03/25/2024
As local lenders, we're not originating loans for random online leads for a paycheck. We originate loans for families and people in our community to get into the home of their dreams. Team Pruner Mortgage
I try to stay positive about the real estate biz on social media, but I just can't stay quiet today. Buyers came to me in December looking to buy a home. They'd been pre-approved with Rocket Mortgage (Quicken Loans). I've never had a good experience with them and I gave the buyers my opinion and suggested one of my preferred brokers. They said "Thanks, but Rocket was great in the past and we're already through underwriting with them."
I said, "okay that's fine, but keep in mind that Listing Agents and Sellers may not be crazy about this, and it's possible that your offer could not get accepted because of their reputation." Buyers wanted to proceed.
We put an offer on this home in February. While there weren't any competing offers (thankfully), the listing agent expressed concern about Rocket Mortgage. I explained to him "it won't be a problem because they are through underwriting!". (HA!)
Fast forward 4 weeks later, it's 3 days before closing and underwriters STILL haven't given us the "clear to close" and keep adding "conditions" for the buyers to meet. (i.e. documents to support income, track deposits, etc.). Finally in the 11th hour, Rocket wouldn't get it approved, despite the buyers jumping through every hoop that was put in front of them. We finally had to terminate, 2 hours before our loan approval deadline (so they will still get their $10K earnest money back). WHEW! 😬
Lesson 1: Please listen to your Buyer's Agent. We live and breathe this business 24/7, 365. Yes, you may have bought and sold a few homes in your life, but we've done hundreds of transactions over many many years. (16 years here)
Lesson 2: Just because you're "pre-approved" and even "fully underwritten" does NOT mean it's a slam dunk. 💩 S #$% 💩 happens. Underwriters find stuff. Be prepared.
Lesson 3: Do NOT use an "online" lender. Their LOs and underwriters do not care about you. Quantity vs quality.
Lesson 4: Think you can buy a home by yourself without an agent? Think again. This is a perfect example of why you need someone working for YOU. Think the Seller's Agent would be working with your lender to stay on top of critical deadlines? NO. They represent the Seller. NOT the Buyer.
XOXO
-Sally
