Working with lenders can be very difficult.\u00a0 We recently closed a short sale where the buyer was getting a loan through the Veterans Administration and working with a mortgage broker.\u00a0 This was also a short sale, so not only\u00a0were we\u00a0working with the buyer’s mortgage broker and\u00a0lender,\u00a0we were\u00a0also working with the seller’s lender.<\/p>\n
Usually the seller’s, or short sale, lender\u00a0is difficult to deal with.\u00a0 In this instance, the short sale approval process went very smoothly.\u00a0 We were able to get a written short sale approval within a month and a half.\u00a0 However, we did not have such an easy time with the buyer’s mortgage broker and lender.<\/p>\n
About six weeks ago, the buyers lender was ready to go and sent us over closing instructions.\u00a0 We prepared the settlement statement, got it approved by both lenders and were ready to go.\u00a0 But the buyers loan package never showed up.\u00a0 Why?\u00a0 We don’t know, and to the best of my determination, the mortgage broker jumped the gun and sent the instructions without the lender’s blessing.<\/p>\n
About two weeks ago, after having to obtain several extensions from the short sale lender, we were ready for round two.\u00a0 The instructions sent, hud approved, and the closing package was sent from the mortgage broker.\u00a0 All signatures were obtained in a timely manner and the closing was ready to be concluded.\u00a0 But the lender would not give a clear to close and would not fund the deal!\u00a0 In twenty years of doing closings, I have never had this experience.<\/p>\n
One week ago, we\u00a0attempted round three, and it was finally a success.\u00a0 Hours and hours were unecessarily put into this file because the mortgage broker and lender were not properly communicating.\u00a0 Frustrations and short tempers were exhibited from all parties.\u00a0 One thing that is often overlooked in my business is communciation.\u00a0 And good communciation can make the differnce between doing a closing once and three times.<\/p>\n\n\n\n\n","protected":false},"excerpt":{"rendered":"
Working with lenders can be very difficult.\u00a0 We recently closed a short sale where the buyer was getting a loan through the Veterans Administration and working with a mortgage broker.\u00a0 This was also a short sale, so not only\u00a0were we\u00a0working … Continue reading