While it seems that the proposed New Dodd-Frank Act is suppose to help Consumers and Realtors, many are wondering. while Lenders can’t get to the closing tables on-time now, with so much more responsibility, it seems closings may be pushed out another 30 days!
So look at it this way~ Closing is on a Thursday and the buyer comes to the office in a moving truck to find out the Lender has “mailed” documents, assuming they’ve been presented to the buyer, who is in disarray already because they’ve been living out of boxes and haven’t “checked the mail” in days….The seller who is depending on the sale needs the money for purchase on another home set to close on Friday, living out of boxes and probably a moving truck also, now has the expense of probably either keeping the truck or the agony of unloading. Yet leaves the Buyer no where to go and the expense and agony of either keeping the truck or renting storage and a hotel for what could be MANY DAYS!
So then who is responsible? It’s certain the bank isn’t going to take responsibility for these costly perhaps coming expenses. And they aren’t taking the responsibility to go over the information and explain to the buyer ANYTHING, except in print under the signature line that they have 3 days to back out of the closing leaving the seller hung out to dry and their house “OFF THE MARKET FOR MONTHS” while this is coming to head. Where’s the protection for the Seller?
AND Let’s say the APR changes or the loan product changes (FHA to Conventional etc…) a couple days before closing leaving the banks RESPONSIBLE AGAIN for getting these changes out and changing the closing dates…once again.
When Realtors have a hard enough time already getting all this from the lenders, Realtors already pushing out closing dates, Let’s give the Lender MORE TO DO and let the Customers blame the Realtor. This sounds absurd. The banks don’t want to divulge information now, so when does the Realtor get “The Clear To Close?”. Let’s have both the buyer and the seller show up to a “No Closing Today Date!”.
Also, there must be some updated contracts somewhere?? While parts of this proposed New Dodd-Frank Act seem practical, will Realtors eventually be put on a week to week pay check? While the information is great that is supplied through paying Dues~Where’s the Support AT? Insurance? Dues: Earning the right because you work hard…NOT HARDSHIP!
Protecting the Consumer? Not if their Homeless!