Well, here's the newest experience for my Brokers Book O' Events! We all know how lendors/underwriters must do their final verification of employment in the few days surrounding our buyers closing date. Being the good little Broker that I am; I am sure to cover this part of the process in our initial interview, and again after our offer was accepted and we entered our 30 day road to close.
Back in the fall of 2007 I met this delightful woman who found me from my real estate yard sign sitting on a property just around the corner from hers. Our friendship began that day when she told me all about her "ex" and the fact that he has inhabited their marital home for the past year while she and their 9 year old twin sons lived in a tiny apartment. He was a stubborn, egoic man to say the least and would not cooperate with her to sell the family home; until he was forced to by the courts.
Around Oct of 2007 (he saw THE LIGHT) (otherwise known as the Judge flipped his light switch ON!) and she called and said "Patti , we are ready to go, can you come over tomorrow to get the listing process going?" she went on to say "you are going to have to be the bad guy here, because my husband has things like: "talking fish", stuffed ducks that he shot, clothes thrown everywhere, not to mention several unfinished projects that must be completed" Our friendship flourished as we made progress in the "de-personalization of the family home, AND completed all the unfinished projects" I had to pretend to care about the macho man syndrome where he got all excited telling me how he "enjoyed when he got to use his tazer gun, on the job; and how hunting was a manly man's sport"
Fortunately for all of us, our goal was completed in less than 6 weeks with an offer and subsequent close in early December. He went home to live with mom; and she now had money to purchase a home for her and the boys. GREAT; here comes the fun part of our friendship: shopping for a home for her.
After much shopping and deliberating we found THE PERFECT HOME, and negotiations with the seller equated to a PERFECT solution for all; and an accepted contract came to fruition approx 5 weeks ago.
IRONICALLY, the buyer of Ellens former family home came from an agency that I used to work for; and he was represented by an agent: DARA that I adore (then and now) The IRONY? the perfect home that Ellen was supposed to close on ONE WEEK AGO TODAY May 6; is represented by DARA. So...how wonderful; the first exchange in December: Dara brought the buyer to me the seller; and this time around I brought the buyer to Dara's sellers. How wonderful, perfect, "Karma-ish" RIGHT????
On Friday May 2,2008; 2 business days prior to our May 6th closing, the underwriter chosen for our employment verification, FIRST made a different phone call only to discover what SHE ASSUMED, THOUGHT, and MISUNDERSTOOD to be "discrimination in action". Consequently "her underwear was in quite a tight little bunch" as she dialed the numbers to verify Ellens employment.
HERE'S WHAT HAS HAPPENED THAT HAS NEVER HAPPENED BEFORE, IS A RESULT OF SEVERAL FAUX PAS'S AND FEARS.......................AND HAS SINCE BEEN A CAUSE OF FEAR,FRUSTRATION,FINGER-POINTING AND BOTTOM LINE? MY CLIENT HAS NOT YET BEEN ABLE TO CLOSE ON HER LITTLE DREAM HOME; NOR ARE WE CERTAIN THE SELLERS WILL HANG ON ANY LONGER.
In a mindset of ANGER, the underwriter proceeded to call for verification of employment on my client. The lady on the other end picks up the phone and responds "Oh no, she doesn't work here anymore..." My client has worked for the Dept of Child Services for nearly 10 years, and just that week had returned to work from an excused medical leave of absence. What the lady meant was: "she doesn't work at THIS LOCATION ANY LONGER" Suffice it to say? The underwriters who panties were already in a bind? "heard" bells, whistles , red lights and fireworks engage. (SHE NO LONGER WORKS HERE) Thats all she had to hear.
Our government has put such a deep FEAR into underwriters that although, subsequent phone calls, documentation, verifications from managers, owners, VP's and Presidents throughout Ellens Employer and the Lending Firm approving her for a mortgage; have CALLED, BEGGED, READ VERBAGE STRAIGHT FROM THE FHA MANUALS, and even THREATENED HER. This underwriter will NOT budge.
Ellens docs were immediately submitted to an alternative lendor the very next day; however ONE WEEK LATER, TODAY......................Ellen's enthusiasm, dream, and hope has been squashed; and I am barely able to keep her in a positive frame of mind any longer. She believes after everything, her dream is not going to happen. (and the disappointment of Jake and Zack; is nearly more then she can bear to face daily when they wake)
This is a FIRST for my history books, and its so VERY WRONG............but beware folks.....this is one more story that shows how very different out marketplace is today from yesterday
We are very sad. I WISH I could visit with this underwriter who has single handedly destroyed my clients dream, hope and happiness in this home; and try to understand WHY?? WHY and HOW could YOU do this to someone? Can you sleep with yourself at night???
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