Lenders Beware

I've been in the business over 25 years and I have never seen what is going on in the mortgage arena happen before. Thankfully it happened to me - not one of my customers. But I thought I'd share my experience to save others from loosing money and going through the aggrivation I just did. A local lender "approved" me for a loan to buy a residential duplex. They said I was approved, so I bought the property with a non-refundable deposit at an auction. When I successfully got the contract at the auction I called the lender. I was told all they needed was an appraisal. Two weeks later they called me and told me I was "declined" for the loan. The underwriter decided not to lend the money after I was approved!