Since I’ve joined the real estate industry in 1998 I have work with many loan officers. Some excellent and some ok, but never came across such an incompetent loan officer like Lucas of this financial institution.
An attorney referred him to my customer, who was interested in purchasing a bank owned property. One of my staff and the customer asked the loan officer if his organization offers 203k (construction loan) and he responded yes. He later inspected the property and thought 203k loan is not needed. After dragging things out for almost 3 months, which includes 2 extensions, the bank finally scheduled an appraisal one week prior to the closing deadline and decided they can’t close the loan, because the utilities are turned off and it’s too late to do anything to save the transaction.
My customer lost an excellent deal, which he and his family was planning to move in to for the holidays. This bank caused a lot of stress and frustration to all parties involve.
Obviously the loan officer didn’t know what he was doing. I will never recommend or deal with this bank again.
Monetary Loss: $7350.