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
sandy@sandynoll.com
http://www.letsachieveyourgoals.com/
Woodinville, Kirkland, Bothell