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jay Great Falls
February 3, 2011 at 8:35 pm
Hey it’s great having government interfering in the marketplace including forcing banks initially to loosen their lending standards for their social justice campaign. It’s been a very positive experience on the economy and housing industry for the past 5 years…. 🙂
Fred Glick
February 4, 2011 at 8:34 am
As a follow up to my article, check out this video from thinkbigworksmall.com :
https://www.thinkbigworksmall.com/mypage/archive/1/57858/
Connie
February 4, 2011 at 9:46 am
Hey, we need a little common sense here. We need the flexibility to work this out, especially at the closing table.
I can understand that loan practices have to be stricter, since the massive fraud that “Bernie” brought to our industry. But now, don’t you think its time for common sense? We need to sell these homes so we can get back to a ‘normal market’.
Missy Caulk
February 4, 2011 at 9:49 am
“on a supplemental page of the HUD settlement sheet, there is a discrepancy of $25 because the local township just raised their transfer tax two months before.”
Fred, the thing that sticks out to me is 2 months before….that is long enough for the Title Company (or whoever in your state) gets the closing file to catch this and get it changed.
Not saying the rule is good, it is ridiculous…but in this case should it not have been caught before the fact by the lender, attorney or Title Company and not stopped a closing?
Fred Glick
February 4, 2011 at 10:27 am
@Missy, ignore the details for a moment.
The Fed is doing something they cannot do. What will be next? Limit real estate commissions?
It’s the theory that is the issue.
But, to speak to your issue, a broker who is not informed about the change, can’t change the form that the clients have already signed. The process is totally flawed and broken.
The Fed is just making it worse.
Call me at 215-852-4469 for detailed clarification.