HOLDING FHA RESPONSIBLE: BUYER BEWARE
Here we go again with the lending institution and right now I am so upset with the lenders of these institutions that I want you all to be aware of what just has happened to me so that it doesn't happen to you, unless of course it already has.
Buyer on said property made an offer on a short sale. No big deal this is done every day right. Right, however the lender chose another offer over hers so, the hunt for that perfect property was on again. Enter my listing, not a short sale, all the paperwork done and contract in place. Now the buyer is of course going through the loan process. It has now been 10 weeks. Yup, I said 10 weeks, and guess what the hold up is, the lender said that she had been denied a loan for this short sale. What??? How can this be when she never went to a lender, because the lender on the short sale chose another offer? Beats me!!! What does submitting a loan with a pre-approval have to do with an actual loan? And, since her contract was nixed, why would she be jeopardized?
So, if this is happening to her, I am sure that it is happening to thousands of people out there that are requesting a loan through FHA on property. Even though they may have submitted an offer on a short sale, they may be turned down because they SUBMITTED THE OFFER!!!! HEADS UP GUYS....we need to be making these lenders RESPONSIBLE for what they are doing. Or, is this just another gimmick not to lend money to a good buyer?
Katie
www.FL-WaterFrontProperty.com
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