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05-17-2008, 06:30 PM
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Real Estate Agent
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Join Date: May 2008
Location: DFW - Coppell / Las Colinas
3,030 posts, read 1,508,541 times
Reputation: 1597
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Selling a House and Jumbo Loans
I have my personal home for sale here in DFW listed above $900k. With the crunch on Jumbo Loans, showings seem to have slowed quite a bit in the last few months on homes above $700k or so.
For you guys in CA & other higher priced areas, is this a factor in selling higher end homes. Do most higher end buyers have the cash and not need a Jumbo?
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05-17-2008, 07:43 PM
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Real Estate Agent
Status:
"working on a huge project"
(set 13 days ago)
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Join Date: Oct 2007
Location: Salem, OR
4,190 posts, read 2,484,706 times
Reputation: 1541
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I know in Oregon it's a serious problem and we have a 40 month inventory of high end homes here in Salem.
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05-18-2008, 10:16 AM
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Real Estate Agent
Status:
"My PC beat me at chess but was no match for me in kickboxing"
(set 5 days ago)
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Join Date: Sep 2007
Location: A Cypress Tree Swamp in Carrollwood
2,377 posts, read 1,541,164 times
Reputation: 2803
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It's causing definite problems in the Tampa Bay area. Last August, it was like the lights were turned off and financing dried up.
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05-18-2008, 10:16 AM
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Real Estate Agent
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Join Date: May 2008
Location: DFW - Coppell / Las Colinas
3,030 posts, read 1,508,541 times
Reputation: 1597
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I understand the concept of risk but a guy putting a down payment of $500k and wanting to borrow $500k pays a premium for the loan.
Seems to me the lenders would be giving him a favorable discount instead of a penalty.
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05-18-2008, 10:25 AM
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Equal Opportunity Offender
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Join Date: Oct 2006
Location: San Antonio
2,105 posts, read 1,067,508 times
Reputation: 1064
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It's not really an issue in the San Antonio area. The jumbo programs are coming back and the Texas market is still very strong for luxury homes. Under a million, you're still probably going to have a buyer that's financing it instead of cash, but it's getting easier.
The most aggressive lenders tend to be the private banking divisions of your large banks (Wells Fargo, BofA, etc)
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