I have a deal that was supposed to close last Friday (actually, Thursday, due to the holiday); it has been delayed & I'm feeling stressed. My client, the buyer, has been great--he has provided all the documentation requested by the bank quickly and still we wait for the 'all clear' to schedule the closing. I had to extend the closing date one week & hope that will be enough time to get this done. It appears that the bank is looking at everything very carefully. What is really distressing is that this buyer has given notice at his apartment office & needs to be out of his place by this Friday! No pressure, indeed!
The pendulum has swung in the opposite direction--now lenders are afraid to lend & even strong borrowers are experiencing delays, hardships & far more paperwork before funding. The new HVCC appraisal guidelines, intended to protect lenders & buyers, are a real mixed bag too.
But back to my deal: I'm cautiously optimistic that we'll get through this somehow but, until then, it's white knuckle time!
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