Five days before closing, we were informed that the buyer could not meet one condition for loan approval – a condition that the loan originator had known about for months. The investor declined the loan. The originator found another investor, but at a significantly higher interest rate.

The Seller, whom I am Palm Coast Real Estate , represented in this transaction, had contracted to purchase another home. The closings were to take place the day before Thanksgiving, giving them time to move to their new home and clean the old one. They had scheduled everything from utilities, to telephone, to satellite TV, to professional movers, to schools for their children.

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In the meantime, the seller of their new home had come to Atlanta from North Carolina to meet with the professional movers and move his belongings back to North Carolina.

My clients’ loan package was complete and waiting to close. The loan originator, processor, underwriter, title examiner, and closing secretary, had all done their jobs. Everything had to be redated and rescheduled. My sellers, whose buyer chose the wrong lender, had to take time off from work to close the following week. That meant that they were unable to take any time off to spend Christmas with their family in Virginia.

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