out of this one.
As you may have guessed, “might have” is the operative phrase here. The buyer’s lender blew it. The buyer was getting a loan to buy the house. The closing was set for the end of the month. Everything seemed to be going fine. The lender ordered an appraisal of the home, just like they had done for every other client who needed a home appraisal. Everything was on track.
Or so it seemed.
The loan program the buyer was using had a specific, non- standard appraisal requirement. A few days before closing, the loan officer surprised the real estate agent with this somehow- forgotten information. As a result, the lender had to reorder the entire appraisal. The appraisal company had to go back out to the house (at an additional cost of $150) and do everything all over again. The appraisal ended up pushing back the closing by 10 additional days.
In the end, no one was happy with how the sale turned out.
Even though this situation was the fault of the lender, not the agent, the agent’s reputation was still damaged. He did not get client referrals from the seller. Whatever business that may have come from that relationship was soured and gone. Has this (or something similar) happened to you? Have you lost time, lost money, or had your reputation tarnished because a lender did or did not do something that affected your sale?
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