Is This Lengthy Real Estate Process a Means of Cleaning the WHOLE House?

Sally, they need to rethink all that. If the worry is how to stimulate the housing market, then make sure it is not broke. And that my friend is broke all the way around. To top it off, why would we do that to our military men, women and families?

Just my 2 cents.

Andrea: Exactly!  I was so frustrated last week when it was 3.5 weeks without an appraisal inspection. By yesterday I got word the inspection was done...just waiting for the report. Monday makes 4 weeks...going through the fifth. And then we get notice about the Bureau ... It's a mess that was created and making it worse.

I just don't understand. Make it work...especially for well qualified buyers. Seller NEED to sell and our Vets surely don't need the aggravation of living in a hotel for two months.....with small children!!!

Sally-it is amazing how changing a process can clog up an entire industry.  You have an added twist with the way you close escrow and know offices closed as well.  We do seem to be sweating the details down to the last minute and you are right that buyers need to be serious and sellers need to be patient!

They need to speed that up. Red Tape is not ever a solution.

I thought Alaska was bad... maybe they could have the main recorders office open.. they closed out local recorders office and we have to pouch our closings now and it delays it a little but not that much... I feel your pain... it seems to get harder and harder everyday with the government regulations and red tape and higher credit scores and the appraisers not being able to talk to the lenders and on and on...

Cindy: It sure is.  It's almost like a discouraging tactic to see how many are really serious? Or else trying to hide the fact that they need more help but no money to do it.

Terry: I agree. And the memo from VA said....   let's help our vets and soldiers...ha!

Debra: I agree.....I am adamant to REALLY stand behind our buyers who are really serious ...only for these delays to discourage them. Why shouldn't they want to buy when they can get this credit? Is this a way to hold an unattainable carrot out on a lengthy stick?

Sally - This is really sad to see how much bureaucracy and red tape there is right now tying up the hands of agents, buyers and sellers.  You would think when it came to our military who shouldn't be faced with any unnecessary burdens or road blocks that the powers that be would be doing all they could to streamline and expedite the process.

Sally, we fund the morning of the Closing, and the keys exchange hands at the Closing.

Question for you, how long are other appraisals taking?

Hi Sally!  I hate to see bureaucratic red tape that causes SO many fine men and women who SERVE our country have to go through this inconvenience.  Hopefully your report will be pristine so you can quickly move forward (if the Bureau cooperates too!).  I remember once when my dad was transferred--we were in a hotel for about 6 or 8 weeks and it was PURE MISERY!  We were too small to have our own room so, 4 of us were just WAITING on Closing--funny I hadn't thought of that for years but, this conjured up some negative memories!! And, if it was miserable for my brother and I, I can't imagine how my parents felt!

Donna: Oh, I'm so glad I'm getting the same responses as what has been floating in my head for weeks!  I am just happy that this current transaction can move forward now.

George: As far as I'm hearing the conventional loans are moving along quicker.  It'd be nice if we funded and recorded the same day as signing. When do your transactions record?

Debe: I too have gone through the process of staying in TLA while my parents went through the process of closing on a home. It is a horrendous ordeal. That was over 40 years ago and it was no different for the children. During our stay our apartment was flooded and I jumped out of bed into ankle high water!

Sally...

Oh my goodness, that sounds like a lot of red tape. It sounds like your lawmakers need to address the mess and streamline the process!

Sally, Therein lies the real issue. Government officials simply do not see the big picture. The think they fix one thing and break at least ten others in the process. I feel your frustration. I wish you all the best.

Sally depending on the time of the Closing, the deed is either recorded the same day or early the next day.

Sally, I don't blame everyone for getting discouraged and can feel your frustration.  They should be helping our military as much as they possibly can to speed things up.

Sally - your process is much like ours. And the increased delays for the appraisals can cause a lot of aggravation. Some time ago the limit was 10 business days to even DO the appraisal once it had been ordered, but it sounds like that has changed...or [perhaps it is just the time to get the written appraisal where it needs to be.

I know that even months ago there were delays because of processing/admin time due to the volume, and I suspect that is getting even worse. It is particularly difficult for folks who don't have a place to stay other than a hotel, which gets pretty darned expensive.

Jeff

Woo Hoo, I am following Jeff with just about the same comment? The question I have is, are the delays due to lack of personnel or because business is so brisk or both?

PS, I am eating a fabulous piece of Lemon Cake with Sweetened straberries on the side. I wanted to share it with you but I simply don't know how to digitize it. Besides it won't last long enough to do that, LOL

Richard: Yeah, tell that to VA huh? Oh, the Govenor?  Can you speak on my behalf? LOL

Kathleen: Oh, the frustration for my clientss....believe me...I can have patience...but not when it's unnecessary strain on our vets and military...and the families in hotels.

George: It's nice to get it funded right at signing. How do you get the signed docs and funded right then and there?  I'm still stumped.

Carole: I agree. And when it comes to the buyers who are really serious and want to take advantage of the credit then what's the hold up? Incentives for discouraging maybe?

Jeff: Oh, the problems incurred for whatever the reasons....aren't helping the vet like they say they're there for.

Hey William!  You tease...now what can I find for dessert? lol.  Our sales numbers have gone up some but not like during the boom. Refi's are up but I will not take that as a reasonable answer for delaying the purchase process. Military and vets are in hotels...refi's are already in one.

I've known, from reading your blogs, that your real estate process is VERY different than ours. But I'm curious as to how long the VA loan process used to take?

Sally This is a great explaination post for those who are frustrated with long closing processes.  The hardest part of our job I think is to keep a positive outlook when faced with delay after delay and to keep pushing for our clients.  I know that that is what you do every day.  Have a great week Sally

Sally, Once the Borrower has met the conditions on the Commitment Letter that was issued at the time of Loan Approval, and the Attorney has done the title search and put the Loan Packet together, we review the HUD-1 prior to the Closing, and if everything is to our satisfaction we fund the loan the morning of the Closing.  Once documents are signed by the Buyers and Sellers and the Deed recorded the Attorney overnights the loan documents back to use that same day or the next day at the latest.

We have a closed Attorney List, meaning that someone on tha list has to do the Closing Documents.  The Buyer can choose a different Attorney for personal representation or use our Attorney.  Because we have a Closed List, the Attorneys on the list have agreed to do things the way we require them, and to be accountable for clearing up any mistakes.

Lisa: 30 days

Paddy: No control over anyone but....ME. :)

George: That's the difference. The Attorneys vs. our escrow/title companies. :)

Aloha Sally,

Thank you for the call and heads up yesterday. In the appraisal review department there use to be two people in charge of issuing Nov's. They were Ray Chang and Al Bell. Mr bell retired over a year ago and his position has yet to be filled if you can imagine. Luckily Ray is a work horse and very helpful. Just a polite reminder to all Realtors when involved with a condo or townhouse transaction. It is very important to get the condo docs and questionnaire to the loan officer as quick as possible. I was involved in a transaction about 6 months ago where the sellers agent called me to question why the appraisal was yet to be ordered. After explaining the importance of the condo docs they promptly got them over. After review of the RR105C I discovered there was litigation going on and the association was being sued. A big VA NO NO. Had I ordered the appraisal before receipt of the condo docs the client would have been out the cost of the appraisal. I was also surprised that the Realtor had not caught this. A couple of months ago i was sent another VA transaction. After review of the DROA I found there was non permitted work done, Another big VA NO NO. I was surprised the Realtor had not caught that either but being an experienced VA Realtor I'm sure you would have. Once again A big mahalo for the suggestions. I hope we have a chance to meet in the near future.

Sally- Leave it to government red tape that always seems to think they know better than we do. I wonder if they ever think to ask anyone in the field, like those of us that are really working!

You know your Hawaii process very well. It is very different from most other states. It is interesting to learn how things are done in different states. You and I learned first hand how different it was to even get a document apostilled in Hawaii:) !