There is an old saying that says, “never assume because it makes an ass out of u and me”. Well this week that rang in my ears loud and clear. I was supposed to have a closing today and didn’t.
I’m representing the buyer on a purchase of a single family home and they are
financing the home with an FHA loan. Now, it doesn’t matter if it’s Conventional, VA or FHA an appraisal is surely to be ordered at the time of application, right?
Not in my case. The loan officer was great up until this week. He would call and give me updates and tell me what conditions were left and where the file was. I felt so comfortable with this loan officer I never asked any questions and assumed everything he said was correct and we were headed to the closing table unscathed.
I received a call late yesterday stating that the FHA appraisal just came in and that we couldn’t close today because the water and gas were off and two GFI outlets were missing near the kitchen and master bathroom sinks. WHAT!!!!!
How come we are finding out about this now? Oh, the appraisal wasn’t ordered until last Friday. Now it’s not my job to order an appraisal but I’ll bet you a dollar to a donut this will never happen to me or my clients again.
No matter how smooth someone tells you things are running, don’t be afraid to ask questions. You might look like a Nervous Nelly but you will look like a true professional if you prevent a mishap like the one that happened to my buyers today.
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