Sometimes my job makes me look like a glorified babysitter. Thanks to the internet, most clients don't think agents really work hard or do anything anywhere. But then again, sharing the day to day details don't make great fodder for them either. I am hired and expected to use my understanding of Arizona and Federal real estate law, lending practices and an array of other trivial knowledge to make sure my clients are protected. It doesn't sound like much, but it can make or break a sale. Here's an example.
This week, I got an e-mail from the loan officer about my closing. The e-mail said the buyer would sign loan docs (that were already dated) for Monday June 29 and wasn't that great news! However, it's a problem. We are supposed to close June 29. So if the buyer signs that day, we aren't closing that day. And though there are those (like the loan officer) who might say, "no big deal," it really is a big deal.
My seller is using the money from her house sale to buy a house also scheduled to close on June 29. Maybe that seller is also using that money to buy a house as well. Who knows how far this string of buyers and sellers goes--all based on a June 29th closing. This is a chain reaction of possible life-altering decisions with a lot of strangers, all whom have some stake in this working out right. And all of this is based on a promise to close on June 29.
Even if we aren't talking about multiple transactions that may affect several people, what about something as small as the seller has to keep the water, electricity and insurance current on the house until close of escrow. If this is set to close on Monday and she has already turned off everything based on this date, what happens if it doesn't close? Right now it is so hot that the water not running for a day can make or break the plants. What if the place gets burglarized or if (Heaven help me for saying this) the place catches fire when the insurance policy is cancelled. At any rate, my seller needs to stay protected. And don't laugh, it happens.
What if the buyer has all his worldly belongings packed in a Uhaul and has taken the day off from work to make this move happen on Monday but now is homeless because of these loan docs? Where is he putting all of his worldly belongings? Where is he and his family living? He WON'T be living in my seller's house if he doesn't own it.
Anyway, the wrong date on loan documents is a problem, even if it is unintentional. The buying side may have also caught this but I didn't ask--though they are pretty competent and I've enjoyed working with them. Instead, just I wrote to everyone saying, "Please clarify will the buyer be closing on the 29th as well?" Well, apparently someone took a better look at the buyer's scenario and now know the loan docs were redrawn for June 27 signing.
The buyer and seller know nothing about the wrong dates on the loan documents. I have no reason to tell my seller and probably couldn't do so without sounding a bit bombastic. It is just the regular care agents take on a normal basis. It just doesn't look like anything spectacular. And that's part of the reason agents aren't valued by the public. Something so small isn't remarkable enough to share with the world when it goes right.
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