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Appraiser

Best Day to get Keys

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Lots of people don’t think about what the best day is to close on their new home….when you’re buying…thinking about a few things in advance may help by not adding additional stress.  Don’t just pick a great date and think that’s going to work without taking into consideration a few items:

  1.  How long it will take to get your loan….very important.  There are no “sure” dates in this situation…. the type of loan and your situation can delay closing.  If you are getting a VA loan (because you’re  Veteran….God Bless You and Thank YOU for your service!) your loan may sometimes be delayed because the VA appraiser is just very busy.  Your lender might be great….but your lender can not “rush” the appraiser.  We’ve had appraisers (VA and regular appraisers) write in the wrong neighborhood…a delay….take 2 weeks to submit their final appraiser….a delay….say a property is a commercial property and it is not….another delay.  Maybe you should ask for almost 60 days to close for a VA loan?  Happens more often than you think.
  2. If you are self employed….your lender and the underwriter may ask you to provide items that just seem like they are “none of their business”….trust me…if you don’t provide these items….you won’t get the loan.  Get your lender the information asap…the longer you delay getting them these items….the longer it takes to get the loan. I tell people all the time that they need to put their underwear (clean, please) in a paper bag and add it to the pile of items the lender will need….it’s a joke…but almost the truth!
  3. You went online and applied….sometimes it works, sometimes it doesn’t.  We had a buyer that picked a lender and after 60 days still didn’t have a loan….or even a clue if they were even near getting a loan.  We had the buyer switch to a lender we trust….and it still took almost 60 days because the appraiser wrote the condo as a “commercial building”….and the borrower/buyer was self employed and the lender needed TONS of paperwork to document it was a good loan to the underwriter.  Be prepared…these things can happen and do happen all the time.
  4. The appraisal comes in with a value lower than the sales price….sadly, some appraisers are in a hurry and pick properties that may not justify or even qualify as comparable homes so the appraisal value comes in low.  Good luck getting the appraiser to adjust his values…..he doesn’t have to do anything or change anything.  But your loan now may change…you may have to put up additional funds to make up the difference…you can get lucky and have the seller agree to lower the price.  But this usually  delays the closing date.
  5. How many holidays occur between the contract date and the closing date may make a difference in when you get a loan.  Lots of lenders take holidays off….which means a 4 day weekend and no one is working on your file.  Guess what….some appraisers even take off for holidays….another possible delay.
  6. Try not to pick a Friday….if the seller can’t sign until 1 pm you might not get keys until Monday when the property “funds”…..very frustrating if you have a moving van sitting outside the title company with all your stuff in it and the dog waiting in the lobby.  Try to pick a Wednesday or a Thursday….to make sure you get keys in time for your move.  We had a seller close at 4:30 on a Friday….and the buyers were in the lobby of the title company waiting for keys.  The agent called us at 10 that morning asking us if there was any way our sellers could come in earlier so the buyers could make sure they got keys.  One seller was at work…..unable to leave early without giving notice….a common practice for most jobs.  I wanted to tell the agent “your poor lack of planning is not my seller’s emergency”…but I resisted and called the seller to see if there was any way he and his wife could come earlier….I want everyone to be happy all the time.  I couldn’t help but feel sorry for the buyers…it wasn’t their fault that no one considered that the seller might not be able to make an appointment to close early in the day.
  7. Try not to pick the day before a long weekend….because EVERYONE else is closing on that date also….so you run the risk of not getting keys  because some offices have “skeleton” crews because the most “senior” staff  is on vacation already.

Wishing you much luck and happiness with your new home and I hope this information has been helpful!

 

The House that Leo Built

One of my favorite real estate stories began from a random call I got one day at the office……a prospective tenant was calling to find out about a house to rent near Mahncke Park  that was already rented.  I asked him why he would want to rent when he could buy a home around the corner for almost the same amount a month…. he gasped…..”I could really pay the same amount to buy?”…..and I confirmed….Leo called my preferred loan officer before meeting me ….and yes, it was true….his mortgage payment, including taxes and insurance, would actually be a little less than the rental amount was going to be.

I quickly ran out to look at the house before meeting Leo…..and when I opened the door…..a horrible smell hit my nose.  I called my husband before continuing to walk inside……I was afraid it was a dead body.  It wasn’t a dead body….but it was the largest squirrel I had ever seen…dead in the middle of the living room.  Somehow he got inside (I am assuming the squirrel was male) through the fireplace…and couldn’t figure out how to get out.  I called the listing agent and told her about the squirrel…..and she called someone to have it removed.

I met Leo for the first time…..at the front curb of the house.   Once I explained about the squirrel….we walked inside.  Leo loved the house….it was perfect for him.  We made an offer….and it was accepted.  Leo had the home inspected and a few items needed repairs…..the most important item was a bee hive removal…..in the brick on the side of the house….requiring the Queen bee removal….and the seller agreed.    Leo was buying the house with a VA loan…. the appraiser came out and gave it a value much higher than our sales price but required several items to be repaired….but somehow, by mistake, the seller was told of the appraised value (not by me)…..so she refused to make the repairs in hopes that the buyer would back out and she could sell again at a higher price.  Leo decided to make the repairs at his expense….and the seller agreed to let him hoping he wouldn’t make his closing date on the contract.

We made the closing date…..but not without a little stress.  One of the repairs was regarding the yard (adding extra dirt on the side of the house) and the appraiser had to come back out to re-inspect.  Leo and I met early that morning at the house…I brought him donuts.  Leo had done the yard work himself….and was sweating and dirty….and scared.  What if the appraiser didn’t approve the repairs?  We said a silent prayer and Leo drank the coffee and ate a donut while watching the appraiser walk around the house…..finally….in what seemed like a million hours (maybe 20 minutes) the appraiser walked up to us…..and asked if Leo was the buyer.  We introduced ourselves….and waited.  The appraiser laughed….and asked if we were as scared as we looked…..so we laughed….and admitted  we were.  He then asked if Leo did the grading…. Leo croaked out, “yes”…..and the appraiser said, “great job”!  Leo jumped up and started dancing around….and I joined him!  What a great way to begin the day!

After Leo closed and moved in….he called.  He found some books in the attic…and one in particular he thought I would want.  He asked me to come by….he wanted to keep the book a secret until I saw it.

The book was “Businesses That Built San Antonio”….and my dad had taken many of the photos and also was one of the businessmen featured in the book.  I didn’t own this book.  I didn’t even know it existed.

Leo’s comment?   “This was the first book I opened after finding the box in the attic…and when I saw your Dad’s name I knew it was just another sign that you were supposed to sell me this house…thank you so much”.

Sometimes being a Realtor is priceless.  This was one of those times.  Thank you, Leo.  It was my pleasure.

 

 

 

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