Here's the scoop.
I have a client who has put in a contract to buy a $350,000 home. He's putting down $150,000 plus the closing costs, thus borrowing $200,000. The home he and his wife currently live in is in a nearby city, it's paid for and they don't want to sell it. They're buying the new home to live in...in Texas talk, to be their new "homestead."
The underwriting of this loan has been continuing for just shy of a month. And I know from experience that this kind of foolishness is standard these days when it comes to home loans. Take my word for it,it has never been this ridiculously tedious in the 45 years I've been in business. I for one am tired of it.
How is it that an industry as big as ours has allowed our clients and us to be held hostage by a barrage of senseless rules that have done nothing but endanger the viability of the home market?
If you are a frequent reader of my ActiveRain posts you know that I often muse that we seem to have little representation in congress..we're pushed around as if we have no right to demand to be heard.
And that makes me wonder if it isn't time for Realtors to demand and get a full report from the National Association of Realtors as to exactly, precisely how much of our dues goes toward lobbying and why our representatives are not more successful.
BILL CHERRY, REALTORS
DALLAS - PARK CITIES
Our 45th Year