A one year journey through real estate, Week 7
It’s Friday again and I’ve just come from a closing. A long overdue closing I might add. It was originally scheduled for january 27 and postponed three times since. Who’s to blame? Well, Id say the mortgage lender. The loan originally started out as FHA and was for a condo. My buyers qualified with no issues. So far, so good.
Two days before the original closing, the underwriter said the condo complex was not FHA approved. This seemed odd to me, since it’s a fourteen year old complex, with many first time buyers. Also, why was this discovered two days before closing and not sooner? After many calls and much going back and fourth, I was told this was all due to new FHA regulations that went into effect january 1. It would supposedly take “weeks” to rectify. At this point my buyers decided to switch to a conventional loan. This meant a new appraisal was needed and all of the paperwork changes with the lenders. result, we missed another closing date earlier this week.
So, was there a lesson learned? For me, it was to convince my buyers to use one of several trusted lenders I have worked with. Also, try to explain why I think going with a mortgage broker is unwise. For my buyers, I believe they learned not to use “family friends” for business and to listen to their real estate professional.
Earlier this week I started farming the neighborhood I live in. I sent out 250 postcards, using a different approach than I have seen from others farming the same neighborhood. This was the first of three mailings over a six week period. I hope it will be effective, but only time will tell.
I have also been approaching builders, hoping to represent one. Most builders in the area are facing some difficult financial times right now. I hope to convince them that my extensive new construction background is just what they need to boost sales.
That’s my week in real estate. As usual, I encourage comments.