What Do You Do?

“What Do You Do When There is No Closing and You Are at the Closing Table”

Thank God this didn’t happen to me. I know an agent who seller went to the closing table and their client signed everything. Well the buyers didn’t bother to sign because the husband lost his job but didn’t think it was a big deal.

The question is did the buyer’s agent know about this incident. (That’s why it is so important to have good communication with the lender). If the buyer’s agent didn’t know from their client the lender could have updated the agent.

Now the listing agent is faced with telling her client they can’t close do to no fault of their. The only thing I could tell her was to look on the bright side of things. The listing was only on the market for 7 days before it went under contract. So they only used 37 days so far instead of 60 days of lost marketing. It may be nothing but I’m a firm believer that there is always bright side to everything.

          What do you think?

Real Estate Update: Short Sale part 1

Real Estate Update: Short Sale part 1: Happy Holidays Hopefully for a lot of people Black Friday was a success. I personally don’t go out on black Friday and shop. It’s jus...

Short Sale part 1

Happy Holidays

Hopefully for a lot of people Black Friday was a success. I personally don’t go out on black Friday and shop. It’s just my preference not to go into a high stressed environment.

Right now I’m working a Short Sale.  I believe a short sale is as good as the listing agent and the sellers allow it to be. So we are starting off with a low offer to test the water and to get where we really want to be.  This will be very interesting. I always want to be on both sides to watch some of the offers that come through. My goal is to be a great negotiator.  

We are in the beginning stages of purchasing this property. The listing agent said he has everything together and it just needs to be accepted. So I will keep you updated and let you know how everything goes.

http://www.youtube.com/watch?v=tLKpSoZWMo4

Positive Energy

I was watching Oprah and Joel Osteen that I recorded.  The goal is to say these positive statements for at least 31 days. It is to encourage you and enrich you.

Declare your victory with me:

I AM BEAUTIFUL (HANDSOME)

I AM BLESSED

I AM VICTORIOUS

I AM STRONG

I AM HEATHY

I AM ENCOURAGE

I AM RICH

I AM CONFIDENT
http://www.youtube.com/watch?v=AAxo49dUBbo

Realtor - Lender – Client - Relationship

What’s the most important relationship for a client to connect while buying a house? I think it is the connection between the realtor-client-realtor. If the lender doesn’t stay in the lines of communication with everyone, then the closing isn’t going to run smoothly for anyone. The lender needs to explain every up front. Especially if the lender is going to require the appraisal fee up front the client should be aware.  I also think it is very important to go to the first meeting with your clients so you can hear and know what one person is telling your clients or what due outs are needed to turn in.

It really irritates me when the lender doesn’t explain everything and my client is hearing everything from me or the under writer because the lender didn’t tell anyone anything.

Agents - Every so often sit down with your lender to ask question you may need a break down with one of your closings that didn’t go as planned.  Or you may need to learn more about the original good faith estimate and what really happened in the end. 

YouTube: http://www.youtube.com/watch?v=mhUTLcVxO0w

 

 

Working HUD 203K

Oh my goodness this 203K is kicking my butt. It’s good when you have patient buyer that are willing to wait, which wasn’t always the case. Initially we thought we were going to be able to close a month ago and now we are going into our third month and our second extension. To top it off the title company is out of town and don’t want to answer a lot of questions.  Don’t leave me in the dark I had to demand some answers from them. The husband is leaving and the lender and the title company had to approve the POA. Military, you can’t hold them down and make them stay in place for very long.

We Have to Have Better Communication Between Agents and Lenders

We Have to Have Better Communication Between Agents and Lenders

I’m working with an out of town lender and I’m getting frustrated. Why, because I asked the lender if we could do the FHA with $100 down program. He said, “YES”. I asked this question in the beginning, so why now that we are about to close does he ask me where is some type of form. I told him I don’t have the form, so he sends me an example. When I read his paperwork, it said in bold ink, “$100 down only for full offers”. I called the Asset Manager because it was a HUD home and he verified the same information. So, I told the lender to call the clients and tell them. Instead he sends an email to them and it said something to the effect, “Call J’Neka she needs to explain the $100 down program. You and J’Neka told me that you were doing the $100 down program at the beginning of the loan process”.  EXACTLY, it was at the beginning of the loan process. So what if I says they can do VA but they don’t have any VA entitlements then what would he have said, “You and J’Neka told me you were doing a VA loan”.

I just felt like I was thrown under the bus with a drunk bus driver.  So I guess if we told the lender that we weren’t putting any money down on FHA, and then we could do that too huh.  We just need better communication that’s all.  And this should have been corrected at the beginning of the loan too with the lender (last time I check that was the lenders lane).

This will be one of my memorable moments.  Mark this down as a learning curve.
http://www.youtube.com/watch?v=REswH0ysyis