When Buyers Select Their Own Lenders
The majority of clients ask for referrals. Referrals to lenders, home inspectors, advice on escrow officers, title companies, etc. are part and parcel of what clients may request of their real estate agent.
Why?
Most clients realize they don't have enough knowledge and experience working in real estate. They turn to their trusted real estate agent for advice. Referrals can be very valuable assets to our clients.
Of the few that want to wing it, it almost always turns out to be problematic for them, in one way or the other.
Today was a "case in point" day.
A recent client had selected her own lender and that's entirely fine by me. However, a week prior to close there was a glitch . . . an oversight . . . a mild SNAFU . . . and it was the lender's oopsie. It delayed closing for over a week as a result. The seller was not very happy. Even my client had to be inconvenienced when her move date had to be postponed.
The lender back-peddled because I refused to lie about why the deal was being delayed. He sent out an email which contained the following:
"I wanted to provide a recent update on this closing and requirement for an extension. As those of us know active in the market, each closing and file is unique. Our goals and intentions are to hit every closing date, if set realistically for the lending market which is the driving factor for buyers and sellers."
Since when is the "lending market" the driving factor for buyers and sellers to set a close date?!?
What a bunch of back-peddling hooey! The lender gave the reason for our delay as: "appraisal and appraisal delivery and receipt," even though the appraisal had been in two weeks prior.
Today I received an email from the same lender. Apparently, he didn't check his email contact list carefully enough, pulled in my email address and hit send. I received an email that he inadvertently sent to my office, but wouldn't ya know it . . . he seems to be back-peddling on another transaction that needs an extension.
And the same excuses were given: "there was a delay in the process on scheduling the appraisal and appraisal delivery and receipt" blah, blah, blah
Doesn't anything close on time out of this lender's office?!?
When there is earnest money on the line, Buyers need to be protected. And sometimes, they need to be protected from their lender! Can we say "early release of earnest money" boys and girls?!?
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