landlord which ended up costing her even more money and hurt her credit as well. This terrible outcome was because the lender too flippantly said the borrower would be approved for the loan, when all he had was a prequalification. This was even in spite of Tammy checking in with the lender numerous times to get updates on the progress of the loan. She had asked, “How’s the loan looking? Are we good?” And the lender kept telling her, “Oh, we’re good. We can get it closed next week.” As a result, the lender wasted everybody’s time and caused the seller enormous expense.
Lender Horror Story #3
A Realtor® I know was working for the buyer of a home and was told by the buyer’s lender that her loan was approved. The buyer put down a $1,000 purchase deposit on the house. The real estate agent instructed the buyer to put down the deposit based on the lender saying that the loan was a sure bet. Also based on this information, the buyer spent $350 on a home inspection, some more money on a survey, and even more cash on all the different expenses incurred in buying a house. However, the loan kept on being delayed. The buyer and buyer’s real estate agent frequently checked in with the lender: “When are you going be able to close?” The lender kept telling them, “Oh, we’re looking good, we can close next week.”
This happened for 45 days.
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