Boomer-Chick-Musings.com BFF for 2.5 days.
We know that everybody promises everything to all Buyers and Sellers. But in this case…not so much. Once an offer is accepted and escrow (a neutral third party) is opened…all the parties need to do is show up at the escrow/title company to sign the papers and close the sale. That works (mostly) just fine if the Buyers don’t need any financing. But most Buyers need financing. (this is highly simplistic…lots more to do but I’m talking about the lenders, now).
The lenders tell the agents that they can close in 21 days or less, and most folks don’t take holidays into account. The best agents pay attention to the calendar and warn their clients about holidays and weekends (which means a buyer will be paying interest over the weekend with no benefit of ownership).
But guess what? The escrow officers have been taking the brunt from the buyers and sellers because it is almost impossible to get the lenders to deliver the docs to title/escrow in the same timeline that the contract says.
I’ve been working with two escrow officers on two separate transactions. Both tell me that because the changes that will be required and/or are required for the HUD (Housing and Urban Development) statements to comply with new regulations, it is almost impossible to close the transaction according to the contract (which is written to catch the Sellers’ interest).
The parties are shocked…especially if there are other transactions depending on the close date (like a Seller who is also a Buyer, and/or a Buyer who is also a Seller). It takes lots of patience from all of the parties to keep it all in perspective.
Ssooo..file this away until your agent reminds you that rarely do things happen just as they are expected to. This is where a Plan B and Plan C come into play.
Alameda Real Estate this week
Broker Tour Tues 9 this week!
Active listings this week 30
Pending listings this week 52
Alameda Real Estate Awards this week…this is only my perspective!
That’s a wrap! best, marilyn