I just had the strangest conversation with a B of A Lender for a Menlo Park Short Sale one of my buyer's is purchasing. First I must say this is not the broker I normally deal with at Bank of America, but someone who came highly recommended to my buyer. Two weeks ago this broker told me the buyer was approved and we just needed the appraisal. Yesterday he tells me the appraisal came in fine. So I ask the logical question, "Can my client remove his financing contingency or are there still conditions that concern you. The answer I get is "The loan is approved and we can close on time." I ask again, can we remove the financing contingency and I get the same answer. After the third time I give up and ask the buyer to ask the broker.
He gets the conditional approval back from broker and while most condiitons are no problem, there is one item on the credit report that was a mistake and could cause the loan to be denied.
It takes a lot to get me mad, but this did it. The credit report was run 3 weeks ago. It takes time to fix problems. Whey did they wait 3 weeks to tell us?
The moral here, the buyer needs to ask to see the conditional approval up front as well as the credit report. Just because someone comes highly recommended, that does not mean they can not make mistakes. We all do, and if there are more than one set of eyes looking at documents there is a much greater chance that transactions will go smoothly.
If you have any questions about Short Sales, or any other real estate related issues please feel free to contact me.
Marcy Moyer
Keller Williams Realty
marcy@marcymoyer.com
650-619-9285
D.R.E. 01191194
Marcy Moyer Keller Williams Realty Palo Alto, Ca. Specialist in Trust and Probate Sales
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