I received this email from a Newport, Oregon lender I work with. He wants agents he works with to write in a 45 day close on every transaction. He has given me permission to post it because he wants to get the word out to everybody in the hopes that it will make his life less stressful! Here it is:
"As you all know, we continue to get new legislation and new regulations every month. The net result is a longer and more detailed process that results in frustration at every level. I am sending this out to encourage you to set reasonable expectations for your clients. A 45 day close date is now the norm. If problems are encountered it can be longer and shorter time frames are difficult but not impossible. A satisfied customer is our goal and if we set reasonable expectations we will have a better chance to accomplish those goals."
("Are we there yet?")
I have been writing in at least 48 days just to make sure. More often than not, we close a week earlier, but the lenders are taking much more time to close than ever before and buyers need to be aware of it.