Loan Conditions Deadline is VERY Important!

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Real Estate Agent with Your Castle Real Estate
https://activerain.com/droplet/P26

As expected of a first year agent, I have made my fair share of mistakes. This one was the biggest yet. I went under contract for an investment property and had to put down $2,000.00 earnest money. When I wrote the offer I slap-happily did it and only gave five days for our loan conditions deadline. The bank said we were qualified then the "credit crunch" hit and the bank no longer wanted to loan out any money to investors-too risky. Our closing date was slowly nearing, came, and went without an actual closing. We filed an amend/extend in timely manner although I did not extend the loan conditions deadline only the closing date. To make a long story short make your loan conditions deadline date as close to closing as possible or else you sacrafice your clients earnest money. Fortunately, I wrote a beautiful letter to Litton Loan Services and they were gracious enough to give back his earnest money....Now he wants to go back under contract with the same property! Hopefully we'll get a second round K.O.

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Rainer
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Sandy Gleason
North Pointe Realty - Buhl, ID
Realtor for Southern Idaho-Magic Valley

We all had a lot to learn in our first year of real estate. Thank you for a great reminder.

Dec 04, 2008 04:10 PM #1
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Rainer
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Brandon Gill

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