Trends
Banks getting slower at processing loans
April 27th, 2009 categories: Financing, News and Views, Real Estate Tips, Trends
We’re seeing more instances of banks that are “ignoring” the closing dates on contracts – not all of them, but enough to be a concern. Other agents are reporting delayed closings as well. Sometimes the day before the scheduled closing the lender will ask for more information from the buyer – sometimes the lender will just say that they didn’t “get to it” and delay it a week, and then another week. Lesson 1: it’s not over until it’s closed. Lesson 2: have a contingency plan in case the closing is delayed.
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