Please, please, please use a lender that you have used before or is referred to you! I have to admit I sell a lot of junk on craigslist as well as advertise my listing there faithfully. Having said that, I am not a fan of finding a lender on craigslist. Not saying there aren't great lenders advertising there, but jeeze they aren't all so great.
I have just inherited a client with a lender that will probably inspire more and more painful yet true blogs, but for today's story, it's a short one. Ok so these clients found an advertisement for a home on craigslist. They went to look with their agent and they loved it. So the agent gave them a name and a number of a lender, and unfortunately they did not qualify. So the diligent clients searched craigslist and found a lender that low and behold can get them a loan... in 6 months.
So they put a 5,000 non-refundable deposit down on a lease purchase ~ because they are assured they will get a loan. They move in, LOVE the home, and life is good. Or is it? Now 7 months later they hate their REALTOR because things are going sour and the lender has pointed fingers at their agent. I step in and take over and today we receive the dreaded e-mail from the lender, not saying the loan won't go through, but that he is now to busy to work on the loan and that they can take their loan somewhere else.
UGH, my heart is breaking! These poor first-time home owners. They have worked so hard to try to get everything fixed on their credit report, opening new credit cards, paying things off and making disputes, and they have put their heart into this home. For them to have this devastation of not only losing their money and having to move, but also to lose their dream, it is horrible.