This Rancho Cordova short sale closed yesterday…but it almost didn’t! My client, the seller, chose a well qualified buyer who was committed to buying her beloved home. By all accounts, this short sale should have closed smoothly. Unfortunately, the buyer decided to work with a terrible lender. I mean TERRIBLE. This lender over promised, under-delivered, and almost cost the buyer this home.
Wells Fargo approved this Rancho Cordova short sale to close on or before 8/6/12 and couldn’t issue an extension if it didn’t. The lender knew the time constraints and said we’d have loan papers to escrow a week in advance. Would you believe they got there 1 day before? He wouldn’t return anyone’s calls (not even his clients), and didn’t give updates. I would have gone down to his office to give him a peace of my mind, but I couldn’t. That’s because the buyer chose to work with an internet lender!
I have a real problem with internet lenders. For one, you can’t meet them in person. Their location is a mystery and their 1-800 phone number doesn’t give you any hints as to their where abouts. If they want to avoid you, they will. This particular lender was very messy. He sent incorrect loan documents his first time around….full of mistakes. It had nothing to do with the buyers qualifying…they could have bought the home for cash. This internet lender knew of our short sale time constraints but really didn’t care. Absolutely no customer service.
By some miracle, and a lot of hard working people on my side trying to fix the problem, I closed this Rancho Cordova short sale on time. I can’t tell buyers who to use as their lender but I can advise my short sale sellers to choose a buyer with a local lender. It makes for a much smoother sale and if problem’s do arise, they can be efficiently dealt with.
If you are looking for a lender, ask your real estate agent for a reference. They have probably worked with 100 lenders and will give you a couple who are proven to be good. You can also ask your friends or family if they liked their lender. A good reference will give you piece of mind and will not only help you get into contract, but close on a new house.
If you are thinking about selling your Rancho Cordova home as a short sale, let’s talk. We’ll go over the process and I’ll make sure you are fully armed with the information to make a good financial decision.
Rancho Cordova Short Sale & Picking a Great Lender
Posted by Rancho Cordova Real Estate Agent – Allan Sanchez