Socialize
Yesterday GMAC announced today that they will be shutting down all retail locations (over 200 US wide) and all wholesale lending operations (broker channel). GMAC is not as large as they have been in the past but were definitely a player in the industry especially in the bay area. Buyers that were counting on a GMAC pre-approval may have to make other arrangements; and on the listing side as your Realtor, I will make sure there aren’t any loans currently in process at GMAC so you don’t get caught.
Rumor has it that the top producing Sjilicon Valley GMAC offices and loan agents will be absorbed by Prospect Mortgage by mid-month. In the meantime, we have other lenders who are also available to help if you get in a jam on either end. Call me at 408-857-8800 and let me know if you have any questions. Rick Bonetti, Alain Pinel Realtors