Lender Horror Story #1
A Realtor® I know was selling a home. The buyer was working with a local lender to obtain a loan to buy the house. The closing was set up at the end of the month, and everything looked like it was going well. The real estate agent ordered a conventional survey of the home. Life was good, everything was on track. Until, out of the blue, the loan officer notified the agent about a special survey requirement that the lending institution required in order to approve the loan for the house. The agent was, as you would imagine, quite upset with this news. They asked the loan officer why this information hadn’t been relayed to the appropriate parties involved. You’ll never believe how the loan officer responded. The loan officer told the agent: “Oh, sorry. But this is really your problem. Nothing I can do to fix it.” As a result, the agent had to reorder the survey. Of course, that meant additional money for the second round, and it delayed the closing for seven days. The seller was extremely mad; she even screamed at the agent. She had a right to be angry. Her closing had been delayed by a week for no reason, thereby costing her more than $1,000 in interest expenses and other associated expenses. And for what? Things all went wrong for one simple reason: the loan officer did not let the agent know about the special survey requirement. The delayed closing had nothing to do with anything the buyer did and was not the result of an error with the seller. Neither party caused the delay and expense, but the agent is the one who got hollered out.
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