Mortgage brokers and traditional banks are in the biz of making $$$. And no wonder the complaints above exist. These days most everybody wants everything quicker and with less paperwork, BUT they also want folks to explain what they are signing. That’s when an excellent escrow officer has a place in this lineup. But good escrow officers have a stack of docs for every client(s).
The above complaints have been around since I’ve been in the biz. In that period we’ve seen ups, downs, huge interest rates (coming through 18% when I first started the biz) and market crashes.
When interest rates were too high….we structured the contract that might have had some of the following: 2nd loans carried by the sellers, wrap-around loans, short-term financing carried by the sellers.
One time I had a contract that wanted the seller to replace the brick foundation…and he did! Took a couple of months but we got the place sold, otherwise he wouldn’t have sold it because lenders weren’t lending on brick foundations.
Now that rates are inching up…we hear complaints from those who are new to the market. It’s life…I usually tell them what real high rates mean (give them those examples). Agents and lenders work within whatever parameters we can to legally make the transaction flow: jump over the bumps in the road, and ‘close the deal.’
Alameda Real Estate this Week
That’s a wrap! Have a nice autumn-y weekend! Let me know if you have questions about the market. You can see by the stats above…DOM is getting longer, BOMs are happening, and the sales have really slowed down.
And based on my conversations with SF agents, local agents, and agents up and down CA….this is slow down is the real deal. I’ll say it once again. If the Seller sets the price too high, Buyer’s will laugh and walk away. The Buyers actually set the price. Get it?