Appraisals Delays and the Cause and Effect of these delays to all involved.
Appraisals Delays and the Cause and Effect of these delays to all involved is just amazing.More often then I would like to know, Appraisals have been consistently reaching Lenders late. There have been a number of discussions about Appraisals by Realtors and Mortgage Brokers and the delays that this has caused in obtaining loans for the Buyers.
As the Real Estate market continues to move slower then we would like, Sellers, Buyers, Realtors and Mortgage Lenders all remain uncertain. We are looking at these trends and first thing we need to do is to adjust our way of doing business.
Gone are the days of 17 days Loan Contingency Removal and 30 day Escrow periods when it comes getting a loan? In the heyday of our market Mortgage Brokers could assure Realtors that they could remove the loan contingency within 12 days. Now that is not the case.
From a Buyer’s perspective, what would a reasonable time be, to remove the loan contingency? As Realtors we need to be responsible in competently and carefully advising our buyers to make sure that their interests are protected. The sellers need to be educated, counseled regarding Loan and Appraisal Contingency Periods and the time it takes to achieve this.
The most important commodity we as Realtors have to bring to the Table is a sense of Fair play, patience and educating the buyers as well as the sellers of the process. Most Buyers and sellers would agree that a transaction should be fair and equitable to all parties.
We must not only educate, but we have to verbalize the pros and cons of each action and then ultimately we have to remind ourselves that we are the Realtors and that the final decision must come from our clients the principals.
The Cause and Effect of all this is, we need more Time to close an Escrow. We need more patience by all parties involved and more education by the Realtors involved. The final Effect more stress can be avoided by better educating the Principals involved.
So in conclusion I am very optimistic that we will continue to have a robust summer into the Fall Real Estate Season as long as we stay on top of these issues and continue to educate all parties involved.
If you are a consumer who is considering buying or selling a home, investment real estate, vacation homes, or beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Culver City, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 (USA) or email me at EndreBarath@TheMLS.Com or visit one of my websites at http://www.endrebarath.com