We are representing a home seller in Lawrenceville, GA who has been under contract since March 26th. We were scheduled to close on the 27th. On the 26th, the loan officer told us they were declining the loan, (despite us calling and asking about the loan 10 days prior and we were told everything looked good), and he would have to resubmit. His debt to income ratio was too high and he would have to pay off a large debt. As a former loan officer, I suggested that he just pay it off at closing. Or, at worst, pay it off and get proof prior to closing. So as to push the closing date by a week instead of a month. He said that with this loan type, it can't be done.
Obviously, at this point the sellers are angry. The buyer has done nothing wrong and is actually a very strong buyer and has good credit. Stuff happens and things don't always go smoothly and we know that as well as any agent with as much experience as we have. The funny part was that once he called our preferred lender, she was able to get him approved in short order.
Here is where the story really goes south. I am used to working with below average loan officers. (Unfortunately, buyers often get partnered up with someone and they have no idea if they are any good or not.) The part that makes this story a new low is how this has gone since.
The buyer takes the loan to our lender. The lender has to get the appraisal from the old lender. The previous loan officer calls the processor and starts talking about things in the file and tries to raise red flags for this buyer. Basically trying to raise objections for the processor to take to the underwriter to try to get the loan killed.
How petty can this guy be? Just because he isn't going to make the commission on the loan, he is trying to keep the buyer from getting the home and kill the entire deal.
Here is the thing, we have a list of people in this business who do not act ethically. We call it our 'bad checks' list. The name comes from one of our previous agents who worked at a Piggly Wiggly. So, now, any time an offer comes over with this guys name on it, you can be assured we will tell our sellers about this story. And, we will encourage our sellers to make the buyers go with a different lender if they want to buy the home.
Be careful out there. There are a lot of great agents and a lot of great loan officers. There are also a lot of bad ones. It is up to you to choose carefully and make the wise move.
And, as always, if there is anyway we can help you make the wise move, please give us a call.
Oh, and the story will end happily. My preferred lender knows what she is doing. The file is structured the way it should have been done in the first place and the loan will close. It is great working with Jenny Keenan with Brand Mortgage.
Obviously, at this point the sellers are angry. The buyer has done nothing wrong and is actually a very strong buyer and has good credit. Stuff happens and things don't always go smoothly and we know that as well as any agent with as much experience as we have. The funny part was that once he called our preferred lender, she was able to get him approved in short order.
Here is where the story really goes south. I am used to working with below average loan officers. (Unfortunately, buyers often get partnered up with someone and they have no idea if they are any good or not.) The part that makes this story a new low is how this has gone since.
The buyer takes the loan to our lender. The lender has to get the appraisal from the old lender. The previous loan officer calls the processor and starts talking about things in the file and tries to raise red flags for this buyer. Basically trying to raise objections for the processor to take to the underwriter to try to get the loan killed.
How petty can this guy be? Just because he isn't going to make the commission on the loan, he is trying to keep the buyer from getting the home and kill the entire deal.
Here is the thing, we have a list of people in this business who do not act ethically. We call it our 'bad checks' list. The name comes from one of our previous agents who worked at a Piggly Wiggly. So, now, any time an offer comes over with this guys name on it, you can be assured we will tell our sellers about this story. And, we will encourage our sellers to make the buyers go with a different lender if they want to buy the home.
Be careful out there. There are a lot of great agents and a lot of great loan officers. There are also a lot of bad ones. It is up to you to choose carefully and make the wise move.
And, as always, if there is anyway we can help you make the wise move, please give us a call.
Oh, and the story will end happily. My preferred lender knows what she is doing. The file is structured the way it should have been done in the first place and the loan will close. It is great working with Jenny Keenan with Brand Mortgage.
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