How can a Mortgage Broker Mend a Buyer's Broken Heart?

By
Real Estate Broker Owner with Home Buyers Realty, LLC-Manchester, Bolton. Vernon,Ellington 0788174

Indeed, you can't count your chicken before it is hatched despite the lucid life breathing in the embryo lulling comfortably inside the shell. Well, that was the picture I could see until  ONE GLOOMY DAY.

Apparently, the chicken might not reach its full term. 

I could dwell in exasperation and frustration with this transaction nearing consummation for days because of lost of imminent commission and time where I could have put to use in something more productive. But it is a duty call a buyer's agent has to attend to.

In two occasions, I have likened a lady-in-waiting for the gas and electric company to call me to get the utilities activated for my buyer since the property is HUD-owned and activation is the buyer's responsibility.

The window for the electric company: between eight in the morning and twelve noon. Not as bad as the gas company who gave me a twelve-hour window: 8AM to 8PM. 

All these aggravations plus the mourning over the GREEN BUCK$ for which I started digging its grave are TRIVIAL.

A week ago, I saw a face of a buyer glowing as he professed the exhilaration about owning his first home in the United States. His eyes sparkled with enthusiasm while narrating the color scheme he picked up for the carpet and walls; the furniture set's style and its configuration and the conversation he had with his family back in his home town announcing his latest conquest- HOMEOWNERSHIP. It may not be a verdant oasis. But it is the integral part of his dream. The American dream coming into fruition!!!

Last Friday, I could see that same face--sullen; his body-- sulking and his heart--shattered.

The joy that emanated from getting the commitment letter was pounded hard into broken molecules that vanished quickly as it appeared. 

The REASON: EXPIRED GREEN CARD.

At first, I was bewildered. Why was he able to get a pre-approval with an expired Green Card? To answer my question, I asked one of the loan officers I work with in a regular basis if he asks buyers during the prequalification process the question as to the status of his residency in the United States. He told me that it is included in the questionnaire.

Since my buyer chose to work with the loan officer of the bank he has an account with, I could not blame myself for not doing my job in referring him to any of the competent loan officers I deal with in most of my transactions.

Granted that my buyer instituted his own predicament by letting his green card expired, and assuming that it could have been an honest memory lapse and provisional irresponsibility because he has been paying Uncle Sam his dues dutifully, why did the loan officer give him the go signal when at the time of application, his card is already expired?

Don't you think this dilemma could have been avoided?

How could you appease and recompense a buyer's crushed emotions? Never mind the money he spent on home inspection, appraisal and the lost of wage for the hours he took away from work to be present during the process, or either the money he has to pay as penalty for the lengthy extension or forfeited deposit.

I have never asked a prospective buyer if he has a valid green card or a citizen of the United States. 

After this incident, I may not be comfortable adding this question in screening the buyers,but I might just do it.

 

 

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Comments 23 New Comment

Rainmaker
196,078
Maria Gilda Racelis
"Your Goal, My Goal. We Can Make it Happen."
Home Buyers Realty, LLC-Manchester, Bolton. Vernon,Ellington

Hi Joan: It is indeed a terrible situation. I feel bad for him--he suffered financially and emotionally.;)

July 22, 2012 07:42 PM
Ambassador
1,518,686
Christine Donovan
Broker/Attorney 800-610-7253 DRE01267479 - Costa M
Donovan Blatt Realty

Maria - This lesson may help another potential buyer prevent heartbreak especially since you've shared it here.

July 22, 2012 11:21 PM
Rainmaker
782,870
Joe Petrowsky
Your Mortgage Consultant for Life
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709

For many years, I didn't ask the question about expired green cards or an expired work visa. You don't have a problem, unless you have a problem. Well, it happened to me, many years ago and I neve made that mistake again. This is one of those thing you would do, unless you have had it happen to you.

This is just one of those mistakes, neither of us will make again.

July 23, 2012 05:19 AM
Rainmaker
263,218
Jay Beckingham
American Eagle Mortgage Co.

in southwest florida we deal with this frequently. yes the lender needs to do their due diligence, but

what about the man in the mirror? when are we going to start the blame game at the right place.

 i notice i don't see any mention of the fact that the buyer knew that his card had expired.

just a thought.

we might not have as much documentation, and lenders might be a little more trusting if more buyers would come clean.

sorry about sounding like cruel jay today but i was always told there are two sides to the story so let's address both sides.

July 23, 2012 06:01 AM
Rainmaker
196,078
Maria Gilda Racelis
"Your Goal, My Goal. We Can Make it Happen."
Home Buyers Realty, LLC-Manchester, Bolton. Vernon,Ellington

Hi Christina: Hopefully, we can learn a lesson from this. Thanks for your comment:)

Hi Joe: A pleasure to see you here. Yes, it is a hard lesson learned. Your acceptance and admittance of your own mistake is a commendable act. Not everybody will willfully do it. Thank you.

Hello Jay: It is okay to be the cruel Jay today. It is my client and adding insult to injury will not make a difference. Thank you for your comment.

July 23, 2012 08:18 AM
Rainmaker
196,078

Maria Gilda Racelis

"Your Goal, My Goal. We Can Make it Happen."
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