Brevard North Carolina Real Estate Blog: Mr. Banker, You've Gone Too Far!

Mr. Banker, You've Gone Too Far!

Nothing makes me happier than when a sale includes two cooperating sides. All too often, one side or the other just makes things harder than they need to be. But when both sides are happy, cooperating, and communicating, well, it's just magic.

So it was with a recent deal between our buyer and another agent's seller. Everything was going along just perfectly. We were even feeling the love with the attorney, something that doesn't always happen.

We were all happy campers and you could almost hear Kumbaya in the background. That is, until the lender entered the picture, throwing cold water on this love fest.

Our buyers have excellent credit. They already owned two homes and were qualified and pre-approved with the bank to purchase this third one. But not so fast. In order for this loan to make it through underwriting, there would be an obstacle course that no one anticipated.

The buyers had lived in one home, moved to the other, then decided to rent that one and move back to their original home. That's their business. That's their perogative. But the underwriter wanted our buyer to write an essay of sorts explaining in detail why they had moved back and forth between these properties and why they were buying this third house. The next hurdle involved the sale of the buyer's truck. Along the way, the buyer sold his truck and was using the proceeds for some of the cash down. So now the bank wants to know where he got this extra cash. They wanted to know the name of the person who bought the truck and they wanted this guy to open HIS bank accounts up to show where HE got the money to buy this truck. There had already been enormous delays, poor communication, and other road blocks laid out by this lender so at this point, the buyer rightfully told the bank to take a hike. He made a  bee line to his local credit union.  The loan process was greatly simplified, streamlined, and happened without any of the road block and interrogration techniques of the bank.

Does this speak volumes about credit unions, you bet. But it should also be a wake up call to anyone who is being abused by their bank. People, it doesn't have to be this way. If your lender is being unreasonable, move on! It's business and I'm sure there is another lender who will work with you.

On the day of the closing, it was like a family reunion. The buyers and sellers met for the first time and talked about their families and learned they had a great deal in common. The seller's agent and I exchanged glances at one point and just smiled, knowing that all was right with the world again, and that happy endings to exist. As for the lender, I'm pretty sure I will never, ever, never refer any business to them.

 

 

 

 

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Comment balloon 0 commentsCarol Clay • April 25 2014 09:02AM

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