NO CLOSING TABLE YET!

By
Real Estate Agent with Key Realty

 

I look at them every morning when I come into the office – the seven sales that I just can’t seem to get to the closing table.  I've forgotten what a Closing Table is!! This market has gone from crazy to absolutely insane! 

My oldest file is a home purchased with a “Dream to Own” program.  This program was brought to us by the great triumverate!  (Federal government, the county government and the city government)  I should have known with all those “governments” involved, we were bound to have delays!  The original closing date on this contract is October 28, 2011.  That was nearly 4 months ago!  Why so long?  The county needs to approve; then the city needs to approve; then the lender needs to approve and if just one of these entities does NOT approve, we begin all over again with a  complete review of the file by each entity.  Not to mention, one agency had two files for my buyer and that caused some confusion and delays!  No Closing Table yet!

Next, I have three short sales that are in some process of approval.  What I don’t get is why don’t we just do an appraisal on these homes to begin with?  Wouldn’t that cut through a lot of red tape?  Instead we have to “guess” at what the lender will accept and then wait forever for their decision.  I did get some movement on one of them this week!  Guess what?  They gave me 48 hours to get five signatures of the Title Company, Realtors, Buyer & Seller involved after taking two months to say “OK.”  No Closing Table Yet!

One of those short sales has multiple offers!  Oy veh!  God help me on that one!  I have acquiesced and am using a short sale company to get the paperwork end of this transaction!  Especially since I'm a dual agent on one of the offers.  I want no sign of impropriety!

Then I have a bid online www.gohoming.com accepted offer.  On this transaction, I call Cincinnati but get someone from India on the line.  When I don’t understand what they’re saying, they talk FASTER!  Yikes!  Cash Buyer.  Deed is completed, but the Seller is waiting on a Power of Attorney and have extended the closing for 30 days!  Motivated - Not!  No Closing Table in site!

Then I have two “normal” sales.  One is my Buyer; the other my Listing.  All parties are calling daily because they can’t believe the banks take SO LONG to approve someone with high credit scores for homes that had minor to no issues on inspection.  In the meantime, the feds are talking about another bailout.  You’re already goofed things up enough!  Get out of our business, I say and let us get to the Closing Table!

 

Posted by

  Jo E. LymaN  Jo E. Lyman, CRS, CNE, SRES, e-Pro

    I Do Your ‘HomeWork’ For You!

The Danberry Company Realtors, Inc.

JoLyman.com          JoLyman@Danberry.com

Cell:419-356-4131       Fax:419-794-6977


 

 

 

 

Comments (3)

Bill Reddington
Re/max By The Sea - Destin, FL
Destin Florida Real Estate

That is just part of the Hoopla with short sales. You just can't let it get to you. Closed one a few months ago that had been going on for 15 months. Oh Boy. But yes it did close so hang in there.

Feb 14, 2012 06:15 AM
Kevin Nash
Shorewest Realtors, Metro Milwaukee - Germantown, WI
ABR, CSRS

Are we awake yet? Boy oh  boy, this sounds like a bad dream....

Feb 14, 2012 06:23 AM
Jo Lyman, CRS, CNE, SFR, e-PRO
Key Realty - Toledo, OH
Key Realty

I'm trying not to let it get to me.  I know it's the process.  I've been a REALTOR for several years, but holy smoley!  I need to eat and make my house payment!  LOL!!

Feb 14, 2012 06:32 AM