Mission Viejo Real Estate Shop Talk
Realtors are the bridge between their client and all the other 29 other participants in a typical residential real estate transaction. It makes things easier – one stop shopping, single point of contact, concierge, – your own personal Suri, Geeves, and even C3PO. Most of the other 29 people playing some role in the support of the transaction appreciate the Realtors’ follow up and passing along information to other folks in the chain – particularly the buyer and seller. One of the main reasons this is usually seen as a benefit is because it allows for rapid communication via shop talk.
Shop talk is the specific vernacular language that applies only to a vocation, hobby, sport, technical specialty, specific application or line of work. It is made up of buzz words, acronyms, snappy phrases, colloquial references to rules, regulations, guidelines and contract paragraphs. To the uninitiated, it can often sound like gibberish. But between two colleagues or team mates, it is the short hand that makes the communication faster, deeper, and more meaningful. You don’t have to stop after every sentence to explain the reference or significance of the phrase. You don’t have to translate into everyday language or universally familiar references that will serve to elucidate the uninitiated – which takes so much more time and energy.
The new lending regulations that went into effect October 3, 2015 have added even more to the already full plate of mortgage shop talk. There’s now a Loan Estimate and a Closing Disclosure required for residential home loans. Both of these have time frames and actions the borrower must take (such as opening the email that contains the Loan Estimate and the email that contains the Closing Disclosure) in order to start counting the required number of days before the next action can take place, which in turn have an impact on the close of escrow. These now go into the list of vocabulary required for a savvy Realtor and an equally savvy mortgage lender or loan processor to have a short and meaningful conversation about a week before the scheduled close of escrow that might go something like this: Mrs. Realtor says “Hi Mr. Lender! Just checking on the status of the Smith’s loan package. Has the CD gone out? Do you send docs before the third day? Can the clear termite report be a prior to funding condition? Do you have the VOE? Can that be prior to funding, too? Do you table fund? “
The answers to the above questions will determine whether or not the escrow is likely to close on time, when the borrower will need to be available to sign their loan documents, whether or not the termite company will need to change their scheduled date for the termite repairs, and whether or not the loan documents will need to be physically delivered to the lender for review prior to wiring the loan funds to the title company, which will need to be received before closing. All these details, by virtue of shop talk, can be hammered out in less than two minutes. Which is much preferred to a lengthier, less accurate, and less detailed translation process between not-so-savvy participants.
So unless you’re planning a new career as one of the 29 participants in a home sale with a vested interest in closing escrow, leave the shop talk to the pros. And let your Realtor translate for you.
I’m Leslie Eskildsen, Realtor.
Call me. Text me. 949-678-3373
Email me. Leslie@LeslieEskildsen.com
Helping you make the right move in Mission Viejo, Coto de Caza, Rancho Santa Margarita, Irvine, Laguna Niguel, Laguna Hills, San Juan Capistrano, San Clemente, Laguna Beach, Newport Beach, Dana Point, Corona Del Mar, and other Orange County communities.