Gah! They got me. My buyer's mortgage company blew it. No closing.

By
Mortgage and Lending with Millenium Home Mortgage LLC NMLS # 132253

I own a vacant house in the boondocks that went under contract to sell eight weeks ago.  We were supposed to close Tuesday.  

Everything was going great they all said. 

Instinctively wary, I spoke to the buyer's loan officer Monday, at her invitation, and she said we were in line for closing docs - all set to close! 

Needless to say, we did not close, might never close and who knows where things stand because in the aftermath CYA is the order of the day.   The loan officer has demonstrated I cannot count on what she says.

The irony is I've been a mortgage broker for ten years and my customers close on time, I go through great pains for that.  If one of my loans is not ready to close 5 days before closing, I roll up my sleeves and get it ready.  But this rarely happens because good work up front prevents problems later.  I trained my staff to do the right work up front and they are very good at what they do.  That has earned me a lot of referrals and many loyal realtors. 

Sadly, this shady loan officer probably cost her clients a home.  The buyers were probably very nice people who counted on their loan officer's word.  The loan officer swears she will get it done still, but what she explains does not not add up.

Touche!  I am a victim of the pirates in my own industry.  Enjoy.

Comments (3)

Anne Hensel
South Beaches Real Estate Professionals - Saint Petersburg, FL
Realtor - Broker - St. Pete Beach, Treasure Island

Don't you just love them?

It is so important to have someone that knows what they are doing, if it is on the real estate side or the mortgage side of the deal

pinellas county real estate

Oct 02, 2008 08:29 AM
Barb Van Stensel
Chicago, IL

I always have written in the contracts for my listings that if the buyer and their lender of choice cannot get the file done in time, according to the contract, then the buyer, their agent, attorney, agree to let one of my preferred lenders to do the file on the same terms or better. 

Sorry this happened to you.  It's not nice when it does!

 

Oct 02, 2008 09:02 AM
Angela Lawrence
Noble Merit, REALTORS® - Winston-Salem, NC
Broker/Owner

Hey Barb, that is a good idea!

Oct 02, 2008 09:09 AM