  I feel sorry for everyone involved.

Kathy

I am pleased to say that this has not happened to me in a very long time.  This is why I recommend using lenders that I have a track record with.  It is important to have a relationship with the person on the other end so that if something comes up, you can work together to fix it.

HMMM these are particularly hurtful to the seller(s) hopefully everything will be resolved on Monday. .please keep us posted 

Chris, I've worked with clients who insisted on working with out of state lenders because of a better rate. It seemed there was always a delay with getting the loan package for the closing. Hope everything works out for you and your clients next week.

Although I live and work in California, I am not going to defend the lender. It is vital to work with a tema of professionals. SOmetimes it is hard to get clients on board with the fact that you can recommend three or four qualified lenders, and they should not just go with a random one for which there is a coupon in the mailbox.

I knowthe pain, I truly can relate .  However, this goes on with local lenders also. 

What I might have missed in your post, here in California, we usually have the buyers sign loan doc's prior to funding a loan, they head into escrow sign the paper work and then the lender calls out funding of the loan which usually occurs in 24 hours. Once the loan has funded the title company will call out the recording to escrow and escrow informs the agents. So, it might be that the lender being from California did not have the same understanding as to the way business is done in your neck of the woods.

Probably best to work with local lenders.  You can actually drive down the street and stare them down if it even looks like a situation is headed this direction. 

Local is better, in-house, if you have one is best. I recently closed a sale where my buyer (VA loan) went on line and got 3 replies and picked the "cheapest". It almost cost him the house. The loan officer had never done a VA loan and seemed too proud to get help. We got it closed, a week late! It doesn't mean your local or in-house won't have problems, but being geographically closer does seem to make it easier.

There is absolutely nothing so good as having the LO or assistant attend the closing. They get motivated to get it done much faster when they are sitting there, too!

Chris, this is almost mirroring my transaction. The buyers lender has taken almost 70 days to close on my listing.

I told them no more delays and the buyers agent says "You are the most pessimistic Realtor that I have ever known".

Can you believe they wanted us to wait another 28 days? ?These banks and some agents are just unreal these days.

This is why when a client asks me when do I know have a done deal and I say "When the sellers walk out the door with their checks and are told not to turn around if someone calls their names and not to answer their cell phones." That is what is coming down to.  There are still local lenders, be it the small community bank and credit unions.  With the right loan officer and processor there is nothing wrong with the national lenders.  What is wrong is the lender found on the internet who has no clue how a closing is held in your particular state.  NY closings tend to drive lenders who are not familiar with our customs crazy.

I agree with Lenn, if you can't look them in the eye when necessary then it's not likely to prove to be a good choice.

One recent LO got "looked in the eye" by my son who was TRYING to purchase his first home.  Let's just say that the apple did not fall far from the tree and after the "looking" was over my son's file was handed off to another LO.  Haha!

Hi Chris,  I appreciate your concern and frustration !  My feeling is that your post would be more effective had you included the name of the lender so that the rest of us would be aware !

I so feel your pain...recently I had a closing involving Bank of America (boo, hiss) where I represented the seller;  the closing was ONE WEEK LATE. Fortunately, the sellers were renting back for a while, so they really did not care too much as long as it eventually closed.  The following week I had a closing involving SunTrust where I represented the buyers - and the loan package was one week early. 

I was so baffled when I found out the title company already had the package, I thought perhaps I had written down the wrong closing date on my calendar! LOL I like to think there was some cosmic justice in all of that...hang in there, hopefully you'll close Monday. 

Local lenders are the best way to go. My LO actually comes to the closing!

Dear Chris ...I know exactly how it feels... so do a couple of my clients which experienced similar disrespect from their lenders this year...

And yes, they realized once they got jerked around by their lender that they should have selected one of several service providers I had suggested to them (because they do their job)...

We as professionals must certainly know which bank, lender, mortgage officer or broker knows respect and delivers... unfortunately almost everyone in the public seems to think we get a "kickback" when we offer a recommendation, which is of course absolutely not true (and highly illegal)... 

The only reason why we recommend reliable servicers is that we and our clients get great service... I wish people would understand that this is one of the "perks" that they receive when working with an experienced Realtor... reliable lenders, attorneys, home inspectors, contractors, pest control, movers and much more...