I was at the closing from hell yesterday. It started at 11 a.m. Two hours later the buyers showed up.
The night before the closing their attorney informed them that they needed to bring additional money to the closing. Their mortgage fees were double what he had estimated. The buyers had to spend the next morning at their bank cashing in investments.
Then after we got through the paperwork at 2 p.m., the mortgage company wouldn’t accept the check the buyers got that morning from their bank. They had to go back to their bank and convert it to cash. The closing finally finished at 4 p.m. Normally, closings take an hour.
When shopping for a mortgage company, don’t just focus on getting the lowest interest rate. Service can make the difference between a sale closing or not.
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
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Fran -
As a mortgage consultant myself, I’m APPALLED at your story! The errors alluded to above are ones that even a rookie mortgage consultant ought to know not to make.
It’s bad enough when the lending institutions hold up closings – I was recently held up for 2 hours by a huge nationally known lender despite the fact that we had everything ready to go on our end (mortgage broker) over a week in advance. While I felt bad about that delay I knew I had done all that I could have and it was the lender’s ‘fault’. But the example you give above is TOTALLY avoidable if you work with a knowledgeable and professional mortgage consultant.
Last day of the month? In the summer?
Seems like a common story… Check out http://21stcmb.typepad.com/the_mortgage_reports/2006/05/how_to_schedule.html.
Thanks, Fran!