Last month, I wrote a post about my deal from somewhere warm and fiery. In a nut shell, I put a property under contract on February 23rd, to close on April 1st. On March 28th I was told the file just went to under writing and it would take NINE BUSINESS days to go through that process. You can read the post HERE.
Today is April 15th and the deal is still not closed.
On Monday I was told by the owner of the mortgage company - the blame rests solely on JPMorgan Chase Bank.
You see, Chase is so busy they could not get to our file in a more timely manner.
The mortgage broker said he was told last Friday, April 11th the earliest opening for a closing would be Thursday the 17th with docs delivered on the 16th. Until that time, Chase had no one to prepare the docs and give authorization to fund.
We were given our alloted day and time and by golly, the buyer and seller better make arrangements to be at closing when summoned.
My question to the mortgage broker was a simple one: Why hasn't anyone let the media know that major banks and lenders are so busy they have to delay closings?
Being "so busy" would imply the market is good, strong and getting even better. That's not what the TODAY SHOW is reporting. But that is what our Active Rain family reports.
Perhaps the mortgage broker is making up stories. Or, perhaps Chase is so busy. Or perhaps the bank let a bunch of employees go and now are getting caught with their pants down - the market is improving, are they not prepared?
The media continues to report doom and gloom, so why can't we get this deal closed?
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Contact Debbie DiFonzo, Broker, United Country VIP Realty, at 417-468-5900 to list your property for sale or to purchase a property in Marshfield, Conway, Phillipsburg, Lebanon, Long Lane, or Buffalo, Missouri.
To view all our listings and auctions, visit: http://www.uctheozarks.com/ or http://www.FindYourFreedomMissouri.com
Contact Debbie at: Debbie@ucvip.com
Copyright © 2008 By Debbie DiFonzo, All Rights Reserved. The information provided herein is obtained from multiple sources and is deemed accurate but not guaranteed.
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Debbie, I hope it goes through soon, I feel sorry for the buyers especially.