Tuesday, May 6, 2008

The lending lie

I think lenders are automated to say, "Of course, we can close by then."

Last week, I had the buyer's lender walk through all the steps that needed to occur and the time frame for each.

We had just gotten word that the appraisal verified the house was worth the purchase price of $120,000.

The underwriters needed to approve the loan, which could take two or three days. The lender needed to order a reinspection, have the inspector look at the house and submit her paperwork. Then closing documents could be drafted, which would take two to three days. Then I needed to sign paperwork, then the buyers needed to sign.

This conversation was last Tuesday afternoon.

"So obviously we're not closing on Friday," I said.

"Of course, we could close by then."

They toss this around cavalierly, even though people's finances and living arrangements hang on their hollow words.

Now it's:

"We can close Tuesday."

"We can close Wednesday."

I'll believe it when I've got the check in my little mitts.

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