I am telling all my approved buyers this same thing. Money is still tight even with this stimulus package. Rates are also climbing to higher levels than they have been.

Morning Midori,

Fortunitly most of our buyers pay cash for their properties, however there are some that don't. Those that have financed usually are A + and are able to process and close within a four week period.

You are correct though, with today's ever changing market, qualifying criteria can change daily and hold up the process for days and in some cases kill the deal.

Hi Midori - great advice, and I'm telling my buyer clients the same thing. Money is out there for the borrowing, but the guidelines seem to be ever-changing and at the drop of a hat another 'requirement' pops up, in addition to another appraisal, etc.

Ann

Midori, Friday I heard the news "approved" from a mortgage lender and am still holding my breath til closing (a few weeks away)  Even with the A+ buyers things go wrong and a product gets pulled.  Wise wise advice.

It is a little more difficult but just be prepared and be ready at a moments notice. When more info is requested jump on it immediately. It really is not that difficult if you react quickly.

This is a great time to buy. I have been busier in the last month than I have been in the last year.

Good morning Midori,

I think there is no sure closing until the check has been given to the seller at the closing table and that is the way it is going to be for a long time to come.  We will all be holding our breath until the crisis is over.

Have a GREAT day.

Midori, you are right seems I get lender updates all the time, at least weekly. We were pushing to get some first time home buyers settled in before the FHA guidelines changed. Some did and some didn't.

Just like when you can lock in a rate...the they should lock in guidelines..it's all just a bunch of crap...why bother getting someones hope up just to give them bad news at the end...I'm so sick of the poor excuses.

Midori,
Yes, a client of mine learned this the hard way!  I agree with Neal, it just does not seem fair to make a promise and then change the rules.

You make an excellent point. It is critical to have a strong communication line with your lending partner. While we try to anticipate as many of the land mines as possible, it seems that almost every deal has something that comes from out of the blue. Reacting fast is the key...before they "find" something else.

We never know what to expect anymore.  I feel as if everyday is my first day of real estate.

Midori,

   I agree. The sooner to closer the more likely that it will. Great points in today's environment!

Midori, when I approve someone for a loan, it is good for at least two hours. If you can't close in that length of time, oh well. LOL

If someone is unconditionally approved, the change in guidelines shouldn't change from approval to closing. Conditional approvals are a different situation.

I've been SO blessed! My last 3 were so smooth... with the clients anyway. (One of the agents was the only problem.) Oh, and my last one was cash. Woot! Gotta love cash!

Hi Midori, my last closing wasn't problematic, so to speak, but good heavens, the lender was paranoid!

We've had several this year where a loan officer told us they were approved and given up commitment letters.  The approval came via automated underwriting.  They WERE NOT approved.  An actual underwriter had not signed off.  We closed in one instance and not in another.