In our fast-paced, high-tech world, we have all become accustomed to lightning-quick answers to our questions and instant results from our efforts.
But in the world of the real estate transaction, some of the necessary processes seem interminably slow. And in some transactions, time seems to stand still.
The culprit in these cases is not technology, but the necessity for human intervention.
Every time it is necessary for a real live person to make any kind of decision, there is a possibility of a significant delay. Many of these reviewers are overloaded with work and are doing the best that they can, but sometimes need more time than is typical.
In addition, there is more scrutiny in both loan underwriting and in the case of REO properties, price approval and title. As a result, delays can be initiated from almost anyone that has anything to do with the transaction.
These days it requires patience and forbearance and sometimes a little tolerance to get a transaction to a successful close.
And a little nudge in the right direction every once in a while!
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