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I was supposed to
have a closing 11/25. My buyer went thru a "friend" with
XXXXXX
Mortgage
from Broward County in Florida. Everything was supposed to be great until
5:40 PM on the 24th when everything started to fall apart. The next morning
the title company called and advised that they had received a call from
someone with
XXXXXXFunding in New Jersey who advised that they were a new
mortgage broker. The new mortgage broker advised that the closing would be
12/02 - that did not happen either. I could not get straight answers from
anyone. I saw that the "banks" name was XXXXXX
so I did a little detective
work and located a
XXXXXX
Mortgage company in California. I called them and
they confirmed that they were the lender.
Other closing
dates that were provided by
XXXXXX
Funding which did not happen were 12/12 and
12/15.
Still not getting
any straight answers but after several calls from myself and my irate
seller, we found that the delays were caused by the fact that
XXXXXX
Funding
was not licensed to do business in Florida.
We finally closed
on 12/17 and the mortgage broker on the HUD was
XXXXXX
Home Loans &
Finance from New York. The buyer never heard of them, but they are
licensed in Florida.
You can have all
the language you want to have in a contract but it does no good. If it
looks like the problem is not the buyer, then the seller is better off to
give the buyer additional time rather than terminate the contract and start
all over again looking for a new buyer.
I did see where
someone suggested some language to use in the listing as well as the
contract to require the use of local lender or national bank. I'll certainly
give that a try to avoid the problems I've just gone thru. The best solution
to a problem is to prevent it - period. I would suggest that a
determination of the license status for the mortgage broker be made.
Lee Stone, Realtor,
Lenson Realty, Inc.
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You mean you
actually want to hear about the thousands of dollars that evaporated due to
Busted Deals! You want to hear about the renters who moved out, so the home
could be sold, just to move back in when the home did not sell?
I lost 2 listings
that had been in escrow for 6 weeks, while we thought we had a deal. You
are right about the "good" buyers that got away. Between my husband, who
works with buyers (my sellers) and I, we lost $17,000 in three months.
Prime Realty & Prime Mortgage
Oklahoma City, Oklahoma |
