Is it common to buy a home go FHA and take over 6 months to close on a house? Right BIBI

Not only was the buyer upset but the homeowners were furious. And the day of the closing the agent who sold the house to the clients didn't attend the closing. Nor attended the final walk thru prior to the closing.
This is the Brokers fault, and agents fault. But Laziness is a disease. Professionalism will never take shape for the broker, his/her office or the agents involved. These are people who earned literally peanuts for being in the business. And they deserve to make peanuts to. Hope many learn from this.
Maybe it is only the areas in Question.
Jamaica, richmond hill,etc.
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answer by JAMES TURANO    |   Visit My Website   |   Contact Me
Jerry thank you. First intelligent and professional answer I have read in 10 years.
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answer by Jerry Pascale    |   Contact Me
Absolutely not, most FHA transactions close within 30 to 45 days, yes FHA guidelines are more stringent, but that is for the protection of the buyer; even if the home was located in a declining market area and the lender (who has the right to protect their investment) orders a second independent appraisal, this should only add another week to the transaction's closing date. I absolutely agree, laziness abounds with many Realtors; this is one of my standard beefs with my colleagues; I try to go the extra mile to keep in touch with lenders, buyers and other agents in a transaction to assist in reaching over hurdles that may slow down the process. Oh and one more thing, I attend every closing, including vacant lot/land only closings. I have served on our Board's Ethics Grievance Committee for the past 10 years and I really don't see any ethics violations here, but at the least I would contact the Broker for that Agent and give him/her an ear full. Not sure who you could complain to about the mortgage company but there should be a State Governing Body that they must all report to, here in Florida it is the Office of Finance.
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answer by JAMES TURANO    |   Visit My Website   |   Contact Me
I just went through this ordeal. If I showed you how many e-mails to the mortgage broker I sent, with maybe 2 replies sent back in six months you wouldn't believe it. When the agent works with a broker and they are somehow connected with the mortgage company, the strangest things happen. The appraiser appears from nowhere to inspect the property. Happened twice. Poor business ethics not attending a closing, in my opinion, but maybe that's why I have interviewed over 120 agents over the years and have two Real Companies today.
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Keisha Lowe
answer by Keisha Lowe   
No, it is not common but there could be many reasons. There are various types of fha loans. The loan officer holds all the answers here. Though the Agents or Brokers involved may not have been the most professional, it's rarely the agent's fault that the duration of a buyer's loan, takes 6 months or longer. It is imperative to effectively qualify your buyers before going into contract!!!
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