An Example Why Your Lender’s Service is so Important!

There are a lot of very unhappy people today because a mortgage lender messed-up. One of my sellers was supposed to close on the sale of her home in Palatine this morning and then close on the sale of her new home in Harvard this afternoon. An hour and a half before the first closing was scheduled I received a call from the buyer’s agent informing me that the morning closing was being delayed. It turns out the buyer’s lender lost a piece of paperwork, so they aren’t ready for the close.

Since the afternoon close is dependent on the funds from the morning close, both closes are being pushed back 1 to 2 days. Not just my seller is affected. The sellers of her new home are also affected. All of them have moved their possessions out of their homes. Who will have to pay for the inconvenience and unexpected expenses incurred by all will have to be worked out by the attorneys. Papers will have to be redrawn. People will have to find a place to stay for a night or two. Additional vacation or comp time will be needed to attend the new closings. Moving companies will probably charge additional fees to hold the households for an extra day or two.

I know it’s tempting to go with the mortgage company who offers the lowest interest rate. However, a lender’s lack of service can end up costing you a lot more.

ABOUT THE AUTHOR

Fran Bailey shows, previews and tracks downtown Chicago homes for sale giving her the insights needed to help her clients negotiate the best price and terms. Fran has been quoted in numerous Chicago and national publications. To schedule showings of listings regardless of broker or to contact Fran email her at fran.bailey@bairdwarner.com or call 773.793.4516. Learn More