Home Buying in Blanchard>Question Details

Gerald Mason, Home Buyer in Blanchard, OK

What can I do if the mort co was asked to send a document and they never sent it and it cost me the deal?

Asked by Gerald Mason, Blanchard, OK Sat Jul 21, 2012

He was supposed to send an approval letter and never did, seller accepted another offer.

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Unfortunately, there isn't a lot of accountability for lenders that do not meet deadlines or do not submit paperwork within the deadlines. Typically, an approval letter is a major factor in an offer and whether or not a seller is going to accept your terms. They want to KNOW that your transaction is going to close.

Don't let this scare you or discourage you from finding another deal and another lender. Only this time, get your prequalification letter ahead of time so you won't have this issue later down the road while you're under contract. Your real estate agent will also work with the lender in order to ensure all the requirements are met while you're going through the transaction.

Trent Rhodes, Metro Brokers of Oklahoma, OKC Metro Area
0 votes Thank Flag Link Sat Jul 28, 2012
Find a new lender and a new deal....and maybe a new realtor. Sounds like a blame game going on and an approval shouldn't hold you up if your offer was otherwise solid....which may be the part of the equation you left out. Listing agents generally will wait a bit (a business day or so) for the approval if your offer is a really good one.

You need to have all your ducks in a row when you make offers to demonstrate to the listing agent that you have it together. Learn from this and nail the next one.
0 votes Thank Flag Link Sat Jul 21, 2012
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