Georgia Mortgage FHA

I MUST CLOSE THIS YEAR!

If the deal has not already been submitted to the broker/lender and it is a purchase I would say you are out of luck. However if you have the appraisal and it is in the broker’s/lender’s name, the client does not have any credit issues, the title search has been done, you already have the homeowner’s policy in place, and the lender has already okay’ed the closing date you should be fine.

What we have already had this week (today) is people calling and absolutely MUST close by the end of the year and they have just now made an offer. Sorry folks, it’s a 99.5% surety that it will not close this year.

I know you have been spoiled by people who say we can close a loan in 48 hours – maybe if it is a refi and the value is there and there are no credit issues or property issues yes. But for a purchase the very fastest you can reasonably expect is seven to ten days so long as the borrower, seller, the closing agent, the insurance agent, the appraiser, the borrower’s employer (VOE) and current landlord/lender (VOR or VOM), and a small handful of other folks are on the ball – yes! It can and has been done. Our most recent quick closing went from submission to close in six working days and we have done some in as few as four or five working days. But that is not what you should regularly expect on a purchase from anyone – especially if the property is REO or HUD.

REO you can add at least five days and HUD I recommend adding 14 days. Generally 21 days is safe so long as everyone listed above does their job but 30 calendar days should always do the trick unless there is information being omitted, withheld or otherwise distorted. The preceding statement is true on most botched closing dates.

BUT AS FOR THIS YEAR

If you absolutely need to close by the end of the year and you are just now submitting or accepting an offer it probably needs to be a cash deal. There are only four days left this week and only four days available next week. The four days next week will be difficult because some people will not be open at all and those who are will be short staffed.

— admin