I sit here today at 5:00 pm with a closing scheduled at 4pm for a listing of mine. It is apparently not happening though, even though we've been under contract for 55 days, had no appraisal issues, no title issues, worked through minor inspection stuff with little effort. The buyers are A +, organized, over qualified, detail oriented, responsive.
Why are we not closing? Because they are doing a Bank of America corporate loan.
When this contract came through, I asked the buyer's agent, please, use any lender than B of A corporate. I've heard stories (first hand) about how they can't close loans on time, for no real reason, other than sheer ineptitude. She begged her client, but he insisted his rep was going to get this done for him. I did not dig my heels in, because I like to believe in people and like to trust them. I thought okay "maybe this one is different." The rep called me, and seemed like a stand up guy, like he'd be on it.
We have all checked in periodically during this escrow period, and kept hearing: everything's fine, everything's fine. They did not approve the loan by the 21 day contingency date, because they just don't do that until closer to closing. Okay, I could live with that. They are proritizng and other loans closing sooner come first.
Well now it's our turn, closing is imminent. Crickets.
Finally end of day yesterday, I get a call from the buyers agent: You were right, we are not closing on time because it's Bank of America and there's no reason. They did ask for the Amendatory Clause for a 3rd time, but yes, they already have it and that's ridiculous, but yes we will send it to them again. We don't know why it's not in underwriting yet (WHAT?? We were told it was weeks ago!?).
Finally at the end of a day we get some email stating that the file will go into underwriting "no later than first thing this morning" and if the underwriter approves it, it will close today.
It is now 5pm EDT, on closing day, 4 Central and 3 Mountain (the parties involved spead over 3 time zones in a case of good ole' B of A efficiency) and we have heard nothing other than "it is in underwriting."
We just got word that a real condition came through about verifying a deposit...supposedly we are closing tomorrow, but no word for real, just a chirpy loan officers optimistic guess.
If they had of used a local lender, this never would have happened. If they'd even of used a local B of A lender, this would not be happening. Please people, if your lender is in a different time zone, and his processor and underwriters are also in different time zones, USE ANOTHER LENDER WHO IS LOCAL!
I hope I will be able to post a happy ending part two to this saga tomorrow, but in the future, I will insist no transaction I am involved in uses B of A corporate.
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