Let's see now. It's 2010. You know what that means, right? It's time for our new GFE's! (Good Faith Estimates).
We've all been warned that they were coming. We all have had or are having our classes (and getting continuing education credits for them right?). We're finishing up our deals from December right now, so we're still early in this GFE game.
I'm betting it won't be long before the first of our clients get burned educated in the new magical 3-13 day waiting period because someone goofed up a quote somewhere or forgot to double check something. Think about what a 3-13 day waiting period will mean to your happy seller and buyer who now have nothing to do but sit on their...uh laurels. TLW would have used another word there.
So here's what I think is gonna happen. Right about February or March, when the first delays start rolling in, there's gonna be a war erupt here at AR and across the states. And guess who is going to be right in the thick of it? That's right. It's gonna be the agents versus the mortgage people with the closing people mixed in the middle of it. And the what's the argument going to be about? Who screwed up? "I didn't do it!" "It was your quote!" "You're the (fill in the blank) that messed this up?" "Whose fault is it that we can't close while we wait for this stupid waiting period to pass?"
And what will be the consequences? Deals that dissolve. Closings that crash. Income that evaporates into thin air. How would you like to come right up to closing day just to see that paycheck disappear because your buyers gets totally ticked off because somebody screwed up and they have to wait so many days to get to close? It's gonna happen. Yep, gonna be a ton of fun when this one breaks loose. Better get to know your local lender and closing person's private cell phone numbers real fast. You're gonna need them. Of course...I could be dead wrong on this one. We'll soon see. But I'd still have those numbers ready!