Are you guys excited that it's almost friday
I know i'm super excited that it's almost friday like every thursday now i'm like
So close so close and it's not because I hate my job. I love my job
it's just because we're doing so much right now across the board between
training new people helping more clients
Dealing with realtors dealing with drama from forbearances
And caviars and all those horrible things I talked about
Last week that when the weekend comes we all go
You know
We need to recharge and get ready for the next week
And that's why often if you email me on the weekend
You will see and out of office, which I never did before until this year
But at this point, you know, my team's working like 12 to 14 hours a day each person
It's crazy and at some point you've got to just stop and reset
so if you guys are in a job where you're working that hard and you have the ability to just
I suggest doing it because you've got to do that. So that the next week you're not like
Right, I don't know that's a terrible sound I do that to my family all the time
Like if someone's talking to me and they're annoying me i'm
Like it's horrible. I know. Okay, so I have a point. I'm sure I do. It's thursday. Cool. Great
Okay. Well california is still on fire
Shocker, I mean i'm expecting kind of like we we started our fires this year before fire season
So what's fire season gonna look like I don't even know
All I know is that we're already in the weeds of dealing with disaster zones with mortgages
So i'm going to talk to you guys about that today
um, this also affects other parts of the country not the california fires, but you've got hurricane laura that came through you've got
tornadoes I mean every it feels like every part of the country has some
end of days
Weather issue or fire issue or something now if you're watching this and you're like we don't have any drama
Can you please put where you live?
Not your address
But just tell us the county and state because there's a lot of people in california and other states that are starting to figure out
where they can live where they don't have to have a suitcase packed at all times, so
Getting a mortgage during a disaster
Here's the deal guys
So basically what happens is we're seeing a couple different things and I see this every single year and every single year
If we're if we're doing purchases a lot of realtors go
Well, i've never seen that before and it's like guys you have because we did it last year
Here's my email to you last year where I say. Hey, look guys based on this disaster
We have to do a secondary inspection of the property and that's what we're doing right now
So right now all the loans that we're getting ready to close or that are in process in the counties that have been declared
Fema disaster zones were ordering what's known as a dare d8?
What is it disaster accident incident report? I don't know it stands for something
Once again jenae on my team is the queen of the acronyms
So we order a dare report and what that is is it's someone going out and verifying the property is still standing
And you're like, well, that's so stupid. Why would I want to pay for that? And I agree? I think it's I okay
It's not stupid. We're gonna be nice here
So the reason why lenders want it and it's not necessarily the individual lender, it's fannie mae it's freddie mac
It's jennie mae they want to make sure that the house that they're about to give money for is standing. That's fair
that's fair and they don't have the ability to
Go into each one and say oh, yeah, that should survive that won't survive that will survive that won't survive
they don't have any ability to make that determination, especially when you're dealing with wildfires like
Right now i'm back in my house. The fire's still two miles away. It's two miles away. I can't see it
I don't smell it today. Thank goodness, but it's two miles away and we're being told everything's okay, you know school's restarted everything else
It's getting close to being contained. But if I was in
you know another part of the united states and I saw how close that fire zone was to my house i'd be like
Oh not a chance in the world and that's how lenders look at it
They can't make the determination of whether or not your house is standing will be standing etcetera
And that's why they have these incident reports go back out now
there's some areas where for instance there's a fire in lake county california and
Parts of the county if you leave a certain part of it you can't get back in
there is no way a lender or an insurer is going to close on a house that is currently in an
Evacuation zone or is locked down because of fire risk. They can't take the risk
Why would they right so you've got to be patient?
You have to understand that look as a lender. I don't want your transaction to take any longer
I'm going to have to extend your lock
I'm going to have to deal with everybody yelling at me. Like I started the fires even though like we can't do anything
It's always you know, we get everyone going well make it work
Okay, let me get my water hose out like
Like guys, what do you want me to do?
Like we can't do anything and i've done that every time it's fire season
I do this every single year I call management and I go this is ridiculous. Do you want me to drive by their house?
I'll drive by their house. I'll do a full video. Hi. This is bob's house. It's still standing high five bob. Hey becky
It's your house high five and every time they tell me the same thing and it makes sense every time but I still try
So no your lender is probably trying but we're all being held to the same standard
Which is we have to follow the guidelines for a disaster zone
Yay
Okay
So if you're in contract or if you're doing a refinance et cetera
And you've already had an appraisal or you have a property inspection waiver. Yes, we will be verifying if the house is still standing
Yay, that adds delays. It adds times your insurer may not let us close
It's hit or miss there's there's some areas where it's 100
no way you're closing and there's somewhere it's like well we can close but the insurer won't or
the insurer will but the lender won't so it is a
Cluster, okay
Here's the other thing to know if you're buying a house right now
Let's say you just got in contract because we have this happening to a couple clients
And they just got into contract but they're buying in one of these counties that's considered a disaster area
Okay now just to give you guys some perspective because I like rambling for extended periods of time sonoma county
Which is where I live which is where I am right now
I don't know why I just checked. I think i'm tired
Um sonoma county is is larger than delaware
No larger than rhode island 200 square miles smaller than delaware. Okay, so it's big right?
It's big the fire's over there. There's houses over here
They're nowhere near it but we're still having the same requirements and insurers are not
Actively granting new policies until this is cleared up
Right, they're not so clients are like, oh my god
No one will insure me and we're like just you gotta wait two weeks
Which is horrible during a purchase because during a purchase we want you to get an insurance quote up front
And the reason we want that is because we have to use it to calculate your debt to income
You need to know what to expect on your monthly payment and no one ever thinks about homeowners insurance
But it is such a big part of your monthly payment where I live in california
My insurance is like half my payment. Seriously, seriously, I mean I do evacuate every year
um
There's so many beautiful trees around me pray
They stay anyways
So people aren't able to get insurance policies right now because of the disasters
so I think it's super important that if you're watching this you realize
If you're trying to buy a house and you're like no one will insure me
they might as soon as it's over this happens every year in california, we have the um,
California fare plan so you can always get some level of insurance
It just might be more expensive and it may be different than you were expecting
so if you're very sensitive to price you can't get a policy right now, I would strongly suggest you ask your realtor for an
Extension of time so that your contract you don't want to be in a pressure cooker where you're supposed to close in five days
And then you find out your insurance is going to be twice what you expected
So if you're in a position where you can't get insurance right now be proactive
Ask for an extension of time use the insurance as the reason
I would strongly recommend that across the board as i'm saying this i'm going to call that client and tell him to do it
Right now because he could be in for a real shock. Once the actual policy is clear. We've seen
You know in california, especially we've seen the insurance premiums go
Rightly, so it's on fire every year
Okay, so I hope this has been helpful as always if you have questions or comments
Please put a comment here
Um in youtube and if you liked this like it if you want to subscribe do it
Do it. I need the algorithm to be cooler
But
Or schedule time on my calendar. So the calendar link should be in the comments or somewhere
We're easing away from email just because the emails become really overwhelming and I really hate not responding to people
And i'm at the point where I can't respond and I hate that so please schedule time to talk with me
Um, it doesn't cost anything. I'm very sassy. It will be fun. Thanks for watching guys
