Well first I want to say thank you for the wonderful welcome notes I got from other Active Rain members. That was awesome. All just for announcing my presence! I can't wait to see what happens when I actually post something worthwhile!
But seriously folks...
Yesterday has to have been one of my most frustrating and stressful days in real estate. I was supposed to close on a condo yesterday for first time buyers I'm working with. They have excellent credit scores, are going full doc on their loan, and have excellent reserves. The rub is, they were buying the property with 5% down. When we first went into escrow, I was told by one of my usual lenders that she could do the 5%, no problem. Unfortunately, SOOOO much has changed, and IS changing, on a daily basis, it's become much more difficult to pull off this feat. Well, fast forward over a lot (I mean, a LOT) of crap and hand wringing, and we are now one day PAST the scheduled close of escrow and still have no loan in place yet. I was on the phone ALL DAY yesterday with various lenders trying to pull something together for them. The fat lady hasn't sung yet, and I am still optimistic.
Couple that though, with what one of my colleagues and best friends here in my office is experiencing. His client has bought and sold many properties, currently owns a million dollar plus property in Palm Springs, has excellent credit and over $750K in the bank and can't get a loan with 10% down to buy an $800,000 condo.
WHAT IN THE HELL IS GOING ON AROUND HERE? It really isn't doing anyone a lot of good for these loan limits to be raised, for the government to be pumping money into the economy, etc, if they're making it impossible for ideal loan candidates to get their hands on the money!!!
Somebody, please!! SHOW ME THE MONEY!!!
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