Real Estate News with Terri Taydus, GRI, CNA

Be Prepared for a Backlog in the Process of Buying or Selling a Home

July 25th, 2020 11:28 AM by Taydus Taydus

With interest rates hitting record lows, mortgage lenders are being pushed to the max.  Many mortgage companies are actively trying to hire more support staff, however with little time to train, it’s a learn as you go process for many, which also takes its toll on the process.

 With mortgage lenders being overwhelmed with record numbers of refinances and purchases, this also backlogs the title companies…and the home appraisers…and so on, and so on.

 So what does this mean to you:

  • Make sure, if possible, that your contract dates allow for enough time to get the job done.   Make sure your Realtor® speaks to your lender and sets realistic contract dates as they pertain to you obtaining a loan.
  • Get all of the documentation to your lender in a timely fashion.
  • Be flexible if possible, in regards to time of day you close; the title company may have limited hours and staff during the current health crisis, so you may not get the exact time that you would like on closing day.

Other businesses that pertain to the sale of your home or purchase of a new home may be impacted as well!

  • Home inspectors may have a backlog because of the rush to purchase while the rates are low.
    1. This includes secondary services such as a sewer line scope, and Radon.
  • Your Realtor® may not return your text, email or phone call quite as quickly as they normally would; they too are busy, and having to be extra diligent to insure their buyers’ purchases and sellers’ sales are making it to the closing table while navigating all of the backlogs.
  • Home warranty companies are feeling the pinch!    
    1. With more people working from home, home warranty companies are struggling to keep up; appliances and HVAC systems are being used much more than normal, and breakage is occurring.

IF YOU ARE A PAST CLIENT OF MINE, WITH A HOME WARRANTY FROM 2-10 HOME WARRANTY, PLEASE READ:

  • If you need to make a claim during these crazy backlogged times, please do NOT call the claim center!  To expedite your claim, please follow these two steps:
    1. File your claim online
    2. If you are in need of assistance, please bypass the claims line and contact my sales rep directly, and let her know that you are my past client:

 Karen Hyman

2-10 Home Warranty

(303) 229-9071

khyman@2-10.com

It’s a great time to buy or sell a home!  Work with an experienced Realtor® to help you navigate your way to a successful closing, and be sure to do your part to sign and provide documents in a timely fashion, in order to keep your transaction moving along and meeting deadlines.

Please do not hesitate to contact me if I can be of any assistance.


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