Last week a friend who is also a Realtor had a deal fall apart hours before closing. The loan was approved, they had COMMITTMENT and then underwriting did a final review and told the buyer that they needed 9 months of reserves in the bank. Yes, this was ALL the day closing was scheduled.  THIS WAS NOT A SUB-PRIME LOAN. Dina ElBoghdady, staff writer for the Washington Post wrote "Approved Home Loans No Longer Done Deals" in today's Washington Post Approved Home Loans No Longer a Done Deal- washingtonpost.com . The article has some great suggestions including the 2-week closing. It also says that buyers stop shopping rate and start looking for the lenders who will still be in business when its time to close!

Despite the gloom and doom we see in the paper everyday I am going into my 3rd year and I am busy. I go into the office, return phone calls and work my tail off. I laugh because agents who would not return my calls 2 years when I was one of 10 buyers agents writing on their listing are now calling and chasing me for feedback. The bottom line, people are still selling and people are still buying. This market will require us to know, remember or learn how to "SELL" real estate.

What do you think?

 

3 Comments on 2 Week Closings Becoming Common Place?

AUG
16
2007
 You are absolutely right, Marci.  We are all coming back down to Earth after the last 2-3 years: it's back to reality time.  Thanks for the post!
5:16pm • #1
152,879 Points 3 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp

Marci,

I've accepted the fact that each transaction is unique and the likelihood of everything going off without a hitch is not common at all.

5:37pm • #2
325,091 Points 12 Featured Posts Outside Blog

Marci,

There are still many solid lenders with good loan products. But, yes, the market is in a flux and quick closings are suggested. As soon as possible, really, to avoid the possibility that the lender won't be around when it matters. The media loves to wallow in the bad news and that makes the consumer worried even more than he should be.
7:53pm • #3


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