We`re looking at 16 transactions awaiting the lenders approval to close!
The amount of time the lenders take is really incredible.
We have 3 "All Cash Offers", while others are near asking price, yet they sit idle,waiting for the "Loss Mitigation Depts." to make a decision.
I`m really tired of hearing the Media reports about the increase of Foreclosures,yet doesn`t make an effort to report the other part of the equation.Is it any wonder people are scared?!
The entire system is in turmoil, and BILLIONS in inventory sits!
The typical scenario,normally takes the lenders 4 weeks to review an offer, 2 weeks to order a BPO, another week to review the BPO, another 2 weeks to decide.
It takes 9 weeks for the lenders to move,why?
Most buyers are willing to wait 30-60 days to close!
Why should the buyers be burden with this mess?
Once upon a time, Countrywide loan officers would brag "How they could approve a loan in 24 hours and close within 72!"
Today, we`re lucky to know the name of the person we`re dealing with on the other end of the telephone,because majority of the time their in meetings or simply don`t respond to you. EVERYTHING is done by emails..
There`s no excuse for inept decision making.
The truth is there are BUYER~S looking at these homes, the problem is the BANKS are turning these people away as if they don`t want them to purchase!
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