@Anonymous wrote:
Most recently, the seller's agent asked for an update regarding the loan process and documentation regarding the appraisal. Also, the seller's agent continues to tell my agent large banks make them nervous, because they've lost deals in the past.
Maybe I'm frustrated with the process. It's like walking down a dark hallway, feeling for the exit.
^^^normal for the agent to request an update on your loan process and appraisal value.
BOA and Wells Fargo have a habit of issuing pre-approvals and then not being able to close due to some lender overlay that other lenders don't have. Could be that the listing agent is thinking your deal will end up the same way; no closing and no notification until the last minute.
Not really anything you can do about it now unless you apply with another lender that doesn't have such a reputation for not closing (many of the big box banks are like this now). This does not mean that they don't close loans at all. It means that their overlay's prevent some good qualified buyers from closing with their institutions. The buyer has to go to a correspondent type lender to get the loan. Unfortunately the LO at the big box bank doesn't tell the buyer/borrower until they are turned down by underwriting rather than telling them right up front.
The other thing the listing agent can do is get a backup offer behind your contract that would come into effect if BOA doesn't close. That doesn't help you though.
If you are confident that BOA is going to close you, then there is nothing to worry about.
