A couple of lenders have now told me something that effects both buyers and sellers: they're recommending 45-day closings instead of the more common 30-day escrow period.
Why?
Tons of refinancers are clogging up resources, but the appraisal process has just changed. The combination of the two has slowed the lending process down and while 30-days is still doable, it's not safe. If, for example, you have buyers and sellers making plans to move in 30 days, think of the inconveniences caused on both ends if the loan process really does take 45-days.
The safe play appears to be the longer escrow period.
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