Our loan originator was Michael Brown. We were purchasing an investment property (little house, with a triplex on the same parcel). Loan was approved, offer approved, I paid the appraisal fee within 5 days of offer acceptance, paid the EMD, got the inspections, underwriting was complete with no issues.
8 days before we were to close the Appraisal hadn't been complete (he quit and no one even told us) we were ready to get another one and still ready to close the deal when ALL OF A SUDDEN I get an email from Michael Brown stating
"It has been brought to our attention that the property you are trying to purchase is not a 4 unit property. There is a single family home and a triplex on the same parcel. In order to proceed, the property would have to be split into 2 individual parcels with the county, and would require 2 separate purchase transactions. One for each parcel. Unfortunately, we can’t proceed with the financing for your loan at this time."
I was furious, he refused to send a denial letter so I could get my EMD back, luckily the seller had a heart and sent the cancellation. I did get my Appraisal money back so was only out the inspection money and some fees I had to pay in order to get enough money for closing.
I will never work with Sebonic again. What a waste of time, money, and we lost our dream investment property.
Reason of review: Loan Originator failed to follow through on my loan for investment property purchase, lost deal because of it..
Monetary Loss: $975.
Preferred solution: Full refund.
I didn't like: Total lack of communication, Unprofessional, Unorganized, Being misled, Lost deal 8 days before closing.