The days of the 30-day escrow are disappearing in my world. I just had an escrow go 62 days, the following a VA loan, went 52 days, and a current escrow is no where near closing at 30 days, which is this Friday. Loan docs anyone?
I used to take the 30-day escrow for granted. Now the rules for loans are changing on a daily basis making it very hard for even the most qualified buyers to close a loan in a timely manner. To top all this off, the very companies that make these loan are the same ones who have no tolerance for an escrow that goes over 30 days. Foreclosed homes owned by the banks start charging $100+ per day for an escrow going over its closing date. Short sale approvals will dock the Realtors' total commission a point if it goes over escrow. Yet, try asking these same banks to hurry up an escrow. Surely, you jest!
You think there would be a little empathy here. But no, banks are ruthless entities that don't care about Joe Home Buyer. You're just a FICO score to them. I'm pretty sure there's a special little Karmic Hell for the mean* ones when this is over.
Banks as a whole are mean; however, many loan officers are very, very nice and are not included in any of my lashing.
Wednesday, April 29, 2009
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