Pearland Real Estate Expert

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Buyers switching loan companies

Today I got some very interesting news from the loan officer from the buyers of one of my listings.  She informed me we would have to extend the contract date at least one week...  Understand this house has been under contract since Nov 16th with a close date of Feb 18th. The house is listed at $459,900 and the buyers had a pre-qualification letter from loan company “A” and I have talked to that company several times.  Now, loan company “B” is handling the loan and they, the buyers, had to start from ground zero with this company.  Company “B” just came into the picture about 5 days ago and they are doing a great job trying to get the buyers to get all of the paper work they need.... Why did the buyers switch loan companies? I talked to the buyer agent and she did not know anything about it.... WOW.

As a listing agent, I always try to stay on top of the buyers loan... But for some reason, the buyers just switched companies with 2 outs, bottom of the 9th and the count was full... I just do not understand at all why someone would do this. But as far as I can tell from the new loan officer, they are going to close this deal...

I guess I am just venting a little... As if anyone really cares. The trials of a listing agent continue.

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Comment balloon 3 commentsDanny Frank • February 17 2011 09:14AM

Comments

Danny, I have experienced the flaming, raging apathy from lenders "sort of" making mortgage loans. I have a short list of lenders who I encourage buyers to avoid. I have encouraged some buyers to change lenders mid-stream because I am sure the lender cannot/will not make the closing date 4-6 weeks away.

Posted by Karl Skadowski (Texas Landman, Inc.) over 7 years ago

WOW is right! Vent away Danny!  I would be raging mad right now.  Their agent should have not only known that they did this, but WHY they did this.  This kind of thing scares you a bit because you wonder if maybe they couldn't get the loan from company A.

However, 6 months ago I had buyer's who just simply would not listen to me and went with a loan officer that a family member recommended.  The guy never returned calls or did his job.  Needless to say it took them 4 months to realize they picked a "LOSER" and switched companies.  The seller's had put the house back on the market already and "thank God" it didn't sell.

Hope it all works out for you!

Posted by Sandra Nixon (EverSand Realty Group) over 7 years ago

Wow Danny,  how frustrating!  I stay on top of my buyer's loans and many lenders dont like this but at least I know what is happening.  Dont care for agents who do not and cant give me answers that I can relate to my sellers.

Posted by Ricki Eichler McCallum, Broker,GRI,ABR, - Your Coastal Bend Home Source (CastNet Realty) over 7 years ago

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