The parady of our market with appraisals, lenders and agents is quite divisive. The deal I am in is pure government and that is why the lag and lack of communication. Portland Housing Center is the lender and the extra freebies for the loan have put it in HUD's hands. No one communicates like a normal real estate transaction in the pricate sector and if this was a private lender they would have popped up on the implode-o-meter last year.
Thanks to all. I have to run and write up Addendum "I" for the closing extension today. "H" was last week. :)
I am also in the midst of negotiating several sales that must settle for less than is owed and it can be a "crap shoot" as to how cooperative the individual lenders might be. However, I am seeing a quicker response time and a more negotiable attitude recently! I do think as listing agents we must make an intense effort to get information from the lenders involved AND pass on any tidbits to the buyers' agent. This makes for a more informed transaction for both sides and less attrition due to exasperation on the buyers part. I know when I am representing the buyers in a short-sale transaction, any information helps!! When I am representing the sellers in these transactions, I am constantly calling the bank and keeping in touch.
Janeese Jackson, Principal Broker
Real Estate Resource
A lot of our Collegues have 'Gone Fishin'!
60-days...60-days....60-DAYS! The End
P.S. If you are lucky
Make it work for you or as HLR Said....Get Used To It
Or, is your buyer going to HUD directly for financing? That's a pretty insane way to go about it. Most lenders now do FHA financing, and I know that, for myself, I do keep in touch. An Fha loan should be able to be completed in 30 days or so, but there are variables that can cause a lot of delays. For instance, I finally closed a loan for a borrower who was the non-responsive party in the transaction. I started the loan in February and finally closed in early June, but he was the one who didn't get me paperwork that was required. The lender actually worked very quickly when paperwork finally was submitted.
I hope this answered your question. If you'd like to discuss this, please give me a call, or email me
Town & Country Mortgage