In a Real Estate Transaction there is a buyer, a seller , a buyers agent, a sellers agent, and a Lender. now there does not have to be all these folks but more often than not they are all there. There are also "minor players" like the inspector. They are minor players but can kill a deal.
So all the players march along on the trail to the closing. The agents keep the clients informed and make sure we are all in step with dates and times and things to be done. The clients nervous to the end rely, hopefully, on their agents and generally are in step with the process as they want it to happen.
Then we get to the lender. The lender wants it to happen too but is very often not in step. The lender asks for tons of paper work, and then comes back and asks for more. The lender seems to miss the dates in the contract when the appraisal needs to be done by, as well as the loan commitment given. A "good" lender will actually come to you and say they need an extension.
The lender today is out of step with the transaction in my opinion. Now before you all jump on me I would say that this happen 50 percent of the time. So we do work with good lenders who come through. But here is the point. Until Lenders get back to loaning where they were pre bubble we will never see a housing rebound. When we bought our first house in NYC it took 60 days to close. When we moved to Georgia the lenders laughed that it took so long in New York. Well guess what ? Georgia is now 45-60 days even for loans that are 100 percent no problem.
So what is needed is we all need to get in step. The market was out of step when any one with or without a pulse could get a loan. But now we have moved too far the other way.