Redding's Ups and Downs

I've been working with some buyers and they found the house they wanted to buy.  So their offer was accepted and I opened escrow.  I was feeling that maybe once this year, I'd have a smooth escrow, because the buyer's had $100,000 to put down on a $210,000 house.  Wrong!!

The lender turned down the buyers and would not finance the loan.  Banks are driving everyone nuts.  

This year there are new laws regulating how banks handle REOs and short sales.  They will have to respond to buyers in a timely manner.  I've yet to see any of the changes taking place, but hopefully it will happen soon.  Then people that want to buy a house will hopefully trust in our system again.