I would just like to get opinions on this as my agent blames the loan officer and the loan officer blames the agent. I just want the bloody thing to close without any more surprises or expenses, then I can write down the lessons learned. Problem is I may get slapped with a per diem for closing late.
So we’re a week past the close date and still waiting on the loan. The loan officer calls and sais “you’re not getting money back at closing are you?” and my answer is yes because my accepted offer included 4k back at closing (price is 67k) which should cover my out of pocket closing costs. So she sais 2% is max so that means 1300 back I have to come to closing with $2700 more. She sais even she’s had the contract in hand since it went in affect my realtor should have alerted her to this.
Another delay was because they assumed that this townhouse was a condo. It was listed as such. But the county calls it a Planned Unit Development (PUD) which is actually less paperwork. This is clearly displayed on the county website for this parcel. But they started the loan as a condo, had it appraised as a condo, then noticed its a PUD and had to do everything over and get the appraiser to resubmit things. Major delay. Loan officer blames Agent.
The loan officer also complains that it was a short escrow. It is, but again she knew that from day one.
So I was wondering what the opinions are as to who is right here. In the end it probably doesnt matter. next time I’ll make sure this is all knownbut then it will probably be somethign else.
There seems to be lack of communication between your realtor and the mortgage lender! With that said there is no excuse for the mortgage lender not reading your contract completely at the beginning of the transaction. Also a preliminary title report should have been supplied to the mortgage lender early on where it obviously read the legal description ( PUD ) which should have been passed to the appraiser.
It sounds like the mortgage lender and realtor both dropped the ball, one for not reading to understand the transaction and one for bad follow through and not following up on the terms and conditions of the offer and being sure the escrow officer and lender had the same understanding!
But you as the investor have the ultimate responsibility to manage your transaction and probable should have been following up with escrow, the mortgage lender and your realtor!
The issues that are coming up are all because the realtor made errors when the purchasing paperwork was filled out. The lending information is all based on the purchasing documents. The realtor could have taken the information from the listing without verification, but it is still the realtor’s job to make sure that the purchaing paperwork is accurate.
Thanks for the replies. It sounds like what I thought, that there is plenty of blame to go around. Even the appraisor deserves some, for not even looking up the property with the county (he claimed he didnt know he could do that for this county!). Thanks, new appraiser laws.
And like you said, its ultimately my transaction and the one who loses here is me. I did keep in close contact, getting statuses and asking if there was anything more I could provide. Maybe I should have gone over the points of the contract with the loan officer up front.
This is the first time I used this realtor. My old one would have never let this happen, or would have fixed it. Unfortunately she retired and recommended this one. First time with the loan officer and B of A also. I switched because B of A only requires 20% down, whereas my old one required 25%. That 5% will probably be at least half lost. Next time I will fix these problems by not letting them occur in the first place.