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Started By
Message
Closing times for mortgages taking longer?
Posted on 9/22/20 at 3:01 pm
Posted on 9/22/20 at 3:01 pm
My realtor told me appraisals are taking longer due to demand for refinances right now so it may take longer than 30 days?
I’m in the process of selling and for tax purposes need to sell fast. Covid screwed me on the timing. So I’m trying to figure out some plans.
I’m in the process of selling and for tax purposes need to sell fast. Covid screwed me on the timing. So I’m trying to figure out some plans.
9
Posted on 9/22/20 at 3:09 pm to baldona
There are definitely underwriting and closing docs delays.
I haven't heard about appraisals being a reason for the delay. Those usually go to valuation management companies who farm it out on behalf of the lender. That basically is an APB where one appraiser will usually respond and schedule quickly.
I haven't heard about appraisals being a reason for the delay. Those usually go to valuation management companies who farm it out on behalf of the lender. That basically is an APB where one appraiser will usually respond and schedule quickly.
Posted on 9/22/20 at 3:09 pm to baldona
A refi will take longer than 30 days but it wont be because of an appraisal.
Posted on 9/22/20 at 3:15 pm to baldona
The whole industry is overwhelmed with demand right now. Lots of places have 2-3 times the amount of files they are normally used to handling. This goes for lenders, agents, title companies, appraisers, etc. Had someone tell me it's been like a Medusa's head... he answers one e-mail and three more take it's place.
Posted on 9/22/20 at 4:27 pm to baldona
Industry standard is less than 30 days to close for purchase, and around 45 days for refinance. If a lender is quoting you longer, their company is backed up. Send me your email if you want a price and closing estimate.
Posted on 9/22/20 at 6:45 pm to bbowker7
Good stuff thank you. The buyer is military overseas so trying to push the 30 days date and my realtor told me that may be realistic with the current backlogs. But I’d rather push the 30 days doesn’t seem like it should be a major issue for a new purchase.
Posted on 9/23/20 at 8:24 am to baldona
I was told the same thing for a townhome I purchased in B.R. earlier this year and it was true. Appraisal delays screwed the timing all up. Contrary to what most others have said here everything else was ready and done just w3aited way too long for the appraisal.
Posted on 9/23/20 at 9:26 am to baldona
Take a cash offer
Purchase loans are not taking a long time to fund since they are priority
Must purchases get appraisal waivers
Realtors have no idea what they are talking about
Purchase loans are not taking a long time to fund since they are priority
Must purchases get appraisal waivers
Realtors have no idea what they are talking about
Posted on 9/23/20 at 10:02 am to baldona
I'm selling my house and have had to agree to push closing date three times now due to the delay in paper work.
Posted on 9/23/20 at 10:37 am to baldona
we are asking 45 days on purchase contracts, do everyone a favor involved and just realise it might take longer than 30 days. You can't push underwriters its get in line and wait on your day to come. asking them to push the loan faster just because of tax purposes isnt going to work.
Posted on 9/25/20 at 11:55 am to baldona
Not sure what magic our lender worked but we bought a new house about a month ago and we went from an accepted offer to closing in 18 days.
Posted on 9/25/20 at 12:02 pm to hawkeye007
quote:
You can't push underwriters its get in line and wait on your day to come. asking them to push the loan faster just because of tax purposes isnt going to work.
Good deal. I think there’s a difference in trying to get it done in 30 and being delayed and agreeing to 45 days from the beginning. The buyer should be pushing their team to get it done also and if we agree to 45 the buyer just gets to sit back and relax until we’ll past day 30.
I don’t care if takes 40 days I just don’t want to agree to 45 unless it’s absolutely necessary due to delays.
Posted on 9/25/20 at 9:11 pm to baldona
Just closed a refi today. It took 4+ months to close. US Bank was terrible to work with. They had to recertify appraisal, income and credit. Appraised value went up $30-40k due to market but they wouldn't factor it in.
Posted on 9/25/20 at 9:17 pm to LStU
quote:
They had to recertify appraisal, income and credit. Appraised value went up $30-40k due to market but they wouldn't factor it in.
Then why the hell did they have to do another one? I guarantee you it would have factored in had it dropped
Posted on 9/25/20 at 10:18 pm to AA7
It’s taking an average of 40 days for most purchases. Refinances with good lenders are still being closed in 30 days on average. Every part of the business is slower... appraisers, inspectors, title people, realtors, and obviously lenders.
Posted on 9/26/20 at 12:04 am to AA7
Exactly. They took so long to close that the appraisal, credit check and income verification expired. But any positive changes weren't considered - only negative.
I got them to cut their closing fee in 1/2 since they had to run my credit again. Still not a truly equitable concession.
I got them to cut their closing fee in 1/2 since they had to run my credit again. Still not a truly equitable concession.
Posted on 9/27/20 at 9:37 am to bbowker7
Why do refinances take longer?
Posted on 9/27/20 at 10:25 pm to LSUFanHouston
There are people moving and counting on home sales to close so they can close their purchase. Movers are lined up. It is usually much more time sensitive. If you are doing a refi and it closes 10 days late it is usually not a problem.
This isn't always the case, but it is most of the time. So lenders make purchases a priority.
This isn't always the case, but it is most of the time. So lenders make purchases a priority.
Posted on 9/29/20 at 5:00 pm to LStU
The original effective date on the appraisal should have been fine this does not make sense. Recertification doesn’t happen unless there were things that were needed repaired. Updated appraisal is probably what happened and that’s why the value didn’t change due to the effective date being months ago when the house was originally appraised
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