Expect Long Closings Due to New Real Estate Trends!
In most recent months, the onslaught of real estate sales in the Portland Metro area has had a wave effect on what is happening here for real estate transactions 90 minutes away, on lakehomes at Fishhawk Lake in Birkenfeld Oregon.
The pool of appraisers is stagnant, and the average age of appraisers is 58, according to one of the mortgage lenders I worked with earlier this year. The fact that it takes years, possibly, plus a degree to become an appraiser may deter some from entering this field. Appraisers are overwhelmed, with such a high volume of business that those who have transactions pending in outlying areas may find it MUCH harder for an appraiser to be found, and who will accept doing appraisals in a timely manner out here in the coastal range of Oregon.
As a result of this new trend and longer closings, I contacted my favorite loan officer, Shawn Baeschlin, with Guild Mortgage in Portland. and asked”How much time do I need to ask for a reasonable closing date?” He recommended 60 day closings and that is what I am now shooting for so that we don’t have to contend with extensions. This has come to fruition when I work with Shawn, but for other lenders, it’s taking months longer.
Other lenders are calling me in a panic asking if I know of any appraisers in the area. Trying to throw extra money at them to do a “rush” appraisal isn’t enough of an incentive to speed up the process. Too much business and not enough people to do the job, plain and simple.
Two recent transactions that I have in sale pending with Quicken Loans and Wells Fargo (whom I would NEVER recommend, long before the recent debacle in the news) are looking at November and December for appraisals being completed when the transaction with Wells Fargo, for example, went pending clear back in JULY!! And it is NOT a short sale, but simply a conventional mortgage. Instead of the new buyers getting to enjoy Fishhawk Lake in the summer and fall, they will now be looking at December before they get to be part of the Fishhawk Lake community!
This is why working with me, your Fishhawk Lake REALTOR® local expert, using the right lender who works with an appraisal company that gets this part of the transaction done according to reasonable timelines is a great way to go.
Originally posted in ActiveRain by Gayle Rich-Boxman 2016
We’ve still got some good buys for lakefront homes on Fishhawk Lake and creekfront (several choices) as well as off-lake. If you need a loan, please call Shawn Baeschlin, my favorite loan officer with NW Mortgage Group at (503) 528-9800–he will work magic!
Lots of variety still available…call me, your full time resident/realtor on Fishhawk Lake: Gayle Rich-Boxman (503)755-2905 or e-mail:firstname.lastname@example.org
Here is a link to my website for all of my listings!
Everybody tells me that Fishhawk Lake is such a secret, and I keep trying to get the word out. That’s why I started this blog. We’re STILL a secret, but that’s part of the charm is that the whole world doesn’t want to live here and ruin the idea of the stress-free, clean environment of our small lake community.
We also have many people who can help you out here once you do buy. There’s a locally owned lawncare company. I have many contacts to offer people who get stuck when looking for a plumber, electrician, etc. Check out my blog article about Resources and I also have a Resource List from A-Z for my Fishhawk Lake neighbors.
We have great neighbors who are friendly and our location is tucked away, but only 90 minutes from Portland!
It’s a great time to look at Fishhawk Lake as your getaway destination…just call me or come visit! (503)755-2905