Two of my agents came to me yesterday with a dilemma. We represent the seller and the buyer in the transaction. They have been working on this transaction since September 16th.... Today is February 6th.
The buyer is working with someone named Avery Price to secure financing. It is unclear to me if she is a loan officer, a processor or what. Back in November when things were really dragging, I was asked to touch base and follow up with Avery because of my lending expertise and background to see if I could get anywhere with her.
After numerous messages, I finally spoke to her. After that conversation, I advised the agents that this individual had no idea what she was doing and the trail of emails and paperwork with unmet commitments and promises if strung together would likely go end zone to end zone multiple times needed to be removed from the transaction if this buyer was going to close this deal.
Here we sit another 2+ months later and a magical approval shows up. The sellers agent was proud of his patients and the day was finally here. I took a look at the approval and found 32 prior to doc conditions. Items like W-2's, rental agreements on other properties, broker approval with the lending source. 32 of those babies. Over half of the PTD conditions were things that any competent loan professional would have submitted with the loan package. For some reason Avery Price didn't do that. In fact if my loan processor showed up with an approval like that I would fire her on the spot. The approval in my hands was worthless.
The approval from the lender was dated mid January, we got the document on February 5th.... 24 days after it was generated. Another 24 days lost, because it is likely Avery Price has done absolutely nothing in that time frame to bring us any closer to this escrow being closed. Avery Price locked the loan for the buyer in late January for 15 days That lock expires on the 10th. Good luck with that!
Oh i forgot, this buyer was working with another agent with Avery Price doing the loan on one of our listings earlier 2008 when our seller waited months and months with excuse after excuse from Avery Price. That deal never closed because our agent finally said enough is enough, and cancelled the deal.
I have advised the buyer to seek another source, but for some reason, they have chosen to continue on with Avery Price. Ms. Price works for FMS Financial in Pomona, she does not appear to have a license, but she is out there attempting to provide mortgage financing to borrowers. All I can suggest is if you ever hear this name and it is in conjunction with a real estate loan, you may want to think twice about doing a deal with her.
If you are a consumer, watch out.... there are some very incompetent people out in this marketplace that can really hurt you.