Tucson By Choice!: Challenges Come in Many Forms: Closing a Loan in Central America

Challenges Come in Many Forms: Closing a Loan in Central America

The Keel-billed Toucan is Belize's national bird"It's always something," as Grandma used to say.  We're refinancing a home for clients, and the new appraisal process has been a nightmare for all concerned.  We got past that, however, and we're getting ready to draw docs for closing.

Things have taken weeks longer than expected with the new federally mandated blind appraisal process, and as of yesterday, my clients are on vacation in Belize, something they scheduled a year ago.

Never heard of Belize?  It used to be British Honduras.  I know, that probably doesn't help a lot either.  The little country is situated on the southeast side of the Yucatan peninsula, with Mexico to the north, Guatamala to the west, and the beautiful Carribean Ocean on it's coast.

So I'm figuring where we'll send docs for signing, as the lock expires at the end of next week.  I'll let you know how it works out.  Thank God for email and FedEx!

 ___________________

I'm Mike in Tucson, your preferred Tucson, AZ Mortgage lender.
Mike Jones (Tucson Mortgage Company, LLC): Loan Officer in Tucson, Pima County, Arizona
Call me
if I can help you with a purchase or refi mortgage;
(520) 349-9090

Photo courtesy Wikipedia

Comment balloon 15 commentsMike Jones • June 12 2009 06:22AM

Comments

federally mandated blind appraisal process

or,

federally mandated mindless appraisal process

Posted by Lenn Harley, Real Estate Broker - Virginia & Maryland (Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate) over 10 years ago

Lenn,

I like your description better!

Mike in Tucson

Posted by Mike Jones, Mike Jones NMLS 223495 (SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) ) over 10 years ago

Mike,

I've closed a few loans out of country, we always had to send the paperwork to ether one of our Embassies or Consulets. The State Department can notarize signatures.

Good luck!

Bill

Posted by William J. Archambault, Jr. (The Real Estate Investment Institute ) over 10 years ago

Bill,

We closed a loan for a soldier in Afghanistan by sending the docs to the Embassy, and got 'er done.  There's a Century 21 office in Belize, and I've emailed them to see if we can use their services.

Mike in Tucson

Posted by Mike Jones, Mike Jones NMLS 223495 (SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) ) over 10 years ago

Mike,

Check with your investor! The problem is one of having an acceptable notary.

Bill

Posted by William J. Archambault, Jr. (The Real Estate Investment Institute ) over 10 years ago

Wow - and we think we have headaches when the buyers aren't in town  for the closing!  Good luck w/this Mike!

Posted by Lee & Pamela St. Peter, Making Connections to Success in Real Estate (Berkshire Hathaway HomeServices YSU Realty: (919) 645-2522) over 10 years ago

Mike, I actually stopped by to say how impressed I am with your kind gesture to Cynthia!  A fellow Realtor friend of mine in CA used to spend several months at her home in Belize...it is supposed to be just beautiful.  Hopefully you can still close...aren't appraisals a challenge these days?

Posted by Diane Aurit, Lake Norman Real Estate (LKN Realty, LLC) over 10 years ago

Email and FedEx rule when you need signatures quickly!

Posted by Goodbye Active Rain, Out of Real Estate over 10 years ago

Tony,

Amen to that!

Diane,

Appraisals difficult?  They sure are!  Thanks for stopping by to comment.

Lee & Pamela,

Thanks for the well-wishes!

Bill,

I'll be sure to do that; the investor in this case is Suntrust Bank.  Arizona closings happen at Title.  No attorneys, no surveys.  This really is the wild west!

Posted by Mike Jones, Mike Jones NMLS 223495 (SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) ) over 10 years ago

Shotgun weddings and all! 

So, just how much time would you say is needed for a close now?  How many days would one add to the COE date on a contract?  I'm thinking about REO's that have quaint little per diem clauses...

Posted by Doreen McPherson, Phoenix Arizona Real Estate ~ (Homesmart ~ Scottsdale ~ Tempe) over 10 years ago

Wow, Mike. I say you and the lovely wife should personally deliver the documents, and do some snorkelling along a great reef while you are there. :-)

Posted by Karen Cooper, Helping Homeowners w/Home Loans in 27 US States (Karen Cooper | Sr Retail Loan Originator ! NMLS # 223305 | 360 Mortgage Group LLC Austin Texas) over 10 years ago

Howdy there Mike

Will it sounds like I need to be reading up on this here new Federally Mandated appraisal process.

I just like to know about as much as I can about every part of our industry.

I know you'll get this here closen done on time. You're real good at your job!

I'll be keepen an eye out for the update or updates of this closen, my friend

By the way, have ya seen or talked to Kent lately?

God Bless America

Posted by Dale Baker, New Hampshire Relocation Real Estate Information (Baker Energy Audits and Commercial Properties Inspections) over 10 years ago

I love the call from a blind appraiser that doesn't have access to our MLS and wants me to give him some comps.

Posted by Terry & Bonnie Westbrook, Westbrook Realty - Grand Rapids Forest Hills MI Re (Westbrook Realty Broker-Owner) over 10 years ago

Terry,

You're not kidding, are you?  The new system sucks scissors!

Dale,

I was with Kent at 5:00 this evening at the opening of the new Stewart Title Office on River Road.  He's got some cool new business cards with a saguaro on them.

Karen,

I've been reading up on Belize, and I couldn't agree more.  Turns out the only place the title company will recognize is the American Embassy, 150 miles from where they're snorkeling!

Doreen,

I really don't know.  Stay tuned.

Mike in Tucson

Posted by Mike Jones, Mike Jones NMLS 223495 (SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) ) over 10 years ago

I hope your client was in an accessible area.  Kathie and I spent a few weeks there in '99 and there were just three paved roads at the time outside Belize City.  Had a ball, tho! 

Posted by John Morgan over 10 years ago

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