More Problems with Lenders - again!!!!!
We see a lot of things in this business. Some of them aren't pretty for buyers and sellers.
Please, Please, Please surround yourself with EXPERIENCED Professionals whenever you buy or sell real estate. Someone once said
"EXPERIENCE isn't expensive - It's priceless!"
It's happening again. Another buyer (this time working with a buyer agent from another company) made an offer on one of our seller's home. No pre-approval letter was sent with the offer. Our seller refused to go under contract and take their home of the market without a pre-approval letter - good call. After 3 weeks of delaying, no pre-approval letter, and lots of excuses from the loan officer (who is a friend of the buyer), we got the buyer to call one of our Good Loan Officers at Homebanc. The buyer got a quote quickly and pre-approval from Homebanc a week ago.
BUT, the buyer "has a Friend" who works for a "no name" lender.
When you call the Friend loan officer's phone number, their message doesn't even Professionally identify "this is my name, at such and such a loan company." It just defaults into one of those "leave your message" prompts that come automatically with message services.
Anyway, we're 7 days from closing now and checking up on everyone to make sure they're doing their job and getting ready to close. The Friend of the buyer is still making promises to "beat the Homebanc rate", but He's going to have to WAIT till next week. (We're supposed to close on Friday, and Monday is a Holiday. He's got 3 days to perform. No one called the closing attorney from the lender's office and started title work.) We found out about the oversight and started the process for the lender last week. Why can't the Friend quote the buyer a rate? What's the delay? Homebanc got the buyer the info a week ago! I'm suspecting that the Friend can't beat the Homebanc rate and he's just stalling, or offering an excuse for not having his paperwork completed.
Meanwhile, Homebanc's ready to close and the buyer is listening to his Friend, who can't get a rate quote to him.
What kind of Friend is that?
I'll try to follow up on this post later and let you know what happened. (see comments for our follow up)
Scott
PS,
Lenders,
Please only submit "useful" comments to our blog that are helpful to buyers and sellers - Not random comments with links back to your website. It would be nice if a Loan Officer would post some comments and shed some light on this situation.
Thanks!
Please, Please, Please surround yourself with EXPERIENCED Professionals whenever you buy or sell real estate. Someone once said
"EXPERIENCE isn't expensive - It's priceless!"
It's happening again. Another buyer (this time working with a buyer agent from another company) made an offer on one of our seller's home. No pre-approval letter was sent with the offer. Our seller refused to go under contract and take their home of the market without a pre-approval letter - good call. After 3 weeks of delaying, no pre-approval letter, and lots of excuses from the loan officer (who is a friend of the buyer), we got the buyer to call one of our Good Loan Officers at Homebanc. The buyer got a quote quickly and pre-approval from Homebanc a week ago.
BUT, the buyer "has a Friend" who works for a "no name" lender.
When you call the Friend loan officer's phone number, their message doesn't even Professionally identify "this is my name, at such and such a loan company." It just defaults into one of those "leave your message" prompts that come automatically with message services.
Anyway, we're 7 days from closing now and checking up on everyone to make sure they're doing their job and getting ready to close. The Friend of the buyer is still making promises to "beat the Homebanc rate", but He's going to have to WAIT till next week. (We're supposed to close on Friday, and Monday is a Holiday. He's got 3 days to perform. No one called the closing attorney from the lender's office and started title work.) We found out about the oversight and started the process for the lender last week. Why can't the Friend quote the buyer a rate? What's the delay? Homebanc got the buyer the info a week ago! I'm suspecting that the Friend can't beat the Homebanc rate and he's just stalling, or offering an excuse for not having his paperwork completed.
Meanwhile, Homebanc's ready to close and the buyer is listening to his Friend, who can't get a rate quote to him.
What kind of Friend is that?
I'll try to follow up on this post later and let you know what happened. (see comments for our follow up)
Scott
PS,
Lenders,
Please only submit "useful" comments to our blog that are helpful to buyers and sellers - Not random comments with links back to your website. It would be nice if a Loan Officer would post some comments and shed some light on this situation.
Thanks!
posted by Atlanta Ga Homes Real Estate at 2:16 PM
1 Comments:
Follow up to this post. You probably guessed what happened. The buyer ended up delaying and delaying and the seller terminated the contract and took an offer from another buyer. We figure it cost the seller about $1,400 to have the house off the market and not close. The buyer wanted their earnest money back of course.
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