While signs of a real estate recovery are evident in recent months, the rate of cancellations on real estate transactions in the month of February have been reported at around 31%. If you are a buyer or seller in this improving market, you should be aware of the issues that are affecting many transactions.
1. Appraisals below contract price: Many lenders are hiring appraisers from other areas who are unfamiliar with the local pricing. Many of the comparables used are foreclosure and short sales. This brings down the value of the non-distressed property.
2. Ultra-conservative underwriting and documentation requirements: Toughened rules have been established by lenders and the FHA on loan applicants.
3. Poor service by lender staff: A lack of customer service and generally bad attitudes by loan processors have added to the problem.
While you can’t control the issues that may be causing your transaction to hit a snag, just knowing the issues can help you stay on top of the lender or the Realtor involved in your transaction.
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