Patriot Act

By
Real Estate Sales Representative

Hello , Active Rain.  This week i had a closing that was postponed due to the PATRIOT ACT. This was after the mortgage company gave us permission to schedule the closing 2 weeks prior.  To make matters worse they only gave my clients minium information about the problem.  This is all because a third party group is in charge of the search or history background and they are located in Arizona.  Not good for a closing in New York state outside of Albany.  I'm a proud american , this is just fustrating because it was unexpected and at the last minute.  I'm sure this will close next week and it will become a memory but not at this moment.  Has this ever happened to you?  Please sure your experiences and thoughts.

 

Thank You for sharing.

Comments (7)

Elaine A. Cook
Connect Realty.com - Bellingham, WA
Bellingham Real Estate
NNO, it hasn't, but I'd be interested to find out what the issue is!  Did they have large sums of cash?  Interesting as to what would trigger that!
Apr 06, 2008 04:12 AM
Jo Olson
HOMEFRONT Realty - Kettle Falls, WA
Retired - HOMEFRONT Realty @ LAKE Roosevelt

This should have been checked right when "escrow" opened. You might have had the time then.

Apr 06, 2008 05:20 AM
DDR Realty
DDR Realty - Newburgh, NY
Orange County NY
For reasons like this, I strongly recommend the use of local lenders and other local support professionals to my buyers. Using local professionals usually results in a smoother closing.
Apr 06, 2008 10:07 AM
Steve Loynd
Alpine Lakes Real Estate Inc., - Lincoln, NH
800-926-5653, White Mountains NH
The only glitch I ever had with the Patriot act was when a buyer showed up with out a license to ID themselves..no other issue I'm happy to report.
Apr 06, 2008 12:05 PM
Tara Colquitt
Tara Colquitt, The Credit Woman, LLC - Philadelphia, PA
Credit Counselor

Kevin: Let us know what the problem really is when you find out.

Entitle the post 'What the Patriot Act and Real Estate Have in Common'. Because I don't get it. 

Apr 06, 2008 01:12 PM
Kevin Whitty
Poughkeepsie, NY
Thanks for all the support and feedback.  The problem was aomeone in another area attempt to use the wifes social sercurity number and that was causing the problem.  They think it was an accident but it came out as if she had someone attempting to use her SSI#  somewhere else. 
Apr 08, 2008 01:24 PM
Kim Martinez
Advantage Homes - Santa Barbara, CA
Santa Barbara Real Estate Specialist
Hi Kevin,  I heard about this kind of thing on the news.  They ran this kid's credit...it was flagged because the government had "pegged" him a possible terrorist.  Everything came back ok...eventually but the problem is that there are so so many errors in their system...Ted Kennedy is on the active terrorist watch among many many others.  My husband's plane tickets are physically different from any one else' we fly with and he gets searched every time we fly....couple that with the presidential candidates passports having been breached and countless other missteps due to the "Patriot Act" and I am convinced too much "blanket" carte blanch was given the current administration.  We need to reestablish a "balance" in power so we can retain our rights to live freely.  Did you know, the feds can pick you up, hold you as a terrorist, never charge you, never tell your family where you are so no one will be trying to find legal help for you?  It's in the"Patriot Act."  What if they have a case of mistaken identity?  What if they send you overseas to be "questioned" and subject you to torture...what do they say, Oh well, we thought you were affiliated to such and such group...sorry...or maybe they just kill you so you can't tell on them.   I'm all for protecting our country from without and within, but, to have this kind of free reign is too much power for a single administrative office.
Apr 08, 2008 02:22 PM