Slow closing for resales - on purpose?

[Dean]

The truth is that resales costs them money, it doesn't add any income to the system and it costs them on the other end in that it is a lost potential retail sale. While one might make the argument that it decreases defaults, this really only impacts the other members who would have to pay the dues if the % of collections decreased. Since the length of time went up fairly instantly, I too tend to think it's at least partly by design though I'm sure workload is part of the issue. To a degree it's part of the cost of doing business and they're still better than most other companies in this area plus they don't charge a transfer fee (did previously). I also agree that one should factor in this likely delay in valuing a contract.

 

[supersnoop]

I wonder what would happen if someone tried to hold them to that 15 day estoppel requirement listed in the declarations.

 

[Mousewerks]

I wonder what would happen if someone tried to hold them to that 15 day estoppel requirement listed in the declarations.

So what would that look like? Getting a title company to close on the 16th day (obviously with both buyer and seller agreeing)?

 

[BrittanyLynn]

So what would that look like? Getting a title company to close on the 16th day (obviously with both buyer and seller agreeing)?

Even after estoppel the title company has to gather paperwork and get them to seller and buyer. Then everyone has to return all the paperwork. So closing on day 16 wouldn't happen. My estoppel came on 6/24 and I am still waiting to close.