“When Loans Take a Long Time to Close”

I just have this never give up mentality, it’s just part of my DNA. We have been working on this transaction for 5 months and there is now a light at the end of the tunnel. 5 months of work on a $105,000 loan, but the dollar amount doesn’t matter to any of us in our office. It is all about the mission. Here is a list of some of the challenges.

1)   The home inspection had a number of issues that had to get worked out.

2)   The appraisal came in below the sales price. After a couple of weeks going back and forth, the sales price was adjusted.

3)    A late payment on a credit card, dropped the scores and we needed to have the scores back to where they were.

4)   Finally, part of the driveway was considered in a flood zone, so a flood policy was required.

How can so many things happen to one transaction and buyer and seller are willing to see the transaction through? The simple answer, the sellers who are retiring to Florida and a young couple wanting to own their home. Throughout the process they keep telling everyone, we will wait until they are ready to close.