Woe is me. Woe is my poor Seller. Another deal falling apart at the last minute. Damn, I hate it when that happens. Second time in a row for this Seller and the third time in a row, this particular REALTOR®, has given me a deal that kicked. I think I'm done with her deals. Directly to the garbage bin they go, from this point on.
Anyway, when we negotiated this deal, 2 ½ weeks ago, we had a multiple offer situation. Three deals on the table. All were "close to crap" but this was the better of the three. So being the good little REALTOR® that I am I called the mortgage broker and she told me she had been working with these Buyers for a while and they had EXCELLENT credit, were fully approved subject to getting a contract and clearing out property conditions. Now that's my kind of Buyer! She even sent me over a commitment letter and said she could close it in 7-10 days.
The Sellers accepted the deal and signed the contract. Within three days, the inspection and appraisal were done and we were moving forward. Then a funny thing happened on the way to the forum, the mortgage broker seemed to lose her momentum and told me, "Relax we have plenty of time to get this thing closed. Quit worrying. I have them approved already"
Now folks, I've been doing this a long time and when a mortgage broker tells me to quit worrying, I worry. Well, I spoke to her yesterday to remind her we had four more business days before closing and we need "clear to close" so my Sellers can make their moving arrangements. "Don't worry, we have plenty of time".
About noon today, I call again and this is what she said, "Oh, didn't their REALTOR® call you? We have a problem. What we need to do is have the Seller hold a "silent second" so we can get this deal closed. It's not a problem the Lender already said we could do it". Hell..O! Didn't she just tell me "Don't worry?" OK, so I'm worried now. I told her my Seller will not be doing a "silent second" as that is mortgage fraud and it ain't happening on my watch.
So, I called Ron Withers, fellow Rainer and my mortgage guy, and asked him to review this Buyer's file and give me an honest opinion of whether or not I am wasting my time here. He agreed and I arranged for him to connect with the other mortgage broker (with the buyer's permission) to see if there was a way to get this deal closed without committing loan fraud(since that ain‘t happening). So Ron looked at everything and this is what he found out.
The Buyer is working under a green card.
He has not had his job for 2 years.
His trade lines have only been open for 3 months.
He doesn't have enough income to qualify.
His FICA has dropped 30 points in the last 60 days.
The current mortgage broker had submitted him as a "stated income" loan(of course).
There ain't a chance in hell of this guy getting the mortgage he needs at this time and never was.
She's basically been trying to fit a square peg into a round hole. So, what's up with that? "He's already approved. Don't worry. He has EXCELLENT credit…Blah Blah Blah!"
Why do people lie like that? What do they think is going to happen? The Buyer is now out $1,000 in inspections and appraisal fees. My Seller loses another deal. I'm pissed. And the other REALTOR® has been placed on my hit list. Lose, lose, lose, lose. This is not the way to build trust with the consumer. What say you?