Blog

Two loans..each with a diffferent Lender.  I have received BOTH approval letters.  COE is 5/27.  Buyers' money in the bank, inspections done, buyers on their way to Palm Springs..BOOM!

My cell rings..

"Hello, this is Kim"

"Yes, Kim, this is Bob, your closer for your loan #______"

"Hey Bob, great to hear from you!  What a surprise!  We're all set up to close on Friday."

Silence.

"Uh, well, actually, I just talked to the Investors and they saw that your Buyers are contributing $3200 to the 2nd lien and their new guidelines won't allow that..."

"Bob, I don't want to interrupt you, but you specifically told me when I asked you, that the Buyers could indeed contribute to the 2nd."

"Well, I did, but I was wrong.  They have new guidelines and now won't accept ANY cash contributions from ANY source to the ANY outside lien."

Well, call me crazy, but it would've been less illegal to not break our contract and finish this deal, then post the new Guidelines for future Short Sales..Nope.  These Investors want another $10,000 to buy the house and I had to figure out how to get the 2nd their money and not show it on the HUD.  Oh, and get it done to close by Friday.

I'm still working on this one, but talk about unfair, unscrupulous and just plain WRONG.  After 5 years in the Short Sale solution industry, you'd think I'd have a thicker skin.  Nope.  This curveball caught me off guard, but as usual, I'll scramble and run numbers and use my creative abilities and see if I can get it done. 

Are you kidding me????  Any wonder who's running the economy into the ground???  I don't.