but the well and septic had to be a specific distance apart and the survey required an exact map of their locations. The surveyor did not know this. The listing agent who ordered the survey did not know this. Because he was unaware of the requirement, he had merely ordered a standard survey. When it came back, the underwriter said, “We’ve got to get a survey that shows where the well and septic are located.” Everyone was upset. The buyer and seller were upset with their respective agents for keeping them in the dark, and the agents were upset with the loan team for not informing them of the requirements. Everyone was pointing fingers. Closing was delayed for three whole weeks while they waited for the property to be surveyed again. There was an extra delay because the surveyor was busy and didn’t have time to go back out right away. There was also a holiday weekend in the mix that added a few more days of delay. It took about two weeks to get that done, and then it took another week to get the loan underwriters to review the newly-updated survey, process it, and do the final three-day turnaround to close the loan. As you can clearly see, if you don’t have reliable and quick communication with a lender, the transaction can turn ugly. If the lender doesn’t tell you specifically what they are doing and where they are in the process, the loan won’t get approved. If you don’t have a loan, you don’t have any money, and you don’t have a deal. The loan is the most important part of the deal. The lender must communicate with you and let you know what’s important. I want to tell you three more horror stories that illustrate why a good lender is so important.
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