Over the holidays I had a chance to visit with a number of my top-producing friends from both the brokerage and the mortgage side of the business. What shocked me was how many of these highly successful people were thinking about permanently leaving the business. The reason? "I hate Realtors!"
Let’s face it: 2009 and 2010 were probably the most difficult markets since the Great Depression. Today, even highly qualified borrowers cannot obtain financing, especially if their property falls into the jumbo loan category. Making matters worse, most lenders are terribly understaffed and are unable to fund a purchase loan in less than 60 days.
The challenge is that many Realtors are so desperate for a closing that they write their contracts to close in 30 days, even when the lenders are advising them to expect a minimum of 60 days to close a transaction.