The house I was supposed to close on today loan fell

By
Real Estate Agent with Gold Key Real Estate

Today I was supposed to close a deal on a cute house on 4018 Neel St., Boise,  ID.  From the get go the loan officer seems off task.  Both the listing agent and myself became nervous when his company took 8 days to furnish us with the commitment letter.  The loan officer was picked by the client (who is the officers buddy).  For a buddy he was screwing his client.  The fees were much higher then customary.  We were told docs would be in this morning.  Instead we were informed that there was no loan.   We are trying to get the buyer to a new loan officer and the bad loan officer is trying to fix the problem. 

 

If any loan officer ever puts me out of contract again I will put an addendum on the deal that the buyer must seek a different loan officer. 

Posted by

  Debbie Holmes

Gold Key Real Estate     Company logo

(208)761-2551 Email: d5holmes@msn.com

To search Boise Homes visit my website

 

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Rainmaker
152,344
Leslie Bloss, Bellevue Real Estate Professional
Bellevue, WA

Hi Debbie,

Well, you will know which loan officer to advise clients against using.  Is your client aware of how badly his friend was--regarding rates etc?

Jan 30, 2008 04:01 AM #1
Rainmaker
200,319
Debbie Holmes
Gold Key Real Estate - Boise, ID
Gets the job done!
 I am not sure the other agent tried to get him to go to another loan officer.....   He and his company has lost any business he might have gotten from either of us.  Even if he does pull this off....
Jan 30, 2008 04:12 AM #2
Rainmaker
662,099
Patricia Aulson
BERKSHIRE HATHAWAY HOME SERVICES Verani Realty NH Real Estate - Exeter, NH
Realtor - Portsmouth NH Homes-Hampton NH Homes

I always try to point my buyers in the direction of mortgage agents and company that "I have worked with before sucessfuly"  This way there is a history as well as a relationship that usually can be counted on.  Now the that said you never know tell you give someone a try but I would rather "know the devil I know than the one I don't know"   It's the "whole team working together that makes the closing happen, Realtor, Inspection, Mortgage Co and Agent, Closing/title Co, etc..."  Everyone plays an important role in the game.

 

Patricia Aulson  Hampton NH Real Estate     

Jan 30, 2008 04:33 AM #3
Rainmaker
200,319
Debbie Holmes
Gold Key Real Estate - Boise, ID
Gets the job done!
I agree completely but the buyer is allowed to pick their own people.  If I insist it is called steering and is against the law.  I do wish I insisted they seek a different loan officer when the loan officer first put it out of contract by not giving us a commitment letter.  I do have my favorite people I highly recommend. 
Jan 30, 2008 01:06 PM #4
Rainmaker
200,319
Debbie Holmes
Gold Key Real Estate - Boise, ID
Gets the job done!

The buyer is still scrambling.  The loan officer has been let go from his company.  Probably this isn't the only loan he mishandled.  The branch manager has taken over and they hope to give me a commitment letter Monday for a much better loan then was previously offered.  Closing would be later in the week.  The house is back on market (since I have no commitment letter).  and I am running an open house there in 1 hour. So Hi ho hi ho its off to work I go......

  

Feb 10, 2008 05:56 AM #5
Rainmaker
1,256,719
Alan Kirkpatrick
Austin Texas Homes - Round Rock, TX
Alan in Austin

Debbie:

Sorry to hear what has happened. During the real estate boom millions got Real Estate License and millions more became mortgage brokers, It is challenging sometimes to get a client to choose a professional over a friend with a license.

Feb 10, 2008 06:28 AM #6
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Rainmaker
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Debbie Holmes

Gets the job done!
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