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 their 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.
The buyer, the real estate agent, and the seller all got strung along for 45 days, constantly being told, “Oh, everything’s looking good, we can close next week.”
Finally, the lender notified the buyer that their loan was denied.
As a result, the buyer lost their $1,000 deposit plus the money they’d spent on other things in order to purchase the house.
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