I spent almost 100 hours with a buyer. Let’s call him Peter. Peter is a cab driver from an island country in the Caribbean. Peter is probably one of the least educated and least paid buyers that I’ve worked with over my career, that’s not a criticism, but Peter is a good guy that’s trying to do the right thing for his family. I have an affinity for underdogs that fight the odds so I took Peter under my wing. I found a nice house for Peter and his wife, let’s call her Mary, in Randolph earlier this year but that property didn’t appraise which was a frustrating ordeal for all involved. I then found them an even better property in Avon.
I knew that Peter and Mary were at risk for a loan denial since I first started working with them. It didn’t help that their pre-approval letter was through Citizens Bank which, in my opinion, is notorious for issuing pre-approval letters but denying mortgage commitment letters. Everything came to a head yesterday afternoon when Peter called me to let me know that Citizens Bank had denied his mortgage application.
I already knew that this could be the outcome so I had already long ago girded myself for the eventual walk into the Citizens Bank branch in Jamaica Plain in preparation to rant and rave but, after I had decided to play it cool, the mortgage broker was good enough to let me know that Peter had bounced three checks in the past few months. The mortgage broker was also good enough to give me Peter and Mary’s loan package so that I could give it to Matt Silverman of Mid-Island Mortgage in a hurriedly organized meeting at the Starbucks in Acton last night.
Peter called me last night because he couldn’t find the Starbucks so I guided him in and as we were on the phone I noticed a brand new taxi driving down the street and then I noticed the name of Peter’s company emblazoned across the side doors. No!!! I immediately knew that the deal was dead because Peter’s debt-to-income ratio was now fucked.
I just got a call from Mary and she is including me in the blame. I’ve already been excruciatingly upset since last night because I worked extremely hard for these people only for them not to do their part. Who bounces checks and buys a new car before buying a house?!
I’ve done the best that I could do. The closing attorney has already pulled the title so he’s out money and time. Maybe Peter and Mary don’t pay him for the work that he’s already done? The mortgage broker doesn’t get to close a loan. Peter and Mary have to continue to rent for the foreseeable future. The listing agent has to explain the situation to the sellers in hopes that they don’t fire her. The sellers have to find another buyer in hopes of closing within the next few months. I don’t get paid. Imagine working for 100 hours at hour job without getting paid. I understand that it’s part of the risk in being a real estate agent but it hurts nonetheless.