Life...Fun and Kentucky Real Estate


What are the banks doing with BILLIONS of American tax dollars? Why, they’re going on vacation, of course.

I had to re-blog this because it is one of my pet peeves in our business.

The buyer has no idea when they go to a bank that nothing gets done if the lender or underwriter has a vacation scheduled before the closing date.

I tell my buyers to ask the lender..."WHEN IS YOUR VACATION??" If it's during the time of getting your loan pushed through, they better find another lender. Nothing will get done if the lender substitutes someone to "watch" over the file.

 Underwriters are just as bad.

Don't even plan to close if *@** of $$$$$$$ is underwriting. There will be so many snafus and ridiculous conditions at the end it will spin your head like  Linda Blairs' in the Exorcist! Then you will have to start over at another bank. Read on...


The banks are on vacation after federal bailoutsIs it just me or is this happening to others too? On three of our recent deals, something rather unique has happened that derailed the closing at the last minute.

On all three occasions, sudden conditions miraculously appeared during the final hours before closing. When we asked why these issues suddenly became significant we were given the same explanation:

“The original underwriter went on vacation and when the replacement underwriter looked at the file they discovered the problems.”

What??? One could understand this happening once, but not three separate times over a three week period.

So I’m thinking that there are only two possible explanations for the phenomenon and they both involve billions of taxpayer dollars.

One is that the banks are so flush with cash that they really don’t need to make loans to stay in business. Why would you care about customer service when you can easily get the money for doing nothing?

The other is that they really are spending the money on vacations and the good life. Obviously, they are not using it to make loans.

Whatever the reason, the poor homebuyer is left in the lurch as the “vacation” shuffle continues. It must be nice to have such liberal time off benefits.

In the meantime, loans are lost as contracts expire.

No problem, they know where to get the money.


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Comment balloon 7 commentsLizette Fitzpatrick • April 09 2010 10:24AM


Hi Lizette, the other issue that I have found recently>>>>  A paper buyers with enough cash in the bank to pay cash, everything is complete and suddenly they want extra documentation at the end. I believe that the banks are making sure to dot their i's and cross all t's so that the package will be ideal to sell after the closing..... they make the most money if they can sell the  loan in a nice clean packet.  In the meantime we have to negotiate for an extended close of escrow to accommodate them.

Good luck with your future transactions.


Posted by Kim Espinoza, Connecting Arizona Buyers and Sellers (Realtor, United Broker's Group, Arizona) over 9 years ago

Kim - I have seen that happen too! Amazing that my buyers have plenty of cash in the bank and have trouble closing! Good luck with your closings also!

Posted by Lizette Fitzpatrick, Lizette Realty, Lexington KY MLS - Kentucky Homes (Lizette Realty - Richmond KY) over 9 years ago


The banks in this new role as property owners is not anyone's cup of tea, that is for sure.

Posted by Steven L. Smith, Bellingham WA Home Inspector (King of the House Home Inspection, Inc.) over 9 years ago

yea, it's not easy right now to get approved someone, but ohhh well,the good thing is that there are many buyers around who you can count with.


Posted by Ray Saenz, Homes for Sale in Laredo, TX - Texas, Realtor (Exit Realty Laredo) over 9 years ago

See, this is why I prefer to work with mortgage brokers. A reputable mortgage broker will not go on vacation and leave the client high and dry. He or she will turn that file over to an associate to make sure it is processed and closes. Those guys at the big banks don't care, and those files seem to come to a screeching halt if the processor takes off.

Posted by Elizabeth Weintraub Sacramento Realtor Top 1%, Put 40 years of experience to work for you (RE/MAX Gold) over 9 years ago

Elizabeth you are right! The problem is that the average buyer has no idea and thinks the bank where their checking account is would be the logical place to get their loan.

Posted by Lizette Fitzpatrick, Lizette Realty, Lexington KY MLS - Kentucky Homes (Lizette Realty - Richmond KY) over 9 years ago

I couldn't even dream up some of the things these banks are asking for at the last minute. I actually had someone at a bank say to me the borrower is our client not yours.

Posted by Mitchell J Hall, Lic Associate RE Broker - Manhattan & Brooklyn (Compass) over 9 years ago

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