Lenders Kill Closing Time Frames
Transcript:
Jack Butala: Jack and Jill here.
Jill DeWit: Hi.
Jack Butala: Welcome to the Jack Jill show, entertaining real estate investment talk. I'm Jack Butala.
Jill DeWit: And I'm Jill DeWit, broadcasting from sunny southern California.
Jack Butala: Today, Jill and I talk about how lenders can kill closing time frames. Now, and you're "I want to buy a quick SFR deal."
Jill DeWit: Oh, hey.
Jack Butala: Not all lenders are evil. We're not here to bash lenders. We bashed real estate agents a couple of shows ago.
Jill DeWit: Could you imagine? Wonder what the fast is? I'm really curious. I'd love to take a poll. Like, I should do this on Facebook. I'm gonna make a little, do a little Facebook poll and just see what's the fastest closing that people have done with a lender, and I bet it's like shocking. Shockingly slow.
Jack Butala: Yeah.
Jill DeWit: You know?
Jack Butala: Like an old school lender, like a big bank.
Jill DeWit: Yeah, let's, well you-
Jack Butala: I bet it's 30 days.
Jill DeWit: I like, yeah, and they probably feel good about it. Yeah.
Jack Butala: And I bet that with the private lenders it's still 10 days. You still have to look at some stuff.
Jill DeWit: Yeah.
Jack Butala: But that's what we're here to talk about.
Jill DeWit: Totally. Love it.
Jack Butala: It's gotten a lot better. Man, it used to take six months to buy a house.
Jill DeWit: Oh my god. Really?
Jack Butala: I'm not that old, you know, I'm old enough to remember. Yeah.
Jill DeWit: Yeah, you know what? Oh, yeah, remember the whole short sale thing, back when that was, I mean ...
Jack Butala: I mean, I mean in the '90s.
Jill DeWit: ... a big deal.
Jack Butala: In the '80s and '90s it took ...
Jill DeWit: Well you know, I do remember my parents bought a house in Laguna Hills in the '80s, late '80s, and that took forever, you know. I know what you're ... I remember, and it was buying it from a bank, and it was a whole [inaudible 00:01:30] thing, and ...
Jack Butala: Bank's gotta send a person out there.
Jill DeWit: Man, it was just ridiculous. Exactly. Good stuff.
Jack Butala: But that's past now. Thank you.
Jill DeWit: That's behind us.
Jack Butala: This is a great time in history to be a real estate investor.
Jill DeWit: Exactly.
Jack Butala: We have so much data that's available, most of it's free, and we just have to realize how to use it. Yet I see many, many, many people just kicking it old school.
Jill DeWit: Could I ask you a political question? And if you think this is a bad one, you want to just skip it we can. But, because our current President has a real estate background, are we in for some good changes?
Jack Butala: No.
Jill DeWit: Oh. Well, never mind.
Jack Butala: I mean with all ... I do not care one way about, you know, left to right or any of that, but the person that we have in office is ...
Jill DeWit: I'd like to see some easier...