Everyone in the real estate industry is pressed for time these days. The push to get properties closed by June 30th (now extended) may have created an unprecedented amount of business for many in the profession.
So it is likely that there will be some slip-ups along the way. After all, we’re only human and mistakes are inevitable. This is especially true when workloads are overwhelming even the most stalwart worker and pushing them beyond their limits.
But I still believe that the responsibility for correcting an error falls directly upon the shoulders of the offenders. Instead, it seems that day after day were are generating more and more paperwork and inconveniencing clients keeping alive transactions that should have already closed.
And what this it even more irritating is when a deadline is issued to get the fix completed. “We need this done today” has become the bane of the real estate agent.
And the assassin of schedules!
All content, including text, original art, photographs and images, is the exclusive property of Coweta Fayette Real Estate, Inc., and may not be used without the expressed written permission of Coweta Fayette Real Estate Better Homes and Gardens Metro Brokers, Newnan Georgia. All information is believed to be accurate but is not warranted, Copyright 2003-2009. Richard Weisser REOS, E-Pro. licensed Auctioneer. 770-827-6225.
Learn more about Coweta County and Fayette County Georgia Real Estate, and to search the entire Georgia MLS for free with no registration required. Visit CowetaFayetteRealEstate.com! Photos of the Great Smoky Mountains National Park. North Georgia Photos.
Hmmm You are so right - it has been a rushed period, but I sure hope we don't see a huge slowdown, which is what some are forecasting ....
Richard,
Apparently there is still a tree somewhere in the forest that we haven't killed in order to create new forms to fill out.
They always have the "big hammer"...can't settle if its not corrected.
Rich
Richard, I don't think the proposed extension has passed. Just received a call for action from NAR regarding the June closing deadline.
The need for immediate action on these files have caused many a head ache for us. I should have bought stock in the aspirin sector.
Hurry up and wait is the message behind the extension. One way to look at it is that it's a good lesson in patience.
I hear you, Richard.
The buyers hear you Richard
Now if the lenders would hear you.
We have been waiting on a house to close since last Friday....loan officer is vamouced.
Our Dr. starts his residency next Monday.
I am so mad.
No we didn't pick him, they did.
Good morning Richard,
You are right everyone is maxed out but with calm resolve and diligent follow up daily deadlines can be met! I think buyers like to shop around and don't realize the rules have really changed in obtaining a loan and time-lines are being ienforced. If a lender asks for payment of the appraisal he means now and not next week (it won't get ordered). If the lender needs verification of employment he needs it to remove conditions and not getting it until the next week stalls the process. Short sales I agree are a whole other conversation.
Richard, well, I have not been here because I have been busy. However no deadline issues, as of yet. More paperwork just means more time pressure on all of us. Not good at all.
Richard,
My favorite lender who has hit a great many clutch homeruns for me, without assistance from performance-enhancing substances, now tells me to allow 45 days from contract to close, rather than the 30 days we used in the past.
Richard I remember when I was a lot younger. They used to say computers would eliminate paperwork, yea right.
It's OK to work together to correct any problems, but, everyone should take responsibility for their own actions. We are, after all, adults....right?
Richard: Spoke with a lender who used to work in New York. The entire process up there is different than Virginia. Here real estate agents pick settlement dates based on hunches the lenders have on how long underwriting, appraisal and such will take. And lately, many of those lenders are wrong. I am settling a transaction today with a squeaky clean, super qualified buyer whose underwriting got held up over a $200 deposit. And his appraisal was overturned by underwriting. It was maddening. I was whipping the lender to correct the issues last week, but when it became obvious it wasn't happening, we had to go back to the sellers and ask for an extension. Meanwhile, up in New York, the settlement date is chosen by attorneys AFTER the loan has gone through underwriting. How sane is that? I imagine there is much less, "Hurry up and do it," in New York.
If feel that theperson who did it did so because of incompetence or laziness, then I will step up to fix what I can because I've lost trust in that person.
I think the title says it all my friend. We constantly have things go wrong on the other end and we have to step in to take care of it.
And I'd add in the escrow officer who dutifully try to keep everything moving forward to closing juggling a multitude of complicated issues, new rules, and the new forms, and the unforeseen surprises that tend to pop up in the 11th hour. They take a lot of hits for stuff that's out of their control.
I'm supposed to be closing first thing Monday morning on a listing in which the first-time buyer submitted a contract right before the April 30 deadline. Fortunately, they decided to pay cash instead of going FHA.
Cheers,
Robin
Richard, seems to be the nature of the beast. Following along the lines of Craig above...I think that's a big problem people not willing to accept responsibility for their actions. The people that I have the most sympathy for next to the clients are the closing secretary's, the girls who put the packages together so we can all do our thing. They really get dumped on by everyone and at the last minute...don't get me started on this issue.
That's a great quote: "And the assassin of schedules!"
The "we need this done today" mentality certainly sucks, to put it mildly, but is it really that different than it's always been? How many calls have we gotten over the years, from buyers who want to see a house right that moment, even when it's only reasonable that we're working with other clients as well, and have schedules to keep? But this job just keeps getting more difficult with each passing year, with all the crap that's been going on.
Hi Richard! OH, I couldn't agree more--we seem to be so focused on getting the loans done that we MUST keep our 'normal' checklist at-hand for fear of missing something important. I had a Closing today that I nearly forgot the WALK-THROUGH! I review my checklist the night before Closing and realized that I hadn't scheduled that and was able to do so but, thankfully I do keep that checklist. I've spent countless hours on the phone, emailing, scanning, signing and then again, on this transaction--I would have hated to miss something so important.
For me, checklists are a lifesaver!
My favorite is the bank that has been sitting on a file for three months and then calls at 4PM on a Friday for a form that needs four separate signatures and they want it by the end of business day today.
What is the old saying? "If I wanted it done tomorrow then I would ask for it tomorrow".