As of this moment, I still haven’t heard if the Senate has passed an extension for today’s deadline for transactions to close and still qualify for the Home Buyer’s Tax Credit. Even if the Senate is successful in passing this hot potato the House has lobbed at them, everyone in the industry is inundated with transactions that are suppose to close today. Everyone will still be trying to honor the contract’s closing date.
My title insurance sources tell me that in a “normal” month, 1/5 to 1/4 of their revenue takes place on the last day of the month. Imagine how this has been magnified with the June 30th deadline for closings.
I’m suggesting that if you can wait until tomorrow to call or request something from your escrow and title partners, please do. Many companies are not “over staffed” due to our economy.
This mostly impacts the real estate professionals who are on the “closing end” of the transaction. For real estate agents and mortgage originators, it’s probably business as usual. 🙂
I wouldn’t want to be working in escrow today! (I worked in escrow for 3 years in CA) I wrote a contract to close on 6-22 so I wouldn’t be caught (not 1st time buyers) lender wanted July 1st – we are still waiting for docs but promised to close tomorrow – not holding my breath! But here in Kitsap we have 4 days of no recordings if we don’t record on Thursday!
Jo, I was in title and escrow for 14 years before my mortgage career. 🙂 I think that’s why I’m so sympathetic.
It’s not looking to me like the Senate is going to be able to pull this off. I hear the Senate has decided not to vote on the FinReg bill until after July 4 (soiling President Obama’s chance to sign this on Independence Day) …I haven’t heard an update w/the tax credit extension yet.
Well, Too Big Too Fail Bank canceled my 3:30 purchase today. My client has been clear to close for two weeks now and the property she wants to buy is a short sale. The bank scheduled the closing for today and some other department now hasn’t approved something, so we don’t have a payoff for the seller…
Not only is this probably going to cost my client $8k, but she is also going to incur extension fees on her rate lock considering we were supposed to close two weeks ago. Unfortunately, my client has a unique situation, so I can’t even flip the loan to another bank.
I’d call that a total fail. 🙁 Sorry, Russ.
Yes, considering we were supposed to close like two weeks ago. The deal has been in play since mid April, so I am not sure what their excuse is… owell…