Back on February 23rd, I put one of my listings under contract, pending loan approval. I was assured by the buyer that he had already talked to his lender and in fact had purchased his last home through this same lender.
The lender is on the East Coast, the property being purchased is in Missouri. The buyer was planning on obtaining a VA loan.
Our first hurdle was the appraisal - the subject property is a Morton building turned into a very nice home. But a metal building none the less. We jumped this hurdle just fine.
The next hurdle was an outstanding bill on the credit report. Seems the bill was never taken care of as part of a divorce. After a few phone calls, that hurdle was also overcome.
Finally, I am told the file is ready to go to under writing. One week before our scheduled closing date, the file is sent off.
Two days later the lender calls. Can I do an extension? Why, I ask? Well, the file will take NINE BUSINESS DAYS to go through under writing!
WHAT?
Nine business days?
I have never heard of such a thing. The lender, of course, becomes defensive - all good companies are busy right now and nine days really isn't out of the ordinary.
WHAT?
I proceed to tell the lender I've never had a file take nine business days to go through under writing. In fact, we just closed a deal with Quicken Loans - 24 days, FHA Loan, from writing the contract until closing. And no, these folks did not have perfect credit. In the six and a half years I've been doing this, I have never heard of a file taking such a long time in under writing.
The Seller moved out of the home, as we were told in the beginning the Buyer would like to close EARLY. Now, they are looking at an extra 15 days of interest, insurance, utilities and stress.
Is this a trend some of you are seeing? Have I been fortunate up to now? I still can't fathom why this would take such a long time.
Do you have an under writing story to share?
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Contact Debbie DiFonzo, Broker, United Country VIP Realty, at 417-468-5900 to list your property for sale or to purchase a property in Marshfield, Conway, Phillipsburg, Lebanon, Long Lane, or Buffalo, Missouri.
To view all our listings and auctions, visit: http://www.uctheozarks.com/
Contact Debbie at: Debbie@ucvip.com
Copyright © 2008 By Debbie DiFonzo, All Rights Reserved. The information provided herein is obtained from multiple sources and is deemed accurate but not guaranteed.
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