Downtown Boston real estate for sale
Lately it seems like there are delays in downtown Boston real estate closings half the time. There are only a few local lenders who can make it happen on time, the rest of them just claim they can do a good job. Perhaps tis because of the recent heath crisis.
Both Boston condo buyers and sellers are held hostage when the lender decides that they need another week or two to get the loan approved. Generally delays are a couple of days to a week on average. Buyers and sellers have to change their plans and wait for the lender and it happens all to often.
It would be nice if there were some kind of a penalty to the lender for not making the closing date but there is not.
Closing dates are not etched in stone but they should still be taken seriously. Sometimes I advise Beacon Hill and Midtown condo sellers to counter offers they get on their home asking for different financing. I hope lenders are reading this because right now I have a short list of lenders who can do the job and get it done on time.
One of the problems we have with the mortgage industry is the loan processing department where the loan goes in to a bureaucratic black hole and where no one is accountable.
When I work with Boston real estate buyers I recommend certain lenders. The interest rates are all about the same but the level of service is not. The mortgage companies have all sorts of reasons for making a mess of the loan. I call them excuses. If you want to know who the best lenders are, ask your Boston real estate agent.
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