Quote:
Originally Posted by justjim
Great post. You hit the nail right on the head. Prior to the new regulations that Government imposed in 2012, a 30 day close on a pre-approved client was no problem. Now it can be done but it could be a problem for the reasons posted.
Iam surprised that the Developer let a sale get away for a mere 15 days difference in closing. Indeed, sales must be very good.
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If folks thought this situation was messed up, wait until Dodd-Frank real estate lending changes go into effect in the next month. They were originally scheduled to be in effect in August but because of all of the compliance issues for the banks, it had to be postponed. The training class I went to shared that unless you are paying cash 30 day closings,you will not be possibles because of disclosures and verifications no mater who you are. If there was a holiday in the contract period you needed to add a week. It will be interesting to see how it shakes out.