HUD – HUD has decided that anyone closing on one of their homes must be present at the closing or send someone in their stead with power of attorney. When I asked why I was told to avoid fraud. Anyone can get a signature and/or a notary. So I asked how to get the Power of Attorney. They are sending a form that the buyer just needs to sign in front of a notary and then fax in. WTF? Isn’t that the same thing?
MoKan Title – If you bank at Bank of America (And we all know my feeling on their contribution to our current situation.) and you ask for a cashier’s check they give you a check that says Official Check. MoKan Title of Kansas City has decided this still isn’t a cashier’s check. For the past 10 days they’ve been trying to get the bank to notarize a letter saying they won’t stop funds and/or otherwise not pay on the check to be sure that the funds are good. Closing the property will be delayed because of this letter, mind you. If they would have just deposited the “Official Check” it would have cleared by now!!!!
Real Estate Agents Love Paperwork – We have agents out there that live for Amendments and Addendums. The contract has a place for the legal description of a property. Is that good enough for some agents? No! They require an additional Legal Description Addendum? Why? The contract also states that should a buyer not complete inspections within the 10 days allowed then they waive their right to inspections. Is that sufficient? No! They want an Inspection Notice saying the exact same thing.