I know this may be hard to believe but in the six years I have been in real estate, my closings have always occurred on time per contract. That is until last week.
Are you wondering what happened to delay the closing? The buyer's lender. When I wrote the offer on this property, I specifically called the buyer's lender to make sure she could close before Christmas. She assured me she could. That closing was scheduled for 8 days ago.
The contract extension was written to close on or before 12/30. Eleven days after the originally scheduled closing. Today, the lender called to say the closing may not happen by then. Apparently, the condo HOA switched insurance companies late last week and now the insurance company is closed for the entire week. The lender can't get the documentation it requires from the insurance company and, therefore, can't close. However, had the lender closed as originally scheduled on 12/19, this change would not have impacted our sale at all.
I lost my temper. This proclamation was the last straw for me. I proceeded to tell the lender that this is exactly why I use a preferred lender. A lender who has managed to close all my transactions on time for the last four years when I started using him. Never ever has he failed me. I went on to say that I didn't believe that they had ever planned on closing by 12/19; that they had blatantly lied to my client to get the business knowing full well they couldn't perform on time.
Needless to say, she wasn't a happy camper and I don't care. I pride myself on always being very professional with the vendors I work with in the course of a transaction. Never have I lost my temper and said things I regretted later. But the service my client has received has been appalling from this lender and, frankly, I can't wait until this transaction is over so I can write a terrible on-line review for the world to see.
If you are buying a Franklin TN home and your buyer's agent suggests using a preferred lender, you may want to heed his/her advice. These agents work with people they know and trust to get your transaction to the closing table on time. Sellers are not required to extend a contract if it doesn't close on time. You risk not only losing the home you want to purchase but your earnest money as well.
Don't risk losing your dream home because your lender failed to perform.
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