It all starts the same....you list a "haute" property in great condition that's price just right and you receive a FLOOD of phone calls.
This is exactly what happened to me, but one particular call stood out from the others...this agent spoke of her client who has a disabled child and they'd already looked at about 50 properties...and missed out on about 20 of those. Instantly, I felt her pain. She showed the home and quickly submitted an offer....A GREAT OFFER, might I add. She quickly explained that all of her client's financials and paperwork had been turned in to the lender and that we would definitely be in for a relatively quick closing.
MUSIC TO MY EARS!!!!
After about a week, I contacted the buyer's agent to get a status on the loan processing and was told that everything was going well and that we'd probably close a little sooner. My only concern was that the appraiser had not yet contacted me for access to the property.
After about another week, I contacted the lender to ascertain the status of the appraisal and received quite interesting news. As it turns out, the buyer's loan had not yet been submitted to underwriting because they were awaiting a credit re-score. The lender advised that she informed the buyer and her agent of this prior to them placing the home under contract....just a little pertinent piece of information that the buyer's agent failed to disclose. In fact, her loan pre-approval letter failed to disclose the same doggone thing!!!
The sad part of the entire ordeal is that the buyer is outside of all of her contingencies and due diligence period....which means that her earnest money is non-refundable at this point if this doesn't close. When I reminded her agent of this, she instantly became enraged that the seller would even consider keeping the buyer's earnest money deposit "after all that she'd been through". My only response to her was that her client was in this position simply because of her inability to remain honest with all parties involved and since she was so incensed about it, maybe she should personally reimburse her client's earnest money!
Just can't make this stuff up! SMH!!!