Upturn in the market or recession?

[Bobby J]

The buyer never left. The value did. As we come back to reality the buyer begins to see value.

 

[rapunzel]

Are the banks beginning to see value?

Is anyone seeing financing loosening up?

From my limited experience, it seems the banks are still holding back and until there is financing available the market can't find a bottom. The pool of buyers who can pay cash for a million dollar home is simply too small.

 

[seagrovegirl]

Are the banks beginning to see value?

Is anyone seeing financing loosening up?

From my limited experience, it seems the banks are still holding back and until there is financing available the market can't find a bottom. The pool of buyers who can pay cash for a million dollar home is simply too small.

Maybe...however, most of my buyers have cash, or already have financing set. Their just waiting for the right property at the right price.

 

[Bobby J]

Are the banks beginning to see value?

Is anyone seeing financing loosening up?

From my limited experience, it seems the banks are still holding back and until there is financing available the market can't find a bottom. The pool of buyers who can pay cash for a million dollar home is simply too small.

Lenders are beating the doors down. Good credit, 20% down will get you whatever you want. Lenders have to lend, builders have to build. The real estate market moves on....Any deal I have lost due to lending has been about a buyer not disclosing something and then saying financing fell through.

 

[Bobby J]

Lenders are beating the doors down. Good credit, 20% down will get you whatever you want. Lenders have to lend, builders have to build. The real estate market moves on....Any deal I have lost due to lending has been about a buyer not disclosing something and then saying financing fell through.

BTW, you have to have income.

 

[Lookylou]

BobbyJ,
We have 20% to put down and great credit, but I am self employed. This would be a second vacation home for us. Are you saying we would be out of luck?

 

[SSGA]

Lookylou-I'm self-employed and we just bought. There were a few hoops to jump through, but as long you have a few years of tax returns, I don't think you'll have any problems based on my experience.

 

[Franny]

BobbyJ,
We have 20% to put down and great credit, but I am self employed. This would be a second vacation home for us. Are you saying we would be out of luck?

SSGA is correct. The banks no longer offer no doc loans as they did previously for self employed. I would also recommend using a local bank/mtg company.

 

[Smiling JOe]

Lenders are beating the doors down. Good credit, 20% down will get you whatever you want. Lenders have to lend, builders have to build. The real estate market moves on....Any deal I have lost due to lending has been about a buyer not disclosing something and then saying financing fell through.

ditto. In fact, CountryWide needed all of that extra cash to continue lending more money to even more people. That is how they make their money. What you have seen the lenders do, is be held accountable for the risks they take. As Bobby notes above, lenders would love to lend people money right now, but you have to have stated income (via tax returns). No more, "tell me what you make loans." With increases in FHA max loan amounts upwards of $350,000, many homes will fall into those loans. With a decent credit score and good cash flow, CountryWide will give 30 year fixed at 5.75% or less, with only 5% down.

 

[Smiling JOe]

Lookylou-I'm self-employed and we just bought. There were a few hoops to jump through, but as long you have a few years of tax returns, I don't think you'll have any problems based on my experience.

Again, correct. I would add that you would have to have positive net income. Not all self-employed people do. Many like to keep their income reinvested into their business, and keep taxes low.