Betrayed

I have not slept well this week. And yes, it is because of the real estate transaction where I begged for prepossession. However, it isn't because my clients are living in a home they don't own.

Three weeks ago I called the loan officer and said, "Ok, when should we expect the VA eligibility form?" I was told "any day."

I called every day for a status update. I was told everything was fine and we were on track to close October 23.

Two weeks ago I called at 4:30 only to be told the VA eligibility form hadn't been issued. Of course, being it was 4:30 on Friday, nobody with any authority (my loan officer and processor) bothered to do anything. And worse, they left me to tell the client.

Last week I negotiated a prepossession and confirmed with the loan officer this would close by November 13. When I asked for updates this week, the loan officer refused to give a timeline. When I pointed out the title offices are closed on Veteran's Day, he didn't seem to think this was an issue. In fact, he countered by telling me his underwriter is working that day.

"Why is it important if the underwriter is working that day? Title is closed. We should be done with underwriting before Friday November 9. It should be at title by then, per what you told me last week." I e-mailed him. I got no reply.

This past week, on Monday, I was told "everything is on track" (sans the down payment) except the underwriter hadn't signed off on the appraisal. I wrote an e-mail, asking for clarification: "what do you mean the underwriter hasn't signed off on the appraisal????" My loan officer said, "no big deal." And then did nothing to find out why this hadn't happened.

3 p.m. yesterday I found out there is a problem with the appraisal. My loan officer called me. He explained--while on speaker phone, I guess, in case I got ugly (I didn't)--the new appraisal is now on a rush and will be delivered by Monday.

I asked the loan officer to call my clients, no OUR clients, and let them know. The chickenshit e-mailed them.

The appraiser is supposed to call me. It is :10:45 on Friday morning and the appraisal has a rush for Monday.

Why I am not sleeping, and I just figured this out, is because I have worked with this loan officer and his processor for 12 years. Never, NEVER have they dropped the ball. This particular sale has been one lame excuse from them after another. I realized at 4 a.m. I felt betrayed. I recommended him. My client's money and living arrangements are at stake. I don't think I can get the sellers to cooperate much longer. The sellers were hell-bent on this closing by November 3, today. I can't blame them. The buyer's side looks like clowns because of my loan officer. And he doesn't seem to care.


Update: At 11:30 Friday, I asked my loan officer to investigate why I hadn't gotten a call from the appraiser. I was told it was "under control." I pushed until I got an e-mail from the loan processor saying "you should be getting a phone call any moment now." Instead, I got an e-mail from the appraisal company offering me times next week for the appraisal to be conducted. Pushing back again, I finally got some appraisal dude named Nate to go out and do the appraisal Friday afternoon. I explained the urgency to him and that he (the appraiser) was paid for a rush so this is to be in the loan officer's hands by Monday. The loan officer also called Nate and reiterated the entire THIS IS A RUSH. Anyway, Nate says we will get the appraisal by Tuesday maybe. Or perhaps on Wednesday.