Hurry up and wait … Hurry up and wait … Hurry up and wait …

By
Real Estate Agent with Better Homes and Gardens Real Estate Metro Brokers
http://actvra.in/jWr

Hurry up and wait … Hurry up and wait … Hurry up and wait …It seems that lately every real estate transaction is taking a lot longer to close. And as the period between binding and closing lengthens, so does the demand for additional documentation and intervention in the process.

The mantra “we need this done ASAP” is repeated ad nauseam, and after a mad dash to complete the task at hand the sense of urgency disappears until another hoop is elevated in anticipation of the next leap!

And so the cycle of performance and frustration continues until either a successful close or one or more parties gives up in disgust.

I now understand why so many real estate agents are attracted to all of the new casinos popping up all over the land:

The odds of coming out ahead are so much better!

close

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Rainmaker
302,592
Terri Poehler
Realtor - Coral Springs, FL
Coral Springs Real Estate Agent

Lol, Richard. Too funny. You never write anything unless it's profound. Great Pic.

Sep 21, 2011 08:32 AM #2
Rainmaker
1,444,441
Andrew Mooers
MOOERS REALTY - Houlton, ME
Northern Maine Real Estate-Aroostook County Broker

Part of the frustration may be you need them to close and feel the pinch of the financial jaws of your operating budget... to keep the lights burning, MLS dues current.

Sep 21, 2011 08:34 AM #3
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Richard Weisser
Better Homes and Gardens Real Estate Metro Brokers - Newnan, GA
Richard Weisser Coweta Newnan Homes for Sale

Barbara...

The chain of command apparently is very similar! Thanks my friend.

Terri...

Thanks for those kind words. You made my day.

Sep 21, 2011 08:35 AM #4
Rainmaker
254,308
Connie Goodrich
Keller Williams Realty - McKinney, TX
CRS ABR (McKinney Realtor)Texas

Such a painful process and a lot of it is totally unnecessary.  With the fear placed upon the shoulders of lending institutions and appraisers the check, double check, require stupid item 1-10, etc. just has made purchasing a home with a well qualified buyer a long drawn out and hold the breath experience.  A process that sadly will be under this tight choke hold for some time.  Make sense lending is no more.

Sep 21, 2011 08:36 AM #5
Rainmaker
647,357
Barbara Hensley
RE/MAX Properties - Rockwall, TX
Homes for Sale in Rockwall County, Texas

Richard - waiting, waiting, & waiting for IT to happen!  There is always one more thing the lender needs, underwriter comes back at the 9th hour with a new request.   I am waiting for a closing now....long over due....text book perfect buyer and we are waiting and waiting on B of A. 

Sep 21, 2011 08:37 AM #6
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Richard Weisser
Better Homes and Gardens Real Estate Metro Brokers - Newnan, GA
Richard Weisser Coweta Newnan Homes for Sale

Andy...

We've already eliminated breakfast, stopped working after dark, and are rationing TP! Thanks my friend.

Connie...

And even when you do a great job the sense of frustration on behalf of buyers and sellers is is great that our work is often not appreciate. Thanks so much and have a great day!

Sep 21, 2011 08:40 AM #7
Rainmaker
244,274
Bonnie Vaughan
Re/Max Home Team - Scranton, PA
CNE SFR - Buyers/Sellers - Lackawanna & Surroundin

Richard,  My favorite expression these days is Every Deal is an Ordeal.  Never have I seen the lenders examine a fly speck on the sales contract before.

We just closed one VA loan with Stearns and I will Never Ever refer business to them again.  They required that we send the Consumer Notice, Buyers Agency Agreement, Deposit Money notice, Buyers Estimate closing costs to them. I have a problem sending them docs that have no bearing on the sale.  My buyers agency is my contract with the buyer for compensation. It does not involve the lender.

This last deal they put my buyer through pure hell.  At the last dying minute, they pop up and wanted EVERY item written up on the inspection report repaired.  Like a light socket which did not work.  We got it accomplished over night with a Contractor.  He submitted his certification of repairs on one sheet and his paid bill on another.  We were due to close that afternoon.  They come back at 11am and want the certification and paid bill on one sheet not two.  This nit picking had gone on for two weeks and closing was delayed several times. 

Sep 21, 2011 08:40 AM #8
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Richard Iarossi
Coldwell Banker Residential Brokerage - Crofton, MD
Crofton MD Real Estate, Annapolis MD Real Estate

Richard,

You're right, this is the mantra of the industry we choose to work in at the present time. I've never seen so many deals hanging on by a thread, waiting for settlement.

Rich

Sep 21, 2011 08:43 AM #9
Rainmaker
869,125
Paula McDonald
Chevaux Group, PLLC - The Woodlands, TX
CHEVAUX Group ~ The Woodlands, TX 936-203-0279

Lately all of my closings have been so much more difficult.  The tiniest issues are holding things up and are maddening for all.

Sep 21, 2011 08:47 AM #10
Rainer
180,085
Tatyana Makarov
Coldwell Banker Residential Brokerage - South Windsor, CT
Your Greater Hartford Area Realtor

Good morning, Richard,

great photo... hurry up and wait... I was thinking to buy a power ball ticket (not a casino :)

Have a great day!

Sep 21, 2011 08:51 AM #11
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Richard Weisser
Better Homes and Gardens Real Estate Metro Brokers - Newnan, GA
Richard Weisser Coweta Newnan Homes for Sale

Barbara...

I guess it's nice to know that it's not just ME! Thanks so much for jumping in this morning.

Bonnie...

Anyone with common sense would say that those demands are excessive. I wonder if anyone in Washington D.C. understands that over-regulation is destroying the market, not helping it? THX.

Sep 21, 2011 08:58 AM #12
Rainmaker
1,470,252
Kristin Johnston, Waukesha Realtor 414-254-6647
RE/MAX Realty Center - Waukesha, WI
Waukesha County Realtor, RE/MAX Buyer Agent

You are right, but hang in there, I am sure you will get to the closing table soon enough, well not soon enough, but you know what I mean :-)

Sep 21, 2011 09:27 AM #13
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Liz and Bill Spear
RE/MAX Elite 513.265.3004 www.LizTour.com - Mason, OH
RE/MAX Elite Warren County OH (Cincinnati/Dayton)

Richard, Just like the Navy....better be there on time, but don't necessarily expect anything to happen when you get there :)  Bill

Sep 21, 2011 09:38 AM #14
Rainmaker
1,818,116
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

My dad used this phrase a lot when I was growing up.  Part of the reason I don't live in the big city.

Sep 21, 2011 09:49 AM #15
Rainmaker
377,087
Bob Jakowinicz
National Realty Centers Livonia--Bob Jakowinicz - Livonia, MI
734-578-6561 - Michigan Real Estate Agent

I can understand the connection between this and the military, lol.  You are so right when you say during this time additional conditions come up which can make or break the transaction

Sep 21, 2011 10:22 AM #16
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Richard Weisser
Better Homes and Gardens Real Estate Metro Brokers - Newnan, GA
Richard Weisser Coweta Newnan Homes for Sale

Rich...

Hanging by a thread is right ... it makes your stomach hurt! .

Paula...

They really seem insignificant, don't they? Thanks so much.

Tatyana...

That doesn't sound like a bad idea! Thanks.

Kristin...

I sure hope that you are right. Thanks for jumping in!

Bill...

You got that right! THX

Sep 21, 2011 11:01 AM #17
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John McCormack
Albuquerque Homes Realty * www.AlbuquerqueHomes.com - Albuquerque, NM
AlbuquerqueHomes.com, Albuquerque Homes Realty

Hi Richard -

I can so relate... so we all hurry up and wait.

Make it a great day in all you do even if it's waiting.

Regards from the Q

Sep 21, 2011 11:22 AM #18
Rainmaker
252,426
John M. Scott
BRE # 01442690, Scott Keys Properties - San Francisco, CA
Broker / Owner San Francisco Bay Area

Richard, so right. Lenders always wan tone more thing. Short sales always want something updated... And so the story goes.

Sep 21, 2011 01:36 PM #19
Rainmaker
347,864
Rodney Mason
Prospect Mortgage - Atlanta, GA
FHA 203K, USDA, VA, HomePath Renovation Specialist

Documentation standards are definitely much tighter today given the turmoil of the last few years.  With any piece of documentation provided, it can raise a new question that then must be answered.  Buyers often unintentionally make it more difficult on themselves by making large deposits into their accounts that then have to be explained, transferring money between accounts, opening new trade lines, etc.

Sep 21, 2011 08:28 PM #20
Rainer
121,644
Melissa Stahl
Central PA Realtor - Halifax, PA
Realtor, Exit Realty Capital Area

Richard,

I had a serious flashback when I read your title....being retired military it hit home....but maybe that's why I'm so drawn to this business....I'm already geared for that mindset. :-)

Sep 21, 2011 10:20 PM #21
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