This business seems to be changing on a daily basis. As a realtor, I'm finding .....especially in the last 6 months, that even ready, willing and able buyers can't get approved.
We are just now dealing with a scenario of an investor buyer with 10% down being declined because of banks requiring 20% down. It hasn't been that long ago, months, really that investors could buy with no money down. Of course we've seen where those loans have led to....the foreclosure problem..
It's a guessing game right now really. Even with preapproval letters from lenders...and buyers with money to put down, still the banks have tightened the reins and further hurting the market.
This is my experience from buyers not being approved close to closings and well priced listings just sitting!
It's tough...sellers and buyers!
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