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Is it true that there is a freeze on lending (mortgages, car loans, etc.)?
I read this somewhere and am wondering if it is really true. I figured this would be the place to come to find out, as you are all so incredibly knowledgeable about these things.
If it is true, might as well take this house off the market.
Wow... we're incredibly knowledgable. Now I'm really worried!
I have not heard anything like this, and I've been all over the news all day... but we're not FAR from it. Has your house been on the market long? I don't see the need to pull it off just yet... just hang on.
Right now people are probably all waiting to see what they are going to do in Washington - but of course that is all getting politicized now, so we can see another great example of how our government is full of a bunch of buffons - but I'm off topic now....
If the 700 BN goes though, lending will open up. all I know is that as a buyer, things are tough out there too. This is not a good time to be selling OR buying a house... the house we were looking at we are now fearful will not appraise for the contracted price, meaning that our house search will start all over again. So not only is underwriting a worry, but appraisal as well.
there is no freeze but the standard are surely getting tough for lending. only customers will high credentials are being given credit. banks are just being over cautious now, after seeing all the turmoil in the market.
had they been prudent in the past 10 years, we wouldnt be going through this crisis now!
If the 700 BN goes though, lending will open up. all I know is that as a buyer, things are tough out there too. This is not a good time to be selling OR buying a house... the house we were looking at we are now fearful will not appraise for the contracted price, meaning that our house search will start all over again. So not only is underwriting a worry, but appraisal as well.
If it does not appraise at that price, the seller can drop price, because they may not get another buyer.
About a six weeks ago a few friends of various political persuasions got togheter for dinner. We were all saying how we felt like it was the gilded age again and we were sitting on the cusp of disaster.... damn I wish we were just dumb.....
If it does not appraise at that price, the seller can drop price, because they may not get another buyer.
Diane G
Well.. .it's a new construction. our hope is that they will drop their price, but they seem to be a little bit stubborn. we'll see what happens. If they are not willing to budge, we are definitely going to walk.
My house was on the market for a while. I took it off and am doing FSBO as I've had more activity than the realtor ever did. A whole contract and brought no one through. Advertising was none, etc.
I have quite a few lookers though, on my own.
I just checked out through a friend the houses that are under contract in my town and there are only 5. Of those 5, I know two people involved in three of them. Not a lot going on in my opinion.
Here's another question. I've heard that VA lending hasn't changed also. They are still able to proceed as they always have. Is this right? Or have they tightened the belt as well?
Last edited by Jerseyt719; 09-26-2008 at 04:25 AM..
Reason: grammar
Is it true that there is a freeze on lending (mortgages, car loans, etc.)?
I read this somewhere and am wondering if it is really true. I figured this would be the place to come to find out, as you are all so incredibly knowledgeable about these things.
If it is true, might as well take this house off the market.
Thanks in advance for the info.
I heard this as well... my neighbor stopped by last night and made this comment - I just ignored him because I figured it was BS. Any insight??
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