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OK, with the tightening of credit markets, LIBOR going nuts, and the whole Citi/WellsFargo/Wachovia menage a trois, here's the question:
Are house sales still closing? Are approved mortgages from mainstream banks still being funded?
My buyers are putting 20% down, with Wells Fargo, and we have a closing date of October 30. I agreed in early September to a 7-week close
Should I be worried that their mortgage, though approved, will not be funded?
(Note that I've offered to pay the interest so that we can bring up the closing date and just get the deal done, but they don't want to "because they've paid for their apartment through the end of the month." Yeah, first time buyers...)
My realtor has tried to check in with their loan officer but her calls aren't being returned.
OK, with the tightening of credit markets, LIBOR going nuts, and the whole Citi/WellsFargo/Wachovia menage a trois, here's the question:
Are house sales still closing? Are approved mortgages from mainstream banks still being funded?
My buyers are putting 20% down, with Wells Fargo, and we have a closing date of October 30. I agreed in early September to a 7-week close
Should I be worried that their mortgage, though approved, will not be funded?
(Note that I've offered to pay the interest so that we can bring up the closing date and just get the deal done, but they don't want to "because they've paid for their apartment through the end of the month." Yeah, first time buyers...)
My realtor has tried to check in with their loan officer but her calls aren't being returned.
I would ask your realtor to keep checking, but I think it is a good sign that your buyers are working with Wells Fargo since they seem to be one of the few institutions holding there own right now. Good Luck!
I just got a 300K loan with Wells Fargo and refied two months later when Fannie and Freddie went under. I put 20% down and had no problem when closing.
Me and MrsO are going for an FHA loan and not going anywhere NEAR the amount of mortgage we qualified for - closer to half. We envision having no problems. Solid credit, little debt...
We're building new, though, so the process is going to take a while. Probably closing end of January/early February. Who knows where things will be by then?
right now the only things closing without a problem are FHA or government funded loans. I'm closing on 10/24/2008 through an FHA LOAN
Not true. The media seems to be saying this over and over but my experience is much different. I have 5 more closings this month and no problems with them. I did have buyers from another state that were using a credit union and there were some problems so they chose a lender here in Raleigh and even that lender said he didn't know why they were having problems as they were buying well within their means AND were putting a sizable down payment down. Sometimes I wonder about some of these lenders!
I have also HEARD through the media that no one is getting car loans. A few of the agents in my office just purchased new cars and said they had no problems. I wonder about the media. Can we believe ANYTHING they say?
I'm an ex-banker and watch the CNN/Bloomberg financial news for several hours a day at the gym.
The folks having issues are the more marginal borrowers that are no longer finding easy funding for anything. Even credit lines and HELOC limits are being cut for less than stellar applicants.
OK, with the tightening of credit markets, LIBOR going nuts, and the whole Citi/WellsFargo/Wachovia menage a trois, here's the question:
Are house sales still closing? Are approved mortgages from mainstream banks still being funded?
My buyers are putting 20% down, with Wells Fargo, and we have a closing date of October 30. I agreed in early September to a 7-week close
Should I be worried that their mortgage, though approved, will not be funded?
(Note that I've offered to pay the interest so that we can bring up the closing date and just get the deal done, but they don't want to "because they've paid for their apartment through the end of the month." Yeah, first time buyers...)
My realtor has tried to check in with their loan officer but her calls aren't being returned.
My realtor had three closings last week. He said two is a good week so he was thrilled w/three...and this is Michigan where the economy is far worse than NC. I too, think the media is feeding some of the issues out there which does us NO good.
We just got approved for that loan, by one of the big commercial banks. I don't think anyone with good credit who lives well within their means has anything to worry about. But then, that's always been the case I suppose.
I guess my dad was right about some things.
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Yeah, first time buyers...)
