One of my clients listings is under contract to close March 20…The buyers agent asked (over 30 days out) for a 10 day extension…I pressed for an answer and was told USAA is at capacity and can’t close more deals than already on the books for March 20…I sent that response to MY lender and got the following……
“USAA says they are at capacity for loans that can close that day..why do you think that is? Because they are jammed up refinancing their existing client base. Big banks say they want to capitalize on the sustainable part of the business, which is purchase business. However, they don’t really pay attention. This is why they constantly miss closing dates! Now, I don’t, nor have I ever, worked for USAA and I can appreciate them sticking to their rules and guidelines, but how can they believe that the seller and buyer will agree to extend the date?! there are plenty of us out there, with competitive terms, that can accommodate a prospective borrower’s sales contract closing date…within reason of course J…and 45 days is more than within reason.
When people ask why they should resist the temptation of running to their bank for a mortgage, because they’ve been a customer there for years and have their accounts, and they’ll be taken care of, etc. etc. etc….this is why……because of the answer you received below about why the date needs to be moved.
Can you imagine me telling you, Melissa and your clients, hey..congrats on the contract, but you need to get an addendum because 45 or 60 days is not long enough for me to get you closed?! You’d be done with me in an instant….LOL”