Do you ever turn on your computer, open up your browser and bam... right there in your face is a topic that is relavent to your life at that moment. That happened to me last Tuesday and I have to tell you it nearly made me panic. You see when I read Elizabeth Weintraub's featured post That Vast, Bottomless, Black Pit known as Underwriting I had a buyer in underwriting hell.
Each day that passed with "no news" from underwriting and calls from the LO saying "no news" I felt worse. This property was a very unusual circumstance. When we went under contract the house was not finished and bank owned. The bank allowed a certain amount to be spent to repair/finish the property and allowed my buyer to choose the contractor and have keys to the house and be in charge of the repairs/completions. Well my buyer wanted some "upgrades" that were not in the budget. So he had improved this property above the appraised value by purchases, labor and sweat that he put into it himself. Blind had been purchased and hung, flowers planted, insulation upgraded and the list goes on and on. I mean he had an "approval" not a pre-qualification letter. But underwriting... all 9 days of it was pure hell. We were told "one more document" at least a dozen times. In my mind I kept seeing Elizabeth's post... where if the buyer isn't out of underwriting in a week it's going to die a slow painful death. My stomach was hurting and I had heartburn.
I was really begining to panic when finally the phone rang well after business hours on Thursday (did I mention we were were supposed to close on Wednesday) and the LO said I have good news and bad news.... The Good news was... "Conditions cleared" the BAD news was "file picked for internal audit". I screamed. You have GOT TO BE KIDDING ME. When my buyer asked me Friday morning "how long does an audit usually take" I had NO answers. You see... this was the first time I'd ever heard those words. Finally just before noon the LO called to say we were good to go. There were still a few hurdles we had to jump over. But fortunately today my buyer is moving into his new house.
I went back and read Elizabeth's post again this morning. I just left her a comment about my buyer making it out alive. Makes me feel good that we pehaps "beat the odds" in getting this deal done. Now I have to get busy and line up some homes to show tomorrow to a buyer I'm expecting. And I've got to call another under contract buyer who just went into underwriting yesterday. I'll let you know how soon we that file out too.
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Tammy Lankford, Broker/Owner
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