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...