What to do when you Broker drops the ball?

Asked by Qy Ross, Dallas, TX Sat Dec 8, 2012

In the last hour was suppose to close on our home Dec 14 when we just found out our broker has not secured our VA loan. Live in Dallas and do not know who to turn to in the 5th hour to get the deal done by year end.

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8
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Sat Dec 8, 2012
You will want to ask what needs to be done in order to have your file cleared for closing and how far away you actually are. If there are only a few documents that you need to provide then its probably a better idea to just provide those documents and move forward to closing. But if they haven't even given you an approval than it may be a good idea to look elsewhere.
Web Reference:  http://www.markfishernyc.com
1 vote
Don Groff, Agent, Austin, TX
Fri Dec 14, 2012
It would really help to know what happened. Is this a problem you will have with another lender or is this something that may just take more time to get finished? If that is the case then starting over with another lender is not the option.

Best of luck to you.

_______________________________________
Don Groff
REALTOR® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o 512.669.5599 m 512.633.4157
listings@dongroff.com | http://www.AustinListed.com
0 votes
Bill Eckler, Agent, Venice, FL
Sun Dec 9, 2012
Hi Qy,

The very first thing you should consider iskeeping the deal together. This can easily be accomplished by the agents involved and creating an addendum or contract extention that allows you enough time to accomplish what you need to obtain necessary financing arrangements.

In an effort to minimized additional lost time it may also be helpful to try to "jump start" your financing by contacting your mortgage agents supervisor. If there's any hope to get the deal done by the year's end they should be able to help you. Having an accurate appreciation for the reason(s) why this delay exists may indeed help you to move forward more efficiently. Ask the necessary questions to get a better understanding why you have missed your closing date.

Best wishes,

Bill
0 votes
Dixon Wong, Agent, Dallas, TX
Sun Dec 9, 2012
Hi Qy,

Since you are so close to the deadline. Its possible the best way to stick with your current loan broker and gathering everything that he/she need to close your loan. Often times, its not the loan broker but the underwriting department asking for more and more info. its not uncommon.

Hang in there. It will all work out. meanwhile, its a good idea to get with the seller via your agent to give them a headsup and get the closing extended.

Thanks

Dixon
Realtor
JP and Associate
http://www.findyourtexashome.com
0 votes
Annette Law…, Agent, Palm Harbor, FL
Sat Dec 8, 2012
This is why it is essential to use lender/brokers recommended by your agent. These recommended brokers/lenders have a tract record and ACCOUNTABILITY to closing on time and under budget.
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There are brokers and lender that MUST BE AVOIDED! For instance, "Never Ever" was so negligent (and they admitted the same) that the seller, who had moved to new location in anticipation of closing in 2 days, was forced into foreclosure due to the mortgage brokers negligence. This bank has made no effort to make the parties involved whole again.
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If you are dealing with a 'to big to fail' you should consider starting over.
You may attempt another direction. A local lender who has a track record of investing in the community through small business loans and home loans. These "A' and "B" graded lenders have demonstrated a commitment to their community. By contrast the 'too big to fails' will all be "F" gradeed. Enter your city or zip code and select the "A" or "B' grated lender that appeals to your and see if they can rescue your situation.
http://BankingGrades.com
0 votes
Bruce Lynn, Agent, Coppell, TX
Sat Dec 8, 2012
you mean your mortgage broker? I would be on the phone to them and your realtor finding out what you all need to do to get the deal done. It may involve changing lenders or your current one close to closing. they're the best ingress to advise you as we just dont have ask the details.
0 votes
Kenneth "Ken…, Agent, Dallas, TX
Sat Dec 8, 2012
I am not sure what you mean by dropping the ball and who dropped the ball. That is to vague.

If you think your Broker, not the Realtor did something wrong or illegal you need to speak with a Real Estate Attorney. It is illegal and unethical for any other Realtor or Broker to comment or make judgement of anothers principle or transaction. It is a violation of our code of ethics.

Kenny
Turtle Creek Realty
0 votes
Guy Gimenez, Agent, Austin, TX
Sat Dec 8, 2012
I presume you mean your mortgage broker, not your real estate broker. If so, you won't likely be able to switch lenders and still get the loan approved by the end of the year. Tf you're sure your current lender will not be able to complete the loan under any circumstances, then you'll just need to find a new lender and start the process over.
0 votes
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