An engineer friend of Ron Buck’s used to say: “the fewer moving parts the better.” Sometimes, it seems like there are an awful lot of moving parts to manage, and keep track of in a real estate transaction.
First, Ron Buck’s clients have the principles (buyer and seller) and the agents – that’s four. Oh, yes and maybe the extended family, who need to approve the purchase. There is of course the escrow company who is a dual agent for both parties. (By the way, the California contract header says it is a purchase contract and escrow instructions, but in all cases the escrow company will have their own set which adds all the legalese. At the top it will say: “Amendment to Escrow Instructions.”)
Then in most cases there is the loan officer, the loan processor, the appraiser, the underwriter and the lender’s doc department. That’s six more. Somewhere there is what Ron Buck calls the black hole. Things go into the black hole (the underwriter’s office, but don’t quote me), and sometimes it seems like they will never come out.
Oh, Ron Buck almost forgot the property inspector, the termite inspector, the mold inspector and the transaction coordinator. That’s four more. Maybe, too, the buyer wants to get some bids for upcoming remodeling so we may see the carpet guy, the counter guy and maybe the tree trimmer. We also might need an HVAC man to check the furnace. That’s four more.
Now if it is a short-sale we have negotiators, second mortgage holders, upper management and lastly the “investor” (whoever that is). The investor may be another bank or private company or Fannie Mae.
Ron Buck almost forgot the mobile notary that can come to the buyer’s home in the late evening to get all of the docs signed. The buyer pays that fee. One more to make it close is the buyer’s bank which must get the buyer’s money wired in a timely fashion.
Last, but not least, we are back to the title company who collects everyone’s money and then records the deed at the county. If you are buying in Laguna Niguel or anywhere in Orange County then the title company can record special which means that they record the deed electronically.
Really, Ron Buck is not whining, just having fun. He has found as a professional Realtor, that one of his most important jobs is to communicate with his clients so they know where they are in the process. The process can be confusing for even the veteran buyer and seller.