This happened about two or three years ago, but I just recently thought about it again. All was on track for a Friday closing. I was representing the Woodbridge VA Home Seller and as every good listing agent I checked in with the buyers lender to making sure all is on track for a Friday closing. I as assured everything is on track and we are expecting the clear to close any minute.
Sellers vacated the home and moved to their new home all seemed to be going great until I read an article online that the buyers lender was under investigation by the SEC and will be closed by the SEC. Now what?
Well it was a shock for my poor sellers as was it for me. Luckily the loan officer that was processing the loan was on top of things, he took the loan immediately to another broker and we were able to close with just a slight delay.
There can always be a surprise to any real estate transaction. Most go very smoothly with no issues but then you have the ones where something comes up at the last minute. Lender shut down by the SEC was a first for me and hopefully a last.
I was reminded of this scenario while speaking with one of my Woodbridge VA Real Estate friends who told me about one of her transactions. In her case the buyer quite her job 3 days prior to closing! She was representing the Woodbridge VA Home Seller. The home was put back on the market the seller of course was able to keep the Earnest Money Check and the home sold quickly after.
Home Buyers don't quite your job, don't go out and make any big purchases like a motorcycle or a car or anything else. Any of your action from contract ratification to contract closing can have an impact on your ability to qualify for the loan.
Sellers vacated the home and moved to their new home all seemed to be going great until I read an article online that the buyers lender was under investigation by the SEC and will be closed by the SEC. Now what?
Well it was a shock for my poor sellers as was it for me. Luckily the loan officer that was processing the loan was on top of things, he took the loan immediately to another broker and we were able to close with just a slight delay.
There can always be a surprise to any real estate transaction. Most go very smoothly with no issues but then you have the ones where something comes up at the last minute. Lender shut down by the SEC was a first for me and hopefully a last.
I was reminded of this scenario while speaking with one of my Woodbridge VA Real Estate friends who told me about one of her transactions. In her case the buyer quite her job 3 days prior to closing! She was representing the Woodbridge VA Home Seller. The home was put back on the market the seller of course was able to keep the Earnest Money Check and the home sold quickly after.
Home Buyers don't quite your job, don't go out and make any big purchases like a motorcycle or a car or anything else. Any of your action from contract ratification to contract closing can have an impact on your ability to qualify for the loan.
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