Slap Chop your troubles away in today's seas of Real estate transactions!
Unfortunately in today's tight mortgage market what we would think could be handled by common sense often ends up in a nightmare of paperwork. I've had clients scrambling at the last minute to show proof of a few thousand dollar inheritance that ended up in their bank account a few weeks before closing to a business reimbursement check deposited to cover expenses.
If you are thinking about buying a house remember to leave your credit cards in your wallet & if you have a few extra thousand dollars coming in be prepared to show proof of where it came from.
I need to slap chop my troubles away - to release the stress and frustration that built up over a real estate transaction. It all had to do with a closing or shall I say the lack of one...
The names have been changed to protect the innocent - and the bank. But here goes
Young couple looking to find a dream home. You've probably had them as clients too - we'll name them Jim & Alice. Jim found a great job in Raleigh and contacted me to help them find a home to buy. He and Alice are getting married later this year and really looking forward to getting the home ready before their wedding date so it will be all set for them when they return from their honeymoon. They wanted to get started right away. I told them starting 2 months prior to when they wanted to close was perfect. Time enough to get everything done we would need to do.
So after much discussion and emails back and forth they head into town to walk through the homes we earmarked as potentials. Sure enough one of them was perfect. It had the updated kitchen and baths that Alice wanted, and the neat yard and larger master that Jim was hoping to get. Negotiated the deal and set closing for a month out.
They had already contacted a lender and got their pre-approval and even started the loan process. They prepared all the info their lender requested; SS #'s, gross income and sources, banking account information, all their expenses (housing, credit card and loans), as well as the name and address of their employers for current and and past 2 years. Surely they complied with everything the bank requested in plenty of time for the bank to get everything done.
Or so they thought... Until just a few days before the closing date. I was checking to see if the attorney had received the closing package so we could get a HUD. But the attorney hadn't
received anything from the Bank. I tried several times to reach their lender and each and every time left a voice message. Then I received an email from the Bank's Loan Doc Specialist Harriet, advising me we were missing an addendum change. OOPS - my fault but I wondered why they were just now looking at the executed contract? Shouldn't that have been done a month or so ago when it was initially sent to them? In any event everyone scurried to get that form signed initialed and back to her by 10:00 AM on Friday. Surely we would get a package by the end of the day as closing was scheduled for 2 PM on Monday. We never heard a word back.
Later that day another round of messages to the lender asking when can the attorney expect the closing package? Still nothing from him. But Jim and Alice got a call from Harriet...
You see Alice purchased some groceries for her Mom - and used her credit card. BIG MISTAKE! Even though her Mom paid her back (and the amounts were less than $100) the bank NOW wanted to see HER MOM'S bank statements. Something I had never heard of before... but they complied and got the paperwork the bank requested by late afternoon on Friday.
Unfortunately the communication broke down and things continued to go downhill. I really had fully expected that we would hear something the following Monday morning.. but no such luck. No phone calls no emails and NO package.
Now I know everyone's busy but really... too busy to service THEIR client??
Needless to say I had two very disappointed clients... And what should have been a happy day when we finally closed the following week, got soured by what I think was just BAD CUSTOMER SERVICE!
Real estate transactions are a bear in todays market. So work with a professional to help maneuver the rough waters that may lie ahead... You'll be glad you did!
About the author: Pamela is a Realtor in Raleigh NC with The St. Peter HomeSelling Team at Prudential YSU Realty serving the Raleigh NC (Triangle) area.
We are a team of passionate North Carolina Real Estate Brokers dedicated to connecting our clients to success in home buying and home selling in the Triangle. Pamela can be reached via email at Pamela@RaleighHomesOnline.com or by calling (919) 645-2522.
For all your Wake County real estate needs The St. Peter HomeSelling Team serves the following areas; Raleigh, Cary, Apex, Morrisville, Holly Springs, Fuquay Varina, Garner, Wake Forest, Knightdale.
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