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It Happened To Me.......

I've heard about and read about it, but didn't think it would happen to me!

I have clients with a purchase closing tomorrow and the lender shut it's doors this morning! First Magnus Financial Corp ceased all business as of 7:30am.

I have been on the phone the past three hours talking to other lenders just in case their lender couldn't come through. My clients gave them until noon to get something done. The difficulty with their loan, 95% Stated Income. As you can imagine my clients are just a little stressed out! The listing agent of the home they are buying is freaking out because his client is buying new construction, contingent on the closing of the home my clients are buying! He's worried the contractor will have issues! My clients sold their home and have to be out by Saturday night. Should I be freaking out yet?

Fortunately, it looks like National City will take the loan with a guaranteed approval today and as long as there are no conditions, docs tomorrow! Horray! Worst case scenario we have conditions to meet tomorrow and docs/closing on Monday. Because National City stopped doing 2nds and construction loans, they have less business and money to lend.

What a scary time we are in. I heard through the rumor mill today that Countrywide will file bankruptcy today! What next????

Sandy Noll
Realtor, eAgent
Keller Williams Realty
425-890-0878
sandranoll@kw.com
http://www.letsachieveyourgoals.com/
Woodinville, Kirkland, Bothell

Posted by Sandy Noll - Realtor, eAgent on 08/16/2007 02:29 PM

Comments (6)

magnus, financial, national city, lets achieve your goals

6 Comments on It Happened To Me.......

That blows. Glad you didn't freak to the level of being unable to work it out.

Best of luck.

08/16/2007 02:40 PM

by Lane Bailey - The REALTOR for Car People (Diamond Dwellings Realty)

The really scary thing is this maybe the first but probably not the last. Until the shake, rattle and roll, get through we are going to have a heck of a ride, it used to be the hurdles where inspection, and appraisal, now we can add another unknown to the grouping, FINANCING, sounds like you have this one under control, Good Job and good luck, We need a really solid lender out there, I wonder who will rise to the top of this storm?

08/16/2007 02:46 PM

by pacific realty

Lane and Leslie well I have good news to report. My clients have conditional approval with National City and we should close Thursday. Not bad! I would like to thank Karen Inch with Crane Financial for working hard to get this closed and hanging in there!! Way to go Karen!!

08/21/2007 12:15 AM

by Sandy Noll - Realtor, eAgent (Keller Williams Realty Kirkland)

Thanks Sandy!!! I couldn't have gotten through this without you!!! Sandy has the best "We can do this" attitude of anyone I have ever met.

My best advice, find a team of professionals you can work with, who will go the extra mile for you.

Thanks for being part of my team!!!

08/21/2007 09:49 AM

by Karen Inch (Crane Financial Group)

Way to go ladies!!! Make sure to come back and give us the great news when this closes on thursday!!

Sandy, you certainly aren't the only one this is happening to. Luckily you have a great team to help pick up humpty dumpty and put him back together.........(I just had a kid so it's all fairy tales and poopy diapers).

Bob

08/21/2007 11:08 AM

by Brio Realty

I am happy to report we were able to close my clients deal, only a week later, on the 24th or August!! Hooray to Karen at Crane Financial for working so hard to get the transaction closed!

09/07/2007 02:29 AM

by Sandy Noll - Realtor, eAgent (Keller Williams Realty Kirkland)

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