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Close the deal - Land the plane - Great Rates: So What?

The stories I seem to be hearing most these days from REALTORS and Lenders is getting the deal closed. I've had several closings that are being bumped by a week, 2 weeks or 6 weeks! It seems that these lenders or maybe "underwriters" have forgotten how to "land the plane". They are really messing with peoples lives and emotions with all of this delay. Buyers are ready to give up. Sellers are frustrated that they can't move on to the next thing - it's a frustrating mess. I'm really glad the rates are so low - it should help with refinancing, but after the lenders learn how to close deals again it will help the rest of us that touch the transaction. Hang on -it's gonna be a bumpy ride through all of this.

Press on!!

Dwayne

Carrollton, GA

dwayne@westgarealty.com

Posted by Dwayne Hicks on 12/19/2008 06:25 AM

Comments (6)

Close the Deal Please! in the ActiveRain Channel

close the deal, land the plane, great rates so what

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6 Comments on Close the deal - Land the plane - Great Rates: So What?

DEC

Dwayne,

I think the banking industry is unsure what to do. It trickles down to the local lenders.

Everyone is scared to death, I have had 4 buyers this year just walk away fro m their deposit because they were unsure about the economy. I tried everything to get them to reconsider but to no avail. I had another 3 walk because they lost their jobs.

Dwayne.. I love the "land the plane" analogy or whatever it is.

My take on this is that there is so much talk of bailouts which usually mean lower rates that many lenders that have locked in a rate are hoping to increase their spread the minute rates go down.

I think the back end commission is based on that.

I feel lenders feel that the industry is breathing down their backs and watching every step they take. Instead of moving with confidence on a qualified buyer and wonderful purchase, they are busy dragging their feet checking and re-checking. As things settle down, things will relax some. For now we have to suffer while the mortgage industry discovers how to meet with the current lending attitude. Love the analogy.

Dwayne I had a mortgage guy tell me if the underwriters want a picture of you with one blue shoe and one red shoe on you better get it to them.

I think lenders are being overly cautious at this point. Hopefully it will work it self out.

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