I knew the deal was in trouble when the buyer’s agent told me that the buyer was using a lender from Florida! Sure enough, the lender (actually a broker) failed in the first attempt to get financing and moved on to a second source. An appraisal was done that came in as needed. Since the offer was over asking, the lender apparently did not find the appraisal to be creditable, so ordered a second appraisal. It also came in as needed. Long story short…the deal finally closed, but late. The sellers had contracted for their next house, but the close of escrow on the new home was set far enough back from the close of escrow from the sale of the old home that there was no impact except for a few bitten fingernails. The sellers even negotiated a few days of rent-free occupancy in their old home after close of escrow because it was the buyers side that caused the delay in escrow close.
Tags: business, finance, loan, real estate
