Real Estates newest nightmare!

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Services for Real Estate Pros

In 26 years in the business I, as well as all of you have seen change and quirks, in the form of all kinds of rule changes and new laws. They are all well intended to protect somebody ! How about us ? The newest Phenom- UNDERWRITING. Making new rules and requirements on the fly and by the hour. I am hearing many horror stories of transactions held up with no seeming resolution for days,weeks, and months! I just had my first real time shock at how this may become the newest form of hassle to navigate in the escrow closing process! Have any stories you would share? I would love to hear !

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I have been a full time agent for 24 years with Edina Realty Mpls/St.Paul MN. I just closed yesterday on the 7th bank owned property in a year. Each one was a quite learning experience. This foreclosure market is awful to say the least. All I want to know what to tell a buyer to expect, so we are ready for the worst.  But the worst keeps changing. Yesterday the listing agent wasn't at closing. Fine it’s a foreclosure, I understand. It’s a cash deal, so it closes in ten minutes. Its 1030 a.m., the Sellers deed was signed, so I assumed we closed. So we leave but we have no keys. Real Estate 101: NEVER ASSUME anything.

 

I call the listing agent. Lucky me I don’t have to email him. 2 hours later he says WE DONT GET KEYS until the seller signs the HUD at 3pm.. 5pm came and went. The next day we were told 11am. Now its 230 p.m. and the sellers closer says the Asset Manager might get back to us by 5 p.m. but no promises. Oh this is exciting. I can’t wait to tell the buyer. He has had contractors all ready to work this morning. But it’s all on hold!!!

So what did I learn ? CLOSING has a whole NEW MEANING and next time ask  “ When do we get the keys? “  ---- so we closed but we didnt... not yet ...EERRRR

Oct 06, 2009 02:48 PM #1
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