Product: Mortgage

I am a XXXX in Arizona ( XXXX ) I was doing a deal with a buyer of mine that just canceled after XXXX days. We reached full acceptance of this contract on XXXX XXXX, 2015. This deal was a XXXX on an acre, just outside of XXXX AZ. The property is on septic and has a well agreement, and a road agreement. The buyer is very well qualified and just wanted a low payment with enough land to build a big workshop, so this property fit perfectly. We were done with all our inspections and sent everything to underwriting the beginning of XXXX. The good and hardworking folks at XXXX did the best they could and worked so hard on this file it amazed me. The Underwriter, Sunwest ( who was the investor that would buy the loan ) asked for corrections and for the whole packet to be re-submitted at least XXXX times and spent 3 months reviewing the file. We have XXXX of emails in which Sunwest keeps asking for things ( many times things we had already submitted numerous times ) over and over again, each time saying that they just needed this XXXX last thing and they could approve the loan. Finally after a month and a half they start looking at the well agreement, which on the surface looked fine. They requested more documentation and more and water tests and all other kinds of paperwork over and over again. The listing agent, escrow company and myself spent hours searching for all the paperwork, that was mostly online and public knowledge. All this time, XXXX & XXXX at XXXX were continually calling asking that they please just give us a Yes or a No on the file. The Seller had moved out and had to stay in a motel for a month. The Buyer had paid for a repair to properly affix the XXXX in XXXX as we were told by Sunwest then that it would close in a couple days after that was taken care of. The seller paid for a septic cert, as we were told by Sunwest underwriting that should be done before the appraisal to speed things along. The buyer also obviously paid for a home inspection, engineering report and appraisal, in addition to the repair. Plus, the buyer has to pay more rent as his lease expired, so he had to go month to month in XXXX which costs extra. Then after they finally came to the conclusion after XXXX months in underwriting that the property did not meet HUD guidelines due to the fact that we could not find corporation papers for the well group they verbally said they could not do the deal. It then took them a week to send XXXX the denial letter in writing. It is my assertion that if Sunwest had done their job correctly and had competent underwriters working for them they could have come to the same conclusion in XXXX! We have all wasted so much time and money on this file, it is ridiculous. Towards the end of XXXX it seemed to me like they were just prolonging the deal, by not answering their phones or answering XXXX and XXXX of emails asking for updates. By prolonging the pain they were just begging the buyer and seller to cancel the deal so they would not have to, because they must have realized that they had already wasted so much of everyone 's time and money that if they now denied the loan XXXX of the parties might find a way to sue them, however if the buyer or seller canceled before a denial, a lawsuit would be harder to prove. I am most likely going to have some of the best Real estate lawyers in Arizona look at the case and file for damages and whatever else they can think of, as this was absolutely ridiculous and absolutely unnecessary to wast so much of everyones time. As, I tried to tell Sunwest a XXXX times, this is not just a file, this is people 's lives that you have absolutely damaged.