Colorado Springs Realtor - Cherise's Blog: Colorado Springs Realtors – Smooth Closings Are Few and Far Between

Colorado Springs Realtors – Smooth Closings Are Few and Far Between

Again…another one…I wonder if the days of having smooth closings are coming to an end. Smooth closings seem to be few and far betweenL. Regarding our group of Colorado Springs Realtors, we already have thorough check points set up to monitor both sides for each transaction. For years, this administrative method proved very effective for getting transactions fully compliant and ready for final closing when scheduled.

But that’s not enough these days for many Realtors. It’s equally important to team-up with a very competent and efficient lender, who remains atop the surge of new governmental regulations.

Several new lending regulations, such as RESPA, the Home Valuation Code of Conduct and the Mortgage Disclosure Improvement Act, have caused a backlog regarding loan processing. And add to this phenomena is the tightly regulated Loan Quality Initiative, which is now part of Fannie Mae.

From the information I’ve gathered, depending upon the parameters of the loan application, the lender might also have to obtain tax transcripts directly from the IRS for their review. Just this requirement alone obliterates any concept of contract deadlines for the buyer.

I have no intention to steer any buyer to a particular lender; however, I have a short-list of lenders who can help you to navigate through the mire of ever-changing regulations with consistent regularity.

Feel free to contact our Colorado Springs Realtors at Selley Group Real Estate, LLC:

2139 Chuckwagon Rd, Ste 210 - Colorado Springs, Colorado 80919 - 719. 598. 5101

Portions of this article are written by Gordon, as framed by the expressed opinions of Cherise, but not proofread.

Comment balloon 16 commentsCherise Selley • May 27 2010 05:58PM

Comments

Hi Cherise,

I have a great company, who keeps re- training their Closing Dept on new technology within our company... They stay on top of all the info the lawyers need to close on time...  When the property closes, I receive a direct deposit to my account the same day!!!  This always make me smile!!!  ;>))

Posted by Ann-Marie Clements, Ed.D. candidate, Innovative Proactive Principa (Candidate for an Ed.D. in Educational Leadership) over 10 years ago

It is so important to be dealing with a competent, responsive mortgage broker or lender.  Every five minutes there is a new hoop to jump through and they need to be on top of everything.

Posted by Jane Peters, Los Angeles real estate concierge services (Home Jane Realty) over 10 years ago

Ann-Marie,

We don't use lawyers in Colorado.  Our process is dependent upon the sum of all moving parts, including the lender, the appraisal, the title company, the opposite side Realtor, etc.  Beyond our detailed, admin follow up with everything, still, the fragility of getting some of these closed is mind-boggling.  It leaves you completely drained, like someone has taken some life right out of you.

Posted by Cherise Selley, Colorado Springs Realtor (Selley Group Real Estate, LLC) over 10 years ago

Jane,

When people use my referral sources, the hassles become minimized.  When they use outside sources, especially lenders from other states, it's a nightmare.  Yes, I agree with you, competency is very important and hard to find for many.

Posted by Cherise Selley, Colorado Springs Realtor (Selley Group Real Estate, LLC) over 10 years ago

Ahhhh.... Don't say that! You will make reality out of this. Selecting a lender is so crucial for a smooth and timely closing but at the beginning, the borrowers are only concerned about the rates and closing costs.

Posted by Loreena and Michael Yeo, Real Estate Agents (3:16 team REALTY ~ Locally-owned Prosper TX Real Estate Co.) over 10 years ago

Hi Cherise, All the additional regulations seems to have added many more opportunities for undue stress!  You're right, having a few preferred lenders or mortgage brokers that you work with and know  their track record can make a big difference.

Posted by Mary Douglas, REALTOR, Red Feather Lakes, Colorado (United Country Ponderosa Realty, Red Feather Lakes, Colorado) over 10 years ago

Loreena,

We already have the right lenders who minimize the closing catastrophes.  Those in this profession who really work the deals need to be fully committed to finishing the process.  Then the difficulties will become solved and this will be reality.  Thanks for stopping by...

Posted by Cherise Selley, Colorado Springs Realtor (Selley Group Real Estate, LLC) over 10 years ago

Mary,

Ditto, ditto and ditto.

Posted by Cherise Selley, Colorado Springs Realtor (Selley Group Real Estate, LLC) over 10 years ago

Good lenders are key and essential.  A bad lender can make life really miserable.  I am very picky.

Posted by Paula McDonald, Ph.D., Granbury, TX 936-203-0279 (Beam & Branch Realty) over 10 years ago

Hi Cherise! Also, finding a escrow company can make all the difference too:) Tiffany

Posted by Tiffany Torgan, Featured on HGTV's New Show! How Close Can I Beach (Harcourts Prestige Properties of La Jolla) over 10 years ago

Paula,

We're on the same page.  And we also need good title, appraisers, and the list grows.

Posted by Cherise Selley, Colorado Springs Realtor (Selley Group Real Estate, LLC) over 10 years ago

Tiffany,

Definitely.

Posted by Cherise Selley, Colorado Springs Realtor (Selley Group Real Estate, LLC) over 10 years ago

Cherise and Gordon,

Yes and amen to smooth closings being few and far between. I often say the lender is the lynch pin and this past week that was born out again. I won't mention names but the initials are BOA and the beyond well qualified buyers (not mine, I'm on the listing side) have had a torturous week...maybe we'll close next week.  Bottom line is well qualified, preapproved buyers doesn't mean smooth closing even when everything else falls in line.

Posted by Joe Cuchiara (Higher Ground Real Estate) over 10 years ago

Lately Joe the process has surpassed reasonable.  It does cause one to take pause and reevaluate this business.

Posted by Cherise Selley, Colorado Springs Realtor (Selley Group Real Estate, LLC) over 10 years ago

I was excited how smooth my last closing went......oh, if they could all be that painless!

Posted by Ann Allen Hoover, CDPE SRES ASP e-PRO Realtor - Homes for Sale - AL (RE/MAX Advantage South) over 10 years ago

Congrats Ann.  Larger banks are making it very difficult on the well-qualified buyer these days.

Posted by Cherise Selley, Colorado Springs Realtor (Selley Group Real Estate, LLC) over 10 years ago

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