I cannot tell you the number of frustrated buyers and sellers that are pulling their hair out because agents and loan officers are not setting the proper expectation for the time a purchase or refinance transaction takes to complete these days. Particularly on the massive amounts of REO property transactions we're all involved in. I still get 2-3 calls daily from an agent somewhere in the country asking me if there is anyway we can close in 7-10 days!!! I say, "Sure, get out your checkbok and pay cash for the house!" In the transactions that we all know are going to take a minimum of 4-6 weeks to finish, why are we still writing and submitting REPC's with COE's of 30 days or less? Sure, there are going to be a handful of transactions that get done in 30 days when everything goes perfectly smooth. At the same time, we al know how often that happens, especially with the new and improved uhnderwriting, REO transaction managers being so over-burdened, Sellers still wanting to list their house with the "sentimental value" included in the asking price, and borrowers saving the "kill the deal" information from all of us until 2 weeks into the process. Better idea, agents encourage their sellers to understand and accept that its a 45-60 day timeline and prepare the contracts accordingly. Then on the rare occasions that the transaction closes in 30 days, we're all hero's...instead of zero's when we set them up to expect something that is not likely to happen from the start. Loan Officers, stop telling agents taht you have a secret "inside" link to your leners that will make sure and move your loans to the top and you cna get them done in 2-3 weeks..."no problem". It's time for the professionals still left in the industry to start doing our part to rebuild the faith in our clients. It's time for open, honest communication at all levels in the process. That's what creates loyalty and long term relationships. Not pretending that it's still 2003-2005 when we could submit a loan with a REPC, Loan Application and Credit Report and fund it in 10 days for any borrower that had 2 feet and a hearbeat! Just my $0.02 worth, which when adjustted for inflation is still worth more than it cost you to get it! Telling it Straight in Sin City
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I cannot tell you the number of frustrated buyers and sellers that are pulling their hair out because agents and loan officers are not setting the proper expectation for the time a purchase or refinance transaction takes to complete these days. Particularly on the massive amounts of REO property...