Conditions…conditional…riiiiiiiiight

Posted: January 17, 2008 in General, Uncategorized, Virtual Assistant
Tags: , , ,

Ok, so the last time I blogged I vented a little about my frustrations with Lenders – especially as of late. Since then I have done a little homework, asked a few questions, and dealt with some more headaches. Here it goes –

1. Conditions –

Who has dealt with a situation where it is a day before closing, the Lender has told you previously that everything was “good to go,” you talk to the clients and let them know that their scheduled closing looks golden, only to find out about 24 hours before the closing time that there is a “condition?”

Sarah Lee Edwards, with Re/Max had this to say:

Which isn’t always a true benefit to the buyer when they come to closing and find out they needed to bring a couple extra thousand to the closing table….

This made me laugh. 🙂 It is SO true. Lenders send the file to the processor, who sends the file to the underwriter, who apparently has all the Jedi powers in the lending industry to make or break a deal. And what I am finding out more often than not, as Sarah Lee pointed out, is that underwriters need “conditions” at the last minute even though a loan is “fully approved” and “ready to go.” What does “fully approved” and “ready to go” mean if another condition has to be met 24 hours before closing – or the day of? Silly!

2. What other Realtors® have to say –

So I went around the office and asked a few agents if they are experiencing the same frustrations that I am where Lenders are concerned. I received an overwhelming unanimous and resounding YES. Deals are being killed left and right. Why, you may ask – conditions, conditions, conditions!

Ok, how can an underwriter not remember that they need a VOE 24 hours before closing? How can an underwriter not remember that they do not have homeowner’s insurance from the Buyer? Does this seem fishy to you?

Something is fishy around here

If there are any Lender’s out there reading this who would like to help educate us, please do so. I would sincerely like to know what gives. For an agent with one, maybe two deals going at a time, this isn’t that big of a deal, although it’s still a big deal. However, when you are an agent doing high volume, or you are a transaction coordinator like me, doing 40-50 deals a month (and growing), this is NO JOKE. So please, educate me!

Anyone else have any thoughts or experiences they can share?

Dustin…

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