It's a crisp Fall day in my part of Illinois. I was on my way to my health club when I stepped outside and felt the sun and smell of fall. Leaves had fallen in my back yard that it looked like a golden field so instead I took out my rake and started piling them up. The physical work helped to ease some of the stress from my morning.
My morning was spent finalizing closing dates for a couple of transactions that should have closed last month. One was a short sale that just seemed to take forever to close even with a great buyer and financing that was supposed to be a slam dunk. But nothing in today's lending environment is a slam dunk. I will be relieved to finally close on this one tomorrow but hopefully with positive thoughts I will be able to post this one as a sold - 24 hours from now.
My other transaction is with a buyer that is a 1st time home buyer. They are so excited to have found a place they liked that you can't help but be happy to be part of this transactions. Their financing was great and the only thing that held it up was a minor thing that I had no control over - the deposit of the earnest money check becauee I no longer hold earnest money check in transactions. The wierd thing is that the seller's attorney is the one that didn't deposit the check so they can't complain about closing late or give us too much grief.
So I just fiished talking to the mortgage officer and he informed me that the title charges are out of line with FHA guidelines and that the buyer's attorney will have to discuss this with the seller's attorney. It seems that those final details are still not finalized days before the closing date. We also found out that the village of Bolingbrook has transfer fees that are pretty high - $7.50 per thousand and split between buyer and seller. Next to Chicago this is one of the highest transfer fee's that I am aware of. I am always amazed at how some cities are able to get away with this type of taxation.
Buyers and sellers continue to be nickled and dimed with fees at closing - handling fees, email fees, city, state, email handling etc.
It's hard enough to find a buyer to sell a house to with the right credit score, the right down payment and for the right price...but now we have to also contend with the right closing fees!