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The eleventh hour waiting game is stressful for all involved.
John McCormack, CRS
Hi Joe -- I tell my buyers upfront to expect that there will be requests from the lender at the last minute and sometimes for items you have already submitted(and more than once). Be calm - comply - and(hopefully) in 30 days(or whatever time frame) it will be over. Hopefully....
John McCormack, CRS
Joe Petrowsky staying on top of it makes all the difference. As I await for few commitment letters this week, keeping all parties informed - and should the extension be needed, it's ready.
I often have LO calls where they say... I can't explain because of the privacy of the client but I think it will be satisfied in the next couple of days, but we're working on a condition to close. And frankly I don't need to know the details, but I do need to know the honest truth about time lines and if it's going to likely (I know you can never be 100% sure) close or be canceled. We (agents and the seller) just want to be informed.
Joe Petrowsky I agree, let them know right away. More important is that the buyer turn around the required information immediately. The delays are often with the buyers.
Those last minute mortgage conditions cause a lot of stress for real estate professionals and their clients. I do not mind putting the burden back on the loan officer to get them resolved if the buyer and seller are cooperative.
There is a big difference between 'letting my clients know' and causing increased anxiety. Saying 'Houston, we have a problem, but I can't tell you the details" acheives nothing.
If you don't have anything to say, the best policy is the bite your lip.
If something comes up, start with the solution(s), then the problem, then the time line, then confirm Plan B is in place. Your lender should have been selected BECAUSE they have a Plan B and C that assures the buyer and seller are not left at the alter.
I always let my client know as soon as I find out .