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Lending Becoming Even More of a Challenge?

Is anyone else experiencing difficulties in getting your clients' loans approved? We on the Central Coast of California are experiencing a very high volume of REOs going into escrow and as a result it is taking as long as 14 days to get underwriting approval. Please share your experiences and what you are finding may help in moving transactions along in a somewhat timely manner.

Posted by Mary Aguilar on 05/30/2008 07:16 PM

Comments (3)

lending, reos, bankowned properties

3 Comments on Lending Becoming Even More of a Challenge?

MAY

2008

Same thing here in SW Florida. Many "Pre-Approved" Buyers of REOs end up being "disapproved" and after 30 days the REO is back on the market. Countrywide insists that buyers for their REOs have to get a pre-approval from Countrywide, whether they use Countrywide for financing, mostly to weed out the low probability efforts.
JimG

To keep someone approved, they have to be a strong borrower,lots of assetts, long term job.

JUL

2008

We are having the same experience here in Sacramento. The REO market is driving sales. We had 29.9% more sales in the month of May compared to a year earlier. However, the prices were 30% less for the same period.

Myrl Jeffcoat
http://www.myrljeffcoat.com

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