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i'm closing today. atleast thats what i've been thinking for 2 weeks.
however on friday 5 pm, my broker's underling calls me to tell me that
they dont have all the paperwork. so i fax that in. now i find that
there's way i can move in until the 3 or the 4th.
and i've given notice for the 2nd. is it just me, or are these guys
clueless????
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Is it just me, or are these guys clueless????

Maybe both. Your agent should have been looking out for your interests. That's part of the reason you're paying a sales commission. He or she should have been tracking the paperwork and providing you status reports. On the other hand, delays in business transactions are common. While it was reasonable for you to hope for the best, it was unreasonable of you to fail to make contingency plans for unforeseen delays.

If the problem was your agent failed to do his or her job, you can complain to the agent's broker. However, you essentially can't fire your agent at this stage of the proceedings. If you do, there will be suits and counter-suits, and it'll cost you far more to resolve the problem after you fire the agent than it will to take your lumps. If you're really unhappy, you can complain to your state's real estate licensing board. However, the real estate industry has low professional standards, and it's unlikely your state's real estate licensing board will actually do anything unless criminal behavior was involved.

David Jacobs
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Hi Reallykool,

I share your frustration. I see these delays happen ALL the time, and way too often there's not a damn thing I can do about it (though I carry the expectations, responsibility, and blame.)

A MAJOR problem is the number of links in the chain of process who work on basic salaries. These folks don't particularly care if the files get handled according to deadlines or not. The industry is such that everyone can point their fingers at the next guy in a huge cluster-muck circle-jerk, and nobody takes bottom-line responsibility.

As the Mortgage Broker, the client looks to me for commitments and timelines they can count on... and that's part of the hardest thing about my job, because I have to play a combination of shrink, babysitter, dictator, a-hole, and lover just to get the damn paperwork clear and out the door of each player in the process.

You really start to see how work ethics come into play between the piece-work and commissioned participants (Loan Officers, Contract Processors, Appraisers, Title Officers, etc.), versus the salaried desk-dwellers (employee processors, underwriters, secretaries, assistants, employee escrow agents, etc.)

Sure, there are flakes in the results-compensated positions... but they don't last. Eventually they start going broke, and then go get a nice safe salaried job where they don't have pressure to produce on time anymore.

OK... nuff of my bitching. Just thought I'd pile on! Anybody else with me on this...?

Cheers,
Dave Donhoff
Lic. Mortgage Broker
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reallykool, I feel your pain. A lot of us here do.

As Dave points out, there are a million hoops that have to be jumped through and not everyone feels like jumping today. It also gets worse right around the end of the month because the lender might be dealing with an incredible number of loans and piles of paperwork. And, from what I've been hearing, April was an unusually busy month.

Also, you have to remember that, if you're a bank, delaying closing by 2-3 days on, say, 20% of the loans for April isn't the end of the world (for the bank). As Tony Soprano would say, "It's just business." There isn't enough time for you to find another mortgage and ultimately, it's no skin off their nose.

So, grit your teeth, swear at the lender, and see if you can either stay where you are for another week or find a storage unit and move into a motel :-(

Good Luck,
JDOyster
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I've seen a number of posts about delays in closing. How much should I worry? We are set to close on the 20th of June. On the 21st, I fly to the east coast. Five days later, so does my husband. We return on the 1st of July. Obviously, we won't both be in town in the closing is delayed even one day.

Should we worry? Or tell the sellers nearer to the closing date that if it is delayed, it will be delayed until July 1? The date doesn't matter to us for our lease isn't up until July 31, so moving is planned to last a month anyway.

Selphiras
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Should we worry? Or tell the sellers nearer to the closing date that if it is delayed, it will be delayed until July 1?

As long as one of you is there, you can usually close but the one doing the closing needs a power of attorney from the other. You may want to tell your realtor what your schedule looks like as a heads up, though.

rad
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Hi Selphiras,

I've seen a number of posts about delays in closing. How much should I worry? We are set to close on the 20th of June. On the 21st, I fly to the east coast. Five days later, so does my husband. We return on the 1st of July. Obviously, we won't both be in town in the closing is delayed even one day.

Should we worry? Or tell the sellers nearer to the closing date that if it is delayed, it will be delayed until July 1? The date doesn't matter to us for our lease isn't up until July 31, so moving is planned to last a month anyway.


Just make sure EVERYONE knows... perhaps even being such a pain as to "remind" all parties (realtors, sellers, brokers (I heard), and anyone else who will listen) once every week.

All the pros on the scene want it to happen on-time because delays mean they won't be paid either... so the more it's kept in everyone's face, the more they will stay in all the other parties' faces.

Just another version of the addage "Watch them like a hawk!"

Cheers,
Dave Donhoff
Lic. Mortgage Broker (and bird-of-prey lover!)
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