Real Estate has become harder and harder to get financing on. Now with Bank of America‘s credit score being reduced along with some other top banks, the lending will get even tighter. The banks need to keep their own credit ratings up in order to borrow more money so they can make more loans to the end users. The end users have to jump through more hoops than ever now.
Example: A buyer of mine who had been divorced for years and remarried for over 5 years had two boys. The underwriters one day before close made him have his sons who were now ages 22 and 25 send the underwriter copies of their driver’s licenses to prove dad didn’t owe any child support.
Example: Another buyer of mine had to write a letter on why he wanted to move across town a distance of about 40 miles to a better home from the one he had. Really?
Come on. So when I hear a buyer say, “I will be a cash buyer”, it is MUSIC to my ears.
Kelly Klein, Lifeguard Real Estate, Inc.