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Thanks for the comment Garrett. You are always a welcome contributor.

Here is one for you, the other day I got a call from an irate

realtor who indicated the loan closed for her client on Monday and here it was Thursday and the contractor hadn't made any contact with the borrower. I asked the 64.000 question... did anyone call the contractor to let him know it closed... the answer was "we thought you would do that" My response was that this call from her was the first indication I had that it had closed. The borrower and the lender and the agents all get paid at closing... we only know it closed when someone in the loop lets us in on the great news... happy to call the contractor for you but YOU the borrower need to let us know when it closes.

M

We do whatever our clients find distasteful Garrett. Since many of our clients are first time home buyers they don't have a clue  as to the process. During our consultation we go over all this with them, yet some may never grasp it. They only buy one or two houses in a lifetime. We, on the other hand do this everyday and  understand the process. 

I can't help them if they don't keep me informed though. When your project closes it is okay to call the contractor. Wells Fargo Home Mortgage came out last year with a letter of understanding for all the consultants doing or wanting to do work for Wells Fargo that said something like this "The consultant will insure the first draw is within 30 days of the closing". In order to work for them you had to sign this... I did, of course, but then added "if the consultant is notified of the closing". It doesn't happen very often. Quite often we get notified when we get the call for the first draw as you know.

We had a very tough property that had been turned down by 4 lenders and the borrower was getting a little disgruntled when they came to us... I found a lender who went to work on this with us and we worked on this one for ninety days to get it closed. Everyone fought it be we won in the end. Then, just before closing... hours before, I get a note from the lender that in order for this to fund the consultant has to sign a paper acknowledging they would get the money owed them in 45 more days from Bank of America. Everyone else got their pay at the close of escrow, but now it has been over sixty days and I still don't have the second half of my fee. Outrageous, don't you agree?. 

People sometimes are upset that we take our fee in full at the time of the inspection... that is our rule. The guideline says the lender is not responsible to help us collect our fee and then they pull this. I have to assume that the reason they did this to us was because they were one of the four banks that turned this loan down early before we got involved and they were just showing us who was in control.