I never thought I would see the day

By
Real Estate Agent with Weichert Realtors Southern Coast
I never thought that I would see the day when:  We scrambled around the office looking for a lender!  I know I'm fairly new to the business, but WOW!  It is hard to sell real estate when you can't find these people a lender.  This was a mobile without brick underpinning/ and the clients had fair credit.  One agent said "Let's call American Home Mortgage"  and my response was "closed".   Even our preferred lender could not touch this one because of the mobile without brick underpinning.  I am suprised at this, but i guess this is just economics!  It shall turn around at some point.
close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainer
304,164
Cynthia Tilghman, Realtor® Onslow County NC Home Specialist
Kingsbridge Realty, Inc - Hubert, NC
Hi Stacey,
I've never worked with a mobile home but my guess is it had something to do with being on a permanent foundation?  But as for placing loans with a lender, things are sure changing.
Aug 12, 2007 08:09 AM #1
Ambassador
407,202
Tracy Santrock
Fonville Morisey/Santrock Realty Group, Inc. - Cary, NC
Raleigh - Cary Realtor

Hi Stacey,

With all of the subprime lenders getting squeezed and going under the credit market is tightening quickly.  Loans that would go through in the past very easily are being rethought under the current conditions.  Good luck.

Aug 12, 2007 09:21 AM #2
Rainer
45,955
Greg Zaccagni
The Federal Savings Bank - Wheaton, IL
Illinois Mortgage Lender

These are difficult properties to finance as they are not permanently attached to the foundation.  My Company Countrywide won't do them either.

Greg Z

Aug 12, 2007 02:43 PM #3
Rainer
263,393
Ginger Sala
Wilkinson & Associates, Wilmington NC - Wilmington, NC
Wilmington NC Real Estate & Relocation~

Tracy, Manufactured homes must be on a permanent founation to be eligble for financing. No exceptions>

Ginger

Sep 04, 2007 02:10 PM #4
Post a Comment
Spam prevention
Show All Comments
Rainer
6,640

Stacey Ward

Ask me a question
*
*
*
*
Spam prevention