Some buyers of mine were supposed have a closing for their Edgewater condo last Thursday. I didn’t happen until yesterday afternoon and even then, the closing took over 3 hours while my clients waited for the mortgage company to wire the funds. The closing was delayed a week because the mortgage company was missing a questionnaire from the condo association. Yes, this is the same mortgage company and the same questionnaire that delayed one of my closings 2 weeks ago. (See “An Example Why your Lender’s Service is so Important!“)
Thus, this has been a very stressful week for my buyers. Their moving company was scheduled to unload their household on Tuesday. Sitting in a 3+ hour closing waiting for funding wasn’t much fun either. If everything goes smoothly, closings should be done in an hour. Fortunately, the only impact to the seller was the delay in getting his money. Otherwise, this would have been an even bigger mess.
A mortgage is not a commodity, so don’t focus just on price. A lack of service can cost you dearly.
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
Fran Bailey, Realtor
