Honest mistakes and innocuous errors...

By
Real Estate Agent with Coldwell Banker Residential Brokerage

can still kill a deal. A sad fact that a client found out just this week.

A late payment was reported by their bank which triggered and automatic review by the lender. The payment would have been early had my client not mistakenly picked the wrong "pay from" account from the list of choices the bank provided. To further complicate the matter, the bank should never have offered the account that was picked as a pay from option. 

The simple solution would have been for both sides to acknowledge the error, remove it from the credit report and then close the issue and the deal. However, the bank chose to accept no responsibility and place all the blame squarely on my client's shoulders.  

The fallout, the lender denied the loan, my client had to forfeit the earnest money, the bank has lost all accounts my client had with them, and most likely does not even know or care.

Lesson learned or reminded here should be to confirm and confirm again before saying yes or clicking submit.

Posted by

John B. McKernan II - REALTOR®
Coldwell Banker Residential Brokerage
(d) 404.822.5235
(e) John.McKernan@coldwellbankeratlanta.com
(i) ColdwellBankerAtlanta.com/John.McKernan

Comments (2)

Kerry L Klun, Broker/Owner
Palm Realty - Melbourne, FL
321-626-5868

John,

I once had a buyer (a doctor) that had a huge ding on his credit because of some late charges to a video rental store that his was not even aware of.  Thankfully we were able to pay off the bill and get a re-score on that one.

Kerry

Jul 28, 2012 05:58 AM