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It seems that lately every real estate transaction is taking a lot longer to close. And as the period between binding and closing lengthens, so does the demand for additional documentation and intervention in the process.
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21 Comments on Hurry up and wait … Hurry up and wait … Hurry up and wait …
Lol, Richard. Too funny. You never write anything unless it's profound. Great Pic.
Part of the frustration may be you need them to close and feel the pinch of the financial jaws of your operating budget... to keep the lights burning, MLS dues current.
Barbara...
The chain of command apparently is very similar! Thanks my friend.
Terri...
Thanks for those kind words. You made my day.
Such a painful process and a lot of it is totally unnecessary. With the fear placed upon the shoulders of lending institutions and appraisers the check, double check, require stupid item 1-10, etc. just has made purchasing a home with a well qualified buyer a long drawn out and hold the breath experience. A process that sadly will be under this tight choke hold for some time. Make sense lending is no more.
Richard - waiting, waiting, & waiting for IT to happen! There is always one more thing the lender needs, underwriter comes back at the 9th hour with a new request. I am waiting for a closing now....long over due....text book perfect buyer and we are waiting and waiting on B of A.
Andy...
We've already eliminated breakfast, stopped working after dark, and are rationing TP! Thanks my friend.
Connie...
And even when you do a great job the sense of frustration on behalf of buyers and sellers is is great that our work is often not appreciate. Thanks so much and have a great day!
Richard, My favorite expression these days is Every Deal is an Ordeal. Never have I seen the lenders examine a fly speck on the sales contract before.
We just closed one VA loan with Stearns and I will Never Ever refer business to them again. They required that we send the Consumer Notice, Buyers Agency Agreement, Deposit Money notice, Buyers Estimate closing costs to them. I have a problem sending them docs that have no bearing on the sale. My buyers agency is my contract with the buyer for compensation. It does not involve the lender.
This last deal they put my buyer through pure hell. At the last dying minute, they pop up and wanted EVERY item written up on the inspection report repaired. Like a light socket which did not work. We got it accomplished over night with a Contractor. He submitted his certification of repairs on one sheet and his paid bill on another. We were due to close that afternoon. They come back at 11am and want the certification and paid bill on one sheet not two. This nit picking had gone on for two weeks and closing was delayed several times.
Richard,
You're right, this is the mantra of the industry we choose to work in at the present time. I've never seen so many deals hanging on by a thread, waiting for settlement.
Rich
Lately all of my closings have been so much more difficult. The tiniest issues are holding things up and are maddening for all.
Good morning, Richard,
great photo... hurry up and wait... I was thinking to buy a power ball ticket (not a casino :)
Have a great day!
Barbara...
I guess it's nice to know that it's not just ME! Thanks so much for jumping in this morning.
Bonnie...
Anyone with common sense would say that those demands are excessive. I wonder if anyone in Washington D.C. understands that over-regulation is destroying the market, not helping it? THX.
You are right, but hang in there, I am sure you will get to the closing table soon enough, well not soon enough, but you know what I mean :-)
Richard, Just like the Navy....better be there on time, but don't necessarily expect anything to happen when you get there :) Bill
My dad used this phrase a lot when I was growing up. Part of the reason I don't live in the big city.
I can understand the connection between this and the military, lol. You are so right when you say during this time additional conditions come up which can make or break the transaction
Rich...
Hanging by a thread is right ... it makes your stomach hurt! .
Paula...
They really seem insignificant, don't they? Thanks so much.
Tatyana...
That doesn't sound like a bad idea! Thanks.
Kristin...
I sure hope that you are right. Thanks for jumping in!
Bill...
You got that right! THX
Hi Richard -
I can so relate... so we all hurry up and wait.
Make it a great day in all you do even if it's waiting.
Regards from the Q
Richard, so right. Lenders always wan tone more thing. Short sales always want something updated... And so the story goes.
Documentation standards are definitely much tighter today given the turmoil of the last few years. With any piece of documentation provided, it can raise a new question that then must be answered. Buyers often unintentionally make it more difficult on themselves by making large deposits into their accounts that then have to be explained, transferring money between accounts, opening new trade lines, etc.
Richard,
I had a serious flashback when I read your title....being retired military it hit home....but maybe that's why I'm so drawn to this business....I'm already geared for that mindset. :-)