I remember the time when 30 day closings were starting to be considered "a long time." Atlanta has always been a buyer's market but we had some good 'ole days when we could close anything in 2 weeks tops. Now closings for regular loans are taking up to 45 to 60 days. If you are going FHA then you will definitely want to plan accordingly. No more quick closings. It becomes especially important to pick a great loan officer. This can make or break your deal. Of course, nothing is a gaurantee anymore.
An experienced and professional loan officer can make the difference between a dead deal with lost earnest money and an experience that leaves you wondering why everyone is fussing because your deal was so smooth. In honor of Jeff Foxworthy, I figured I might create a list of:
"Your Might Be Dealing With a ..." no that one won't work....
"Your deal might be going south if..."
- You get a call from someone asking for the amendment. When you ask what amendment, he says, "I don't know, would you like to call the lender?" then proceeds to give you the 1-800 customer service number.
- An attorney from another state calls you to schedule closing documents
- It's a few days before closing and the question comes, "What appraisal?"
- The processor is also the receptionist.
- The processor/receptionist says, "I've never done an FHA before."
- The attorney calls and tells you that they have the paperwork from someone you've never heard of before.
- The other agent responds, "I'll take care of everything," to virtually every question.
- You show up at closing and the HUD statement is different than what the contract reads... After all you believed the agent that said, "I'll take care of everything."
- The other agent offers more than four blessings in one five minute period.
- The appraiser says he wants to defer to someone else's opinion (i.e. the inspector).
- Someone else wants to defer to someone else.
- The seller asks if the bankruptcy they just filed will affect the sale of the home.....
Many of these things could be avoided if everyone handling the transaction simply acted professionally.
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