The Orange County Real Estate RedZone

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The Orange County Real Estate RedZone

What do you think?  Should HGTV give Real Estate RedZone a try? 

This deep into Football Season, you know about the RedZone, right?  The Sunday afternoon cable show in HD that brings you every touchdown from every game.  They take you immediately to any game where the ball gets within 10 yards from the goal.  You get to see the scoring plays  – regardless of what channel the game is on.  The thing is, while the grid iron pros are fighting like mad to make a touchdown – there’s a strong and mighty defense trying to keep them from it.

If Real Estate had a RedZone, it would start when the home buyer’s loan docs go out, and end when recording of the title transfer has been confirmed.  And even though there’s not really an opposing team – there are so many players, each with their own play book, getting the deal over the goal line sometimes feels like a contact sport.   I’m pretty sure I know what you’re thinking.  This is just about as exciting as watching paint dry, waiting for water to boil, or assembling toys with very small parts at 11:30 PM on December 24th.   Since HGTV probably won’t be launching a Real Estate RedZone show any time soon, I’ll give you a couple of play by play excerpts from some of this season’s RedZone moments.  Not quite sexy or violent enough for prime time, but Real Estate junkies might get a quick fix. 

No Flag on the Play

Loan Docs arrive at Escrow two weeks before the scheduled close.  Buyer signs a week before the scheduled close.  Docs go back to the lender two days before the scheduled close.  Lender needs 48 Hours to call for funds.  Funds received the morning of the scheduled close, confirmed by 4:30 PM.  Can you see the celebration on the field?  I have a rake for all that confetti.

Holding

Armed snipers on the roof of the bank building cause an emergency evacuation and the buyer’s loan cannot fund, as the funder has left the building.  Penalty on the snipers for holding up the close for two days.  Book ‘em, Dan-O.

Pass Interference

During escrow, the Home Owners Association places a lien on the home for unpaid HOA dues from the previous owner.  Loan Docs have been signed, buyers’ cash been wired in, but the loan cannot fund until the lien has been cleared.  The current owner and his attorney point out the obvious error, but the referees are on strike and rather than risk losing the buyer, the current owner pays for the previous owner’s back due dues.  And the end comes two days later than expected.

Sacking the Quarterback

Loan funds are in, set up to record Friday afternoon. 5:00 PM No confirmation received.  6:00 PM No confirmation received.  7:00 PM No confirmation received.  The buyer has paid for a house he doesn’t know whether he officially owns.  Monday morning, escrow confirms that title recorded Friday afternoon.  You’ll have to sign a non-disclosure to find out what happened with the moving truck that weekend.

Benched for Delay of Game

Final loan funding conditions are cleared just before 5:00 PM on Monday.  Documentation of cleared conditions is not received by the funder until 10:00 AM Tuesday.  Funder reviews the documentation and approves the loan for funding at 1:30 PM.  Escrow receives the funding file and request funds at 2:08 PM.  Eight minutes after the cut off.  No money coming Tuesday.  Everybody take a seat on the bench.  Funds are set up to be received Wednesday morning.  Funds are received, and confirmation of recording comes in at 5:30 PM on Wednesday.  Like I said, a lot like watching paint dry.

What do you think, HGTV execs?  Give me a call when you want to get in the RedZone and score.  Leslie 949-678-3373

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