Portland Area Real Estate Blog - "Did I say that already?" : Pre-Sale Fail: The big decision

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Pre-Sale Fail: The big decision

By: Phil Anderson
Saturday, May 26, 2007 6:57 AM

Good morning to all! It's a beauty, but it was a tough evening...

Now, I don't want to seem overly dramatic, and I only mean this figuratively, but I want to strangle a Buyer's mortgage broker....

You've all been there before, I'm sure. Picture it: I'm the listing agent (of the "first car on the train", a starter home), and there several subsequent transactions lined up behind this sale. My listing's Buyer's Agent has asked for and received two small time extensions, which caused real heartache, hardship and true drama with my selling client (I'm not kidding here...long story, but please take my word this is BRUTAL on them) and the other cars; one of which is another deal of mine...

Now, Friday at 4:59pm, the offending Buyer's mortgage broker advises that the program he had his client completely approved for has been taken off the market and the search is on for a new loan....

Question: Would a true jury of my peers (Realtors) convict me?

Comments

Member Since '04	Mary Welch said: Phil, speaking for myself, the answer is "no". I've got your back. Choke, flogg and kick to the curb, figuratively. BUT, if I get called for jury duty, and you aren't wearing that blue shirt, with your arms crossed, I don't think I will be able to recognize you. Sorry. The only way dominoes work, after they are all lined up ready to fall down is if the first one does it right, what an absolute aggravation. May 26, 2007 8:19 AM
Member Since '03	Gary Szolosi said: Death and slowly, But please leave no clues and I will swear we were having lunch together at the time! May 26, 2007 8:21 AM
Member Since '03	Mike Farmer said: Phil, I know some people. I ain't saying nuttin' else, I just know some people, capiche? May 26, 2007 8:28 AM
Member Since '04	Phil Anderson said: Capiche, Don Michael. Man, you are handy! There's a lot of love in this blog room this morning, and I'm feeling it! Thank you all. May 26, 2007 8:42 AM
Member Since '07	Gary Morris said: Sounds like a job for Becky and her bat. May 26, 2007 8:52 AM
Member Since '06	Todd Clark said: Phil, I maybe sitting next to you. I have one that the underwritters are saying they didn't like the appraisers appraisal and won't loan more than $5,000 under what they offered on the property. Even though the appraiser said the house appraises no problem. We are scheduled to close next Friday and if things continue to go the way I think they are you may have a cell mate. Todd May 26, 2007 9:16 AM
Member Since '03	Howard Arnoff said: Phil, nice to see the picture. Let's hope the deal works out, it's tough these days with mortgages and loans that could be made previously can't be made today. One of my clients has to wait at least 6 months to get his score up and have more time on the job to qualify for a rate that is reasonable. May 26, 2007 9:27 AM
Member Since '04	Phil Anderson said: You are right, Howard, about tough loans these days.... 99% of these deals do work out, and I'm sure this one will in time. I just feel it would just be so much easier for everyone involved if lenders were held accountable for approving borrowers. "Approved" should mean that; no caveats. Some of those letters aren't worth the paper they are written on. May 26, 2007 9:59 AM
Member Since '03	Howard Arnoff said: Until I see the hud approved by the lender, no loan is certain. It's always better to work with a lender who does their own underwriting as opposed to brokers shopping loans but you can't always have that scenario. May 26, 2007 10:43 AM
Member Since '06	Corie Seymour said: Phil... Iv'e got a Domino transaction going as we speak. I hope your 99 % number is correct. At least the odds are on our side. On this deal nothing else has been. May 26, 2007 11:18 AM
Member Since '07	Klaus Nicholson said: I agree with Gary, It's time to call on BATGIRL. I liked the hangman's noose. May 26, 2007 4:28 PM
Member Since '04	Phil Anderson said: Thanks Gary and Klaus! I'm putting up the Bat-Girl floodlight tonight! Look for it in a sky near you! May 26, 2007 6:10 PM
Member Since '06	Cathy Clark said: I know where Whitey Bulger is hiding. May 27, 2007 9:56 AM
Member Since '04	Phil Anderson said: Wow, Cathy~!... I haven't heard that name in a long time! I lived in Boston when he was still running around "Southie" in public. The Irish Mob....scary! Yes, he could come in handy! Thank you! May 27, 2007 10:49 AM
Member Since '06	Cathy Clark said: Phil, after I hit "submit" I said to myself: "Self? Other than Kerry & Joe, no one's going to know who Whitey is! Even though he's on the FBI's Top Ten. Nice to know someone knew what I was talking about! The Southie Irish could be more dangerous than the North End. They're still digging up Whitey's "casualties". Word on the news is that he's in, of all places, Italy! Ha! May 27, 2007 11:26 AM