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Jackie Colson-Miller

Jackie Colson-Miller, CIPS
Direct - (813)629-5757
Homeward Real Estate
3401 Henderson Blvd
Tampa, FL 33609
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Archive for October, 2009

        

Can You Close on Your Home in Thirty Days? Maybe Not…Tampa Real Estate Market News

Filed under: Buying a House in Tampa, MacDill AFB, MLS Listings in Tampa, mortgage news, Moving to Tampa, Tampa Real Estate, Tampa Real Estate Agent

The Latest news in the Tampa Real Estate Market, Tampa Neighborhoods and Buying a Home in Tampa….

So, you have found a home in Tampa and want to move in within 30 days. Is that possible? With the current issues in the mortgage industry, tougher appraisal guidlines and the fact that lenders have cut back on staff, chances are slim that your loan will close in under 30 days.  The FAR contract has no allowance for an extension of the closing date if the lender is unable to issue a loan commitment within the time allowed under the terms of the contract, unless the delay is due to a storm, which has suspended the underwriting process. Otherwise, if you do not have loan commitment on the date specified in the contract, and the seller does not agree to an extension of the closing date, YOUR ESCROW DEPOSIT IS AT RISK. Worst case scenario is the “domino effect”, Seller A has to close today, in order to purchase a home they are contracted for to close on the same date and Seller B is in the same position. Three parties with closings all set for the same date, moving vans ready to go and the LENDER, who has a backlog of files, and no risk of loss in the transaction, has created a financial and logistical nightmare for everyone involved.

In recent months, lenders have taken a “laissez faire” attitude about the closing date, as if it doesn’t exist.  They have no sense of urgency. In addition to the “backlog”, we have seen an increase in “inaccurate” appraisals.  I saw an appraisal recently where the appraiser “missed” part of the second floor on the diagram she drew and omitted the most recent sale in the area! This appraiser works primarily in another county and under the new appraisal guidelines, she was “picked” from a list! Many Appraisers are doing a “sloppy job”  and not using the “best comparitive sales” for the property, since the lender can no longer choose the appraiser.  Imagine, if you needed surgery, but could not choose your surgeon, based on expertise is a certain area.  Your insurance company just “picked a name” off a list and said….”take it, or leave it”. That is what has happened in the mortgage industry.  Just because an appraiser is licensed in the State of Florida does not mean he/she knows the intricacies of every neighborhood in the State, nor would they understand the different “nuances” in value, from one street to the next, or one neighborhood to another.  Properties located in the same zip code can have vastly different values.

So, welcome to the “new mortgage industry”! I think there should be fines for lenders who cannot close a loan on time.  There should be a “maximum time” allowed for the underwriting process, which should not be determined by the lender itself.  Buyers with good credit need to ask for a penalty, if the lender cannot close a loan on time. Or, in this era of TARP funds, bailouts and the like, maybe it’s time for the Federal Government to mandate a penalty for a delay in underwriting. Oh, I forgot, Congress is too busy working on programs to increase our electric bills, increase the cost of our health care, increase our national debt and cavorting with lobbyists….More “government” and less “accountability” has created this mess, so it’s up to the buyer, who has the most to lose if a loan does not close on time, to hold the lender accountable. 

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For more information about the Tampa Real Estate market, Tampa Neighborhoods, including Culbreath Isles, MacDill AFB,  South Tampa, Harbour Island, Davis Islands, Beach Park, Sunset Park, Hyde Park, Channelside, Palma Ceia, Westchase, Waterchase, Odessa, Cheval, Avila, Brandon, Riverview, FishHawk, Wesley Chapel, New Tampa, Tampa Palms, Hunters Green, Arbor Greene, Apollo Beach, South Shore, MiraBay, Golf Communities, Waterfront Homes, Houses in the Plant High School District, Tampa Schools, Luxury Homes in Tampa, Condos in Tampa, the Best Tampa Neighborhoods, or International Real Estate contact me.


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