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Here's the problem...things are not getting better in other parts of the country, so things will be extremely rough for a long time here unfortunately....
That's interesting I drive down the street and see 3 under contract signs in my neighborhood. Can't be all that bad.
I have the same thing on my block. The problem is that 2 of those 3 were under contract previously and then went back on the market....
Unfortunately, many homes that go under contract are not a lock to close anymore, because so many people cannot sell their primary residences, thus the sale falls through.
I'm not saying its as bad as the California's or the Florida's, but things haven't stabilized and that's my point.
Well, Jack . . . I remember the discussions you and I have participated in months ago . . . and I clearly remember your advice: price your house in anticipation of a falling market - price below your neighbors - get it moved.
Sadly, I offered this advice to many people (along w/ adding bonuses) and NOT ONE of them listened to me. And EVERY ONE OF THEM has now lowered their prices in the range of $20 - 30,000 (or more) from where they started four to six or so months ago. And all told me - bonuses don't work. (Yet the one friend back in KS that used the bonus method in July sold the house in 2 weeks, Hee Hee).
You were soooo right. If everyone would have done what we advised - cut that house down to start with . . . not only would the houses have sold . . . no mortgage payment going out the door every month . . . and no delay w/ moving to another location (or to a different home here).
I knew at the time we were right.
Wanna make another prediction - about tightening of credit? Higher interest rates?
Well, Jack . . . I remember the discussions you and I have participated in months ago . . . and I clearly remember your advice: price your house in anticipation of a falling market - price below your neighbors - get it moved.
Sadly, I offered this advice to many people (along w/ adding bonuses) and NOT ONE of them listened to me. And EVERY ONE OF THEM has now lowered their prices in the range of $20 - 30,000 (or more) from where they started four to six or so months ago. And all told me - bonuses don't work. (Yet the one friend back in KS that used the bonus method in July sold the house in 2 weeks, Hee Hee).
You were soooo right. If everyone would have done what we advised - cut that house down to start with . . . not only would the houses have sold . . . no mortgage payment going out the door every month . . . and no delay w/ moving to another location (or to a different home here).
I knew at the time we were right.
Wanna make another prediction - about tightening of credit? Higher interest rates?
Rates dropped HUGE on Monday due to the government taking over Fannie Mae and Freddie Mac. Not that it helps people who can't qualify but it helps either way.
Only the most pristine credit people are getting mortgage loans now. With large down payments. The mortgage industry is in a crisis now, too. Companies are cutting back to the bare bones of mortgage personnel so there are not as many people to underwrite these loans. Analysts say it will be 2010 before it gets better.
Only the most pristine credit people are getting mortgage loans now. With large down payments. The mortgage industry is in a crisis now, too. Companies are cutting back to the bare bones of mortgage personnel so there are not as many people to underwrite these loans. Analysts say it will be 2010 before it gets better.
The first line of your statement is completely false.
Plenty of people are still obtaining loans with very little down and past credit issues. FHA is a great example of what I'm talking about. Not a credit score driven product but based off your last 2 years of payment history and only requires 3% down.
The effect that Freddie and Fannie will have in the coming months is unknown at this point. My opinion is that credit has to tighten in response. I can't fathom handing out loans the way it has been done in the last 4-5 years.
I had posted this question on the mortgages forum, but I'd like to ask it here in this thread as well.
What, in your opinion, is considered a "good" credit score in the eyes of a lender? I know the answers will vary, but this is something I have been curious about since DH and I are preparing to buy our first home.
I just pulled my credit score from myfico.com, DH is doing the same. We'd rather go into this whole thing with our eyes wide open before we sit down to talk to anyone.
We just had 6 go under contract in the last 4 weeks to present...that is pretty good for a bad market...
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