Our lender said this week was like the movie Wall Street. For the first time in the history of this lender it was like a free for all similar to a stock floor trading scene. There were such massive calls and emails that it glutted the system and they had to resort to faxing in rate locks. Furthermore….no 5 day grace period of having all your papers complete in the file. The file had to be complete to lock it in. Then they discovered the sad facts the five faxed in locks were only locked in3 of them. The other two were shut outside, no explanation, no I’m sorry, its just over to try another day.
She also explained the issue with the appraisers. If they check the box decreasing market or soft market then the review is nearly guaranteed and they will only loan against 95 and in the near future…maybe tomorrow 90% of the appraised value.
You see how that affects sellers agents who want the loan contingency removal? Some agents are just having to live with waiting till the loan funds to get that removal. This is a tough time.
Silly old bears…..didn’t everyone think Yippee!!! They cut the rates 3/4 %!! That is the other shoe hitting the floor. It is a short lived euphoria.That news is really for the credit cards, Heloc’s and the like. The real lowering of the rates will come when stocks are down. Thats when the giants with money will quickly and massivly move the money around. Speed is king, Cash is king and Fico is King.
One other noteworthy NOTE…no pun intended…is that California is still out in the cold with the FEDS 417K deal. California doesn’t even have doghouses at the beach for 417K.
South Bay area sold 3000 properties last year. South Bay in LA includes El Segundo, Manhattan Beach, Hermosa Beach, Redondo Beach and Torrance for this statistic.
So whats UP! We’re all waiting for the Super Bowl to be over and sell some REAL ESTATE! A lot of us are happy our husbands have jobs.
Tags: El Segundo, Hermosa Beach, Manhattan Beach, redondo beach, South Bay, Torrance
