Sharon Simms, a local REALTOR friend of mine does a great job highlighting how further the changes in the mortgage industry are having unintended consequences. If you are buying or selling it's important to work with professionals that are on top of all the latest changes.
We have especially seen appaisers struggle with those "unique" properties. If you have any questions feel free to give Jack and I a call at (727) 710-8035 or (727) 710-8036
When I spoke with a lender today about closing a contract (and loan) in 3 weeks, the lender suggested adding more time - the main item out of the control by the lender was the appraisal. The bank can no longer order the appraisal, so they send the request out to a third party provider who selects the appraiser from a rotating list. Not only does this "middleman" add more time, but the new appraisal requirements may add more time, too.
What if it's a unique property? What if there haven't been any recent sales in that neighborhood? Not only might it take the appraiser more time (rotation means the lender can no longer choose the appraiser most familiar with that neighborhood, price range, or type of property) once he gets the assignment, but once the appraisal is completed and goes to underwriting, the underwriter may ask for more comps, which will add more time.
Is it prudent to ask for more than a 30 day closing, with the new lending and appraisal requirements?
I understand the need to be careful, but adding more bureaucracy will not make it better.
It sounds like we either add more time to the closing dates or file more extensions...is there a lesser of 2 evils? GOOD INFO Cyndee!
Cyndee - I sure this will not add more time to closing in NY, 30 day closing is not very common here.