Lisa and Jim's Northern Nevada Real Estate Blog: May 2009

OMG! Ever Been Undermined By An Underwriter?

I'm nearly bald from pulling my own hair!

What in the wide wide world of business is going on?  And ... Who died and made them boss?

First we work our buns off finding a house and getting the customers into escrow, next we slug though the negotiations and get an escrow open, then we sweat the inspections and the appraisal!  Almost there ... closing in sight ... then ... out of left field ... here comes the underwriter!

Yesterday, after days in underwriting, we finally got "conditional" approval.  We got Loan approval conditioned on the buyer's employer writing a letter stating that they don't anticipate having any reason to need to "lay off" the buyer in the future.  Let me get my crystal ball and take a look!

Besides being a total waste of everyone's time and completely useless, a letter like this isn't worth the paper it's faxed on! 

This brainiac decision was just shortly preceded by another underwriter who decided that they would approve a loan for buyers on a home being purchased "As Is" with the condition that a number of repairs be done prior to the close of escrow!  Do you understand "As Is" ?

The real question is ... Why is this Happening?  I truly understand that they need to be careful but ... "Give Me  Break!"  Where does reality fit into the equation?  

Lisa Wetzel and Jim Valentine are the authors of this blog.  Lisa, Jim  and Jessie are experts in Carson Valley, Carson City and the tri-county area of Douglas County, Carson City and Lyon County.  Call our team anytime at 775-781-5472 or 775-781-3704.  To Search for Homes visit our website at www.CarsonValleyLand.com

Comment balloon 14 commentsLisa Wetzel • May 30 2009 08:10PM
OMG! Ever Been Undermined By An Underwriter?
share
I'm nearly bald from pulling my own hair! What in the wide wide world of business is going on? And.. Who died and made them boss? First we work our buns off finding a house and getting the customers into escrow, next we slug though… more
They Didn't See The Cloud Sneaking Up On Them
share
My husband was irrigating our back pasture yesterday and took this picture of two of our horses, Ninth Calvery - known as Calvin and Highbar, they didn't see the giant cloud sneaking up on them. Being the little gluttons that they are, they wanted… more
So you think they don't close
share
This blog capture the essence of what we are doing here! This is the "Why" of helping these sellers capture some resolve from this economic C**P! Please read and enjoy! Today I celebrated with my Seller and Buyer. HOORAY! I posted… more
My Wife Really Got My Goat.. Follow Up
share
Jimmy - wrote another one about the goats! Yes! Buster has become a real family favorite! Enjoy! I blogged about our rescue goat a couple of weeks ago.. before we got him, My Wife Really Got My Goat.. Now He's Home Blogged… more
Clouds Again.. Finally
share
We've had a long drought and we've missed our normal cloudscape that comes with normal precipitation. Had a wonderful thunderstorm the other day, and are starting to get clouds popping everywhere.. finally. Ansel Adams had a famous picture of a… more
Stay In Your Realm Of Expertise - Short Sales and Bank-Owned Niche…
share
Staying within your realm of expertise is challenging these days, but nonetheless still very important. Agents know they shouldn't get involved in a commercial transaction without the proper knowledge. The same goes for all other specialty areas… more
Worked My Farm Yesterday.. With My Grandson
share
This gives farming a whole new meaning! What a great post! Not my real estate farm, my croplands We got water yesterday, water from the Carson River to irrigate with. Coincidently, my grandson was out of school for the day so what else does an… more
Show the Listing If You Want To Get Paid
share
We're pretty flexible and like to help other agents any time we can. We had a weird one the other day, however, and we drew the line. We had an agent call us from Fernley for code to bank lock box. Fernley is about an hour and fifteen minute… more
Multiple Offers in Carson Valley, Nevada!.. What Do We Do Now?
share
Yes, segments of our market are getting multiple offers.. some even for more than the list price. We've written recently about the "perfect storm" conditions for entry level housing, and indeed, it has occurred. When the market shifted… more
Your Third House is Your Dream House
share
Brian has a pretty simple explaination and a great outlook for first time buyers on how to approach home ownership for the long range! Enjoy it as I did! Here's some advice that I always give to my clients. It usually turns out to be true. .. more
Doom and Gloom or Sunshine and Joy?
share
Jimmy - This is a great blog! I enjoyed it and am sharing it with everyone! Spring has sprung and so has the real estate market. We are experiencing a tremendous surge in business and are hearing reports of increased activity from other markets… more
Do You Have A "Boot" Camera
share
Good thought Jim.. I needed to take a picture today and my chip was still in my computer, not in my camera! Not very efficient! Great Post! There are few frustrating things in life than having a shot and no camera I shot professionally before… more
A great Value Just Got Better! Reduced to $799, 000. 00! 940 Foothill…
share
This home is a awesome value and a wonderful spot for a large family! Quiet, Peaceful and perfectly located to b close to everything! Links Carson Valley Real Estate Website Real Estate Blog Myspace Photo Gallery Description Whether for a… more
Seller will Pay $3, 000 of Buyer's Closing Costs! 1374 Pin Oak Drive…
share
Links Real Estate Blog Carson Valley Real Estate Website Photo Gallery Description One of the few Brand New Homes Available in Gardnerville today! Charming Arbor Gardens home with attached 2 car garage. Great Room design features a dining area in… more
Back On Market! 318 Stillwater in Dayton ~ Spectacular Home Just…
share
Back On Market! 318 Stillwater in Dayton ~ Spectacular Home Just Waiting for You! Back On Market! Location: Dayton, NV Looking for a home that’s a cut above? You’re going to love the many upgraded features this great family home has to offer… more
The Real Estate Market May be Picking Up in Carson Valley, Nevada!
share
I'm not a very good "Stat" counter like some of my ActiveRain buddies; I'll see what I can figure out and report it later! What I am sure of is that I think April was a pivotal month for our entry level market. Six weeks ago… more
Agents - Don't Get In The Way Of Your Customers' Desired Outcome
share
This is a greatpost! We recently encountered this and it was not pleasant! As agents we need to facilitate not block our customers efforts! Once in awhile you'll encounter an agent that is controlling or controlled by the customer. This… more
Let's Leave The Head-Butting To The Goats
share
Goats like to butt heads.. like some agents we know Check out the picture of our niece and nephew playing with one of our goats. They were on the teeter totter when the goat came over to play. The nephew is a bit antsy around farm animals so… more
Keep Your Community Vibrant, Whole, and Wholesome.
share
YEAH! Go Jimmy! Passion for a cause is what makes the world go round! You inspire this in all of us! Thanks! Community involvement is essential. As Realtors we are advocates of our respective communities and it is essential that… more
My Wife Really Got My Goat.. He's Home
share
Welcome Home Buster! This is a happy ending to a sad testament of our economic times! I recently posted about my wife calling me when I was with a customer to ask if she could re scue a goat. Caught as I was in a noncompromising position, I… more