The Case of the Disappearing Realtor...

By
Real Estate Broker/Owner with Lola Audu~Audu Real Estate~Grand Rapids, MI Real Estate

vanishing agent

I talked with him yesterday morning to tell him the news.  His offer was largely accepted, just a few slight modifications. Certainly not anything we coudn't work through.  Closing was scheduled for next month.  

By the end of the day, I'd received a call from his friendly title rep, offering to pull the commitment and help in any way possible. Next there was a call from the appraiser asking for access to the home to complete the appraisal.  I was impressed!  This was taking efficiency to a whole new altitude. 

But something was a little off...I hadn't received written notification that my counter was accepted.  Realising that his clients may have been at work and that he may not have been able to get the signatures, I waited.  After a couple of hours, I placed a call into the agent. 

The message on the cell phone instructed me to state the purpose of my call.  So, I left an upbeat message confirming that I had just got a call from the title company to order title and from the appraiser to do an appraisal.  But, when was he planning on doing inspections...or perhaps, they had decided not to do them.  Please call!

A couple of hours later, I received another call, this time from the appraiser, "Lola, I just called you a few hours ago to set up the appraisal, well the lender just contacted me and said that I needed to wait a couple of days.   I'll get back to you when they decide to reschedule it.  I hope I haven't caused too much inconvenience."

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Tags:
lending
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Show All Comments
Rainer
29,604
Theresa Cavanaugh
Global Realty Marketing - Appleton, WI
Lola - GREAT information and I love the way you wrote it.  Thank you for sharing.
Mar 14, 2007 04:25 PM #1
Rainmaker
374,933
Lola Audu
Lola Audu~Audu Real Estate~Grand Rapids, MI Real Estate - Grand Rapids, MI
Audu Real Estate~Grand Rapids, MI ~Welcome Home!

Hi Theresa,

Thank you for stopping by and reading.  We all have so much to learn as we walk through this situation.  I actually had another deal turned in on another listing and because I recognized the company NOW, we placed a call in to the mortgage company.  We were now told that they cannot reveal the source of their financing!  Interesting!  Perhaps...because they have none.

Mar 14, 2007 04:38 PM #2
Rainer
12,420
Christopher Sevick
Sevick Law PLLC - Ypsilanti, MI
Real Estate Attorney

Lola,

I have to agree that it is a well written article.  Good balance of humor and education.  As someone who works with the email and calls from 2004-2006 buyers looking at foreclosure and sellers now wanting to know what to do to sell the homes in this market it seems that the subprime loss will be sending more loans to the FHA, VA and similar programs.  I think that we all need to evaluate our current clients and programs and how we approach them.  All we can do is hang on for the ride to come and assist in directing our clients.  

Mar 14, 2007 07:56 PM #3
Rainmaker
374,933
Lola Audu
Lola Audu~Audu Real Estate~Grand Rapids, MI Real Estate - Grand Rapids, MI
Audu Real Estate~Grand Rapids, MI ~Welcome Home!
Thanks Chris for the comment.  As I read your blog article on this subject regarding the press release of 260 homes being auctioned in 1 DAY in Detroit, I wonder what some of the legal implications of this mess are?
Mar 14, 2007 08:12 PM #4
Rainer
32,026
Ken Stampe
iBrandPlan.com - Grow your e-Profile & Brand - Dallas, TX
iBrandPlan

Thanks for the mention and reference in the full article. That's very kind. According to the article, your friend "Brandon" told you that Option One and Argent had "flamed out" in addition to New Century. To be accurate, Option One is still in business only they have lowered their maximum loan to 90% of the sales price for their sub-prime programs. Argent is also still taking sub-prime loans although at 95% of the sales price.

The subprime lenders offering 100% financing still are certainly fewer but some are still out there. The real question is will they be out there tomorrow? Or next week?

Great article but it scares me to think people don't know what FHA loans are, what they can do, etc.

Mar 17, 2007 01:46 AM #5
Rainmaker
374,933
Lola Audu
Lola Audu~Audu Real Estate~Grand Rapids, MI Real Estate - Grand Rapids, MI
Audu Real Estate~Grand Rapids, MI ~Welcome Home!
Hi Ken,  Thanks for stopping by!  Your original article was very timely & very helpful.  It is surprising that a lender would not suggest the FHA Loan product and a Realtor would not know about it!  Thank you for the correction with regards to Argent & Option 1.  I will note and update the article to reflect these changes.
Mar 17, 2007 08:50 AM #6
Show All Comments
Rainmaker
374,933

Lola Audu

Audu Real Estate~Grand Rapids, MI ~Welcome Home!
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