I thought that you might enjoy this post that was written by Sonja Patterson, a Realtor friend in Texas. We have never run across this delay but you can bet that it just got added to our pre closing checklist!
Our closer said, "I've never seen this happen in FORTY years!!"
Well, it happened to us today! My buyers (who have the worst lender known to man...but that's for another post) finished signing all the paperwork on their beautiful, new home. They enjoyed chatting with the seller while the closer went to make copies of the driver's licenses.
Then, the closer came back. "Your license expired July 4," she said to one of my clients. My client had not thought about it much. She and her husband moved here from out of state early this month, have been staying with relatives, and closing was set for July 23. They would get new licenses then. "The underwriter will NOT ALLOW THIS FILE TO FUND until you get your license."
OK, one license coming up. I let my buyers follow me to the local licensing agency. Thankfully, it is not too far away from the title company. "Have you had your cars registered for the state of Texas?" asked the Department of Public Safety lady.
"No, " my client answered.
"You have to do that before we can issue you a license." And since her license is expired, my buyer will have to take a written exam and driving test as well. After passing the written test, she can schedule a drivers test, but that could take up to a week to get an appointment.
LONG story short, my client has scheduled a flight back to her home state to get her license renewed. She will then send a fax of her new license to the title company. I cannot believe she cannot do this long distance, but apparently once you turn 65, there is a vision screening required to renew the license. This was her lucky year.
I am just sick that my clients are having to go through this horrific experience. Why didn't the lender, underwriter...let them know this would be a problem over a week ago when the file went to underwriting??
It will all work out in the end. It always does. And I can't ever say my job is boring!! ;)
SO, FYI--you just might want to check your license PRIOR to closing!!!
Mark Hall
Foreclosures for Sale Vancouver Washington - Direct links:
Foreclosures for Sale Vancouver Washington - Less than $150K
Foreclosures for Sale Vancouver Washington - $150K to $250K
Foreclosures for Sale Vancouver Washington - $250K to $350K
Foreclosures for Sale Vancouver Washington - $350K to $550K
Foreclosures for Sale Vancouver Washington - $550K to $1 Mil
Foreclosures for Sale Vancouver Washington - Over $1 Million
Homes for sale Vancouver Washington
Well, I know it's important to keep things like licenses and tags current, but it my opinion it really shouldn't stop a real estate closing!
Well, I know it's important to keep things like licenses and tags current, but it my opinion it really shouldn't stop a real estate closing!
Wow!! I had know idea this could possibly keep a deal from closing. These underwriters need to pay closer attention to details.
In the greater picture it was the client who did not renew.
Some thing needs to change in the system and when the government is involved forget it.
Enjoy the day