Ugliest Closing Ever? 358 Liberty Road Stewartsville Lopatcong NJ 08886 Vies for the Title
Whether you are a home buyer or a seller, the mortgage loan officer and lender can have a HUGE impact on the transaction.
When we finally got to the closing table at 5:30 p.m. on Friday, instead of 1:00 as planned, everyone involved with this transaction was furious. Already weeks behind schedule, at 4:30 on the start of July 4th weekend, we weren't even certain it was going to close before Tuesday. Every bit of the stress stemmed from the mortgage company and/or its loan officer! All along that loan officer kept providing commitments that meant nothing at all; his words were worthless.
- It wasn't until noon that all learned the 1:00 closing would not occur as scheduled - when we went to the home for the final walk through.
- My sellers are moving to Arizona. The evening closing made it too late to start that trip - plus the road were clogged due to the holiday traffic.
- The seller's attorney was late for his son's baseball game - and Chris is the team's Coach!
- The new owners had enlisted friends to unload a moving truck; those buddied couldn't do that night.
- The buyer's attorney was on his own because his support staff had already left.
- The buyer's agent had to leave to meet his volunteer Hospice commitment.
- And me? I was mad that there was not a single thing I could do to save everyone this angst.
When the buyer submitted his offer on this Lopatcong NJ 08886 ranch home for sale at 358 Liberty Road, the mortgage approval was solid. The individual loan officer then changed jobs and took the buyers to his new company (a national "name brand" lender), which set the clock back a week. Then the buyer then failed to qualify, so the loan officer had to go another route. About 10 days delay, while all tensely awaited a verdict.
Issues had arisen with this deal but were worked out, one by one: A Cesspool Celebration, for example. The bank wasn't satisfied; it wanted a County official to then inspect and certify it. Slight problem in that Warren County - and most others in my area - never, ever inspects residential systems; it relies on licensed pros to alert it to problems. Closing was delayed another week while the issue allegedly went up and down the lender's chain of command.
At 7:00 p.m., the night before the scheduled closing, the loan officer phoned me to ask who witnessed my seller's signature on the contract. While the answer was most satisfactory, I really question why this hadn't arisen weeks before.
He then called the buyer. Things were so delayed that the lender needed an updated verification of employment. The buyer had to get a new letter the very morning of the scheduled closing - although the loan officer had just told me all was set!
I thought long and hard about naming the particular lender but I do have other business with this entity. While I'd gladly give the individual loan officer a public blast, anyone could then determine the lender. With 7 individuals at a closing table late on Friday July 1, not one had a good word to say about this particular loan officer. What goes around, comes around...
358 Liberty Road Stewartsville Lopatcong NJ 08886 sold for $197,000 on July 1; there were no seller concessions, which are common with some deals. My sellers did get a nice, fat check but the joy wasn't there for anyone...
