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Banking Backlogs and Inconsistencies Plague the Mortgage System
 Banking Backlogs and Inconsistencies Plague the Mortgage System
By: Elaine VonCannon ABR, SRES, REALTOR, Notary, Team Leader, Residential and Commercial Property Manager, Managing Partner VonCannon-Starke Commercial Division, Member of the National Association of Residential Property Managers, Award Winning Agent, RE/MAX Hall of Fame, Licensed in Virginia, Member of Commercial Council VAR, Director WAAR MLS Board
As a REALTOR in Williamsburg, VA, I have seen many of inconsistencies with mortgage companies during a down market. Frankly, this frustrates buyers and sellers, me, my staff and colleagues.
I have mortgage company incompetencies, slowdowns and backlogs to share. I have collected some stories from other agents in my RE/Max Capital office in Williamsburg, too. These snafus in the mortgage approval system impact buyers and sellers in a negative way.
Short Sales FrustrationsIt is common for a seller to short sale a property, and to have the lender(s) make the seller wait six months for approval - and then deny it! More often than not this crucial decision leaves the seller in financial ruins. The sale of the home is never closed, and the property now exists as bank 'inventory' and may not even hit the real estate market for a year or two. Wasting ... more

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