Have you ever watched ER and watched as the ambulance arrives with a patient in cardiac arrest. They push them into the room and pull out the paddle to start the patent's heart.
Doesn't that feel like the real estate market lately?
The plain hard fact is I don't care how good you are at your job or how efficient your staff is... closing a real estate transaction right now is going to be a bumpy ride!
My partner and husband is working on a FHA file that is as clean as they get. In fact we only used a portion of their income to qualify and the house was VERY clean.
Well some ... lovely... underwriter decided that all section 2 items on the pest report had to be cleared because they could turn into section 1 items if not addressed. What... that is not a FHA guideline?
Of course the pest control company was very thorough with their report even making sure to note a dis-colorization of the linoleum in the bathroom (which turned out to be a part of the pattern). The underwriters solution... the entire floor needed to be replaced. You are joking right? Nope... she was stone cold serious.
The next issue was some of the work to clear section one had been done by the seller. Even though the pest control inspector signed off on the work... the underwriter told us that we would need to have a contractor come over...rip up the work that had been done... and certify that it had been done properly. This work was done before our borrowers ever got into contract mind you. I about dropped on the floor with a heart attack right there!
Just another day in the life of a mortgage broker!
So we decided the next piece of equipment we are investing in is going to be a cardiac defibrillator that we can just mount on the wall right here in our office.
It is the only way we are going to get through this market..... alive! ;)
This blog by:
Team Newington
Sacramento Mortgage Planners
First Priority Financial
(916) 687-6868
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