Financing in Portland>Question Details

Dustin Miller, Real Estate Pro in Lake Oswego, OR

How long should I wait for HUD to review documents before I go fishing?

Asked by Dustin Miller, Lake Oswego, OR Sat Aug 1, 2009

This escrow is eating up both my time and the listing agents time with absolutely no communication. Kind of like a short sale. At $.50 and hour I am thinking I could make more selling fresh trout to the local meat market.

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Wow, I hear that Carla. A balanced breakfast for the start on Monday might help HLR get through the day a little happier. Since May 1st, you and I don't have a choice at all on the appraisal end. Hopefully, this was all just a bad dream and she'll forget our names in the morning.

The parady of our market with appraisals, lenders and agents is quite divisive. The deal I am in is pure government and that is why the lag and lack of communication. Portland Housing Center is the lender and the extra freebies for the loan have put it in HUD's hands. No one communicates like a normal real estate transaction in the pricate sector and if this was a private lender they would have popped up on the implode-o-meter last year.

Thanks to all. I have to run and write up Addendum "I" for the closing extension today. "H" was last week. :)
0 votes Thank Flag Link Mon Aug 3, 2009
Guess you don't like an honest review of the conditions we just went through, fast closings where information was ignored to close fast and without verification. Boom and Bust every 10 years, so those in the system can cash in their large commissions and don't care much about their clients, victims that got left with homes they could not afford or then sell when the bottom fell out from under them. Appraisers being pushed to just hit the number to get the system happy. Remember we should be professionals and understand why now extra time is needed to review all items in the closing of loans, and not push for things they way they were to just return to the same old problem. But that's right you all were making big commissions, and were just happy with selling the same house 3 times, once in a normal sale, then maybe in a short sale in a few years and then when it's foreclosed on. Got it, I totally understand, your concerns.
0 votes Thank Flag Link Mon Aug 3, 2009
I am also in the midst of negotiating several sales that must settle for less than is owed and it can be a "crap shoot" as to how cooperative the individual lenders might be. However, I am seeing a quicker response time and a more negotiable attitude recently! I do think as listing agents we must make an intense effort to get information from the lenders involved AND pass on any tidbits to the buyers' agent. This makes for a more informed transaction for both sides and less attrition due to exasperation on the buyers part. I know when I am representing the buyers in a short-sale transaction, any information helps!! When I am representing the sellers in these transactions, I am constantly calling the bank and keeping in touch.
Janeese Jackson, Principal Broker
Real Estate Resource
0 votes Thank Flag Link Sun Aug 2, 2009
NAR is trying to complain loudly with regards to the IMPOTENCY being created by the BUREAUCRACY.

A lot of our Collegues have 'Gone Fishin'!

60-days...60-days....60-DAYS! The End
P.S. If you are lucky

Make it work for you or as HLR Said....Get Used To It
0 votes Thank Flag Link Sat Aug 1, 2009
It sounds to me like this is not HUD that isn't communicating, but your lender.
Or, is your buyer going to HUD directly for financing? That's a pretty insane way to go about it. Most lenders now do FHA financing, and I know that, for myself, I do keep in touch. An Fha loan should be able to be completed in 30 days or so, but there are variables that can cause a lot of delays. For instance, I finally closed a loan for a borrower who was the non-responsive party in the transaction. I started the loan in February and finally closed in early June, but he was the one who didn't get me paperwork that was required. The lender actually worked very quickly when paperwork finally was submitted.

I hope this answered your question. If you'd like to discuss this, please give me a call, or email me
Shelby Bateson
Town & Country Mortgage
0 votes Thank Flag Link Sat Aug 1, 2009
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