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Hot off the Press: Do You Have a Pending Contract?!

Real Estate Agent with Coldwell Banker Burnet Realty MN Broker# 20588319

February 08, 2008 05:39 AM

If you are in the process of buying or selling real estate in Minnesota, check with the lender who is processing the loan on the status of the file. Freddie Mac and Fannie Mae have declared many Minnesota zip codes as declining market. So, effective now, no 100% financing on conventional financing anymore. Depending on the price range and eligibility, you may be able to switch to FHA or VA.

What's most important here, check with the lender regarding your situation.

Don't be surprised one day before closing.

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Debbie Holmes

John L. Scott - Boise, ID

Gets the job done!

I had the same problem in Boise....... The buyers are still scrambling and I am holding an open house today,,,

Feb 10, 2008 01:37 AM

Marzena Melby

Coldwell Banker Burnet Realty - Richfield, MN

Realtor, Twin Cities Minnesota Real Estate

Hi Debbie - good luck!

With this recent change, it looks like the FHA and VA will be our best bet. And, thank goodness, the FHA is undergoing a "face lift" so that as listing agents we don't have to worry about minor property defect to be a big problem with the appraisal.

I am getting ready for an open myself. Good luck to both of us!

Thank you for the comment.

Feb 10, 2008 01:57 AM

Mike Jones

SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) - Tucson, AZ

Mike Jones NMLS 223495

Good luck to all of you!

Mike in Tucson

Feb 10, 2008 01:13 PM

Marzena Melby

Coldwell Banker Burnet Realty - Richfield, MN

Realtor, Twin Cities Minnesota Real Estate

Thank you, Mike.

Feb 10, 2008 09:55 PM

DDR Realty

DDR Realty - Newburgh, NY

Orange County NY

It seems like this concept and term "Declining Market" is starting to be applied to various areas in the country. I recently read post by another NY Realtor who states it too is being applied in her local area.

Feb 10, 2008 10:40 PM

Todd Clark - Retired

eXp Realty LLC - Tigard, OR

Principle Broker Oregon

This is happening all over the country and it is sad when people are days away from the closing table and the lender change their mind about doing the loan. It affects everyone involved including the seller and the seller of the home they are trying to buy and so on down the line.

This is great advice at this time to keep on your bank no matter what state you are in.