I have a client who is set to close on Friday. The process has been very smooth, and both the buyers and the sellers have been most gracious and accommodating. Very, very little stress on this front.
The lender has been challenged with a few special circumstances, and in fairness has really gone to bat for my clients. The closing did get pushed last week, but it was more timing of responses than anything else.
However, everything came to a head yesterday between the buyers and lender simply because the lender did not speak buyers, and the buyers did not speak lender. In an effort to not bore the buyers with every detail or challenge, the lender was just going about the job to get it done. But, this set up a scenario that my clients only heard from the lender if there was a problem and were always fearing the worst. Not a familiar or comfortable situation at all for buyers with great credit histories.
Until yesterday, they had no idea just what and had been done in the background to put this deal together. Consequently, I spent a good hour on the phone with the lender and buyers separately since I was lucky enough to speak both lender and buyer in this case.
The end result is a deal that will close just fine, and both sides now understand each other as much as they can. For my part, I was reminded again how important it is to let my clients know what is going on; no matter how small it may seem. Better communication and more information would have made this scenario a non-issue. Frankly, I really like non-issue events...
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