Temecula Real Estate Fundings Suspended

If the lending industry isn't paranoid enough already with Foreclosures and Shortsales constantly nipping at their heals, the recent fires in Southern California are sending them over the edge. Properties ready to close are experiencing funding problems as lenders are requesting last minute property verifications before the money will be wired. Of course, this request comes in the morning of the day it's suppose to fund, effectively delaying the funding until the appraiser or who ever can get out to the property to take pictures. Unfortunately they aren't accepting pictures from agents, (we obviously don't care whether the property is standing or not we only care that we get paid). So the lender requests the appraiser drop everything and in some cases drive many many miles in order to take a few pictures and forward them to the lender. This causes everyone to scramble to get things taken care of ASAP. It doesn't matter that the property may be in an area that had no fires, they still need proof. So the buyer, who by the way may be on the brink of having to pay escrow delay fee's associated with bank owned homes, (these fee's add up quickly if escrow does not close on the designated date) is facing unexpected and uncontrollable delays.

Things really start to heat up when the appraiser won't go out to verify the property. Now another appraiser has to be found who's willing to go to an unknown property and take pictures as verification that the house is not a pile of smoldering ash. He's not going to do it for free so who gets to pay? The buyer is already upset as delays loom, the lender doesn't want to pay because they don't make enough money to begin with. Why should the agent pay? They are more than willing to go take the pictures themselves but the lender won't accept these. Maybe the lender will pay for their request? NOT A CHANCE! Lets talk about who pays later lets just get someone...anyone out there.