Hello again AR nation. Just another week, and another learning experience.
I'm currently working with a client to get them into their new home. I love the whole experience of doing this. However, it seems every home I sell brings a new set of hurdles to overcome.
A little back story...We signed the contract on a home about 4 weeks ago. As is standard practice with most all agents now, I included a pre-qual letter with the offer. After a little back and forth, we agree on the final price, and begin the loan process. I'm sure we are all well aware that banks are very tight on giving loans right now, and you just never know what will happen.
Having said that, the only real issue I've had with the loan process, is that I was never informed that the initial loan was denied. I know that mortgage brokers will re-submit to multiple lenders when necessary, but we were tentatively scheduled to close next Tuesday, and now cannot. I found out one week prior to the close, that the loan had been re-packaged and re-submitted.
As I said before, I know this is part of the process, and we were trying to close in less than 30 days. I would have really preferred to have been informed as soon as the first loan was denied, so I could have let the seller know that there was a delay, just as a professional courtesy.
I'm not upset at my clients, or even at the mortgage broker. It happens. At least I know moving forward, I need to be a little more pro-active in gathering my information. I just wanted to get your stories and oppinions on this matter.
Looking forward to all the great responses, yet again.
Have a great weekend.