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Summer market heat!

By
Real Estate Broker/Owner with Godfrey Properties RM422969

 

Wow, I never realized a little known fact to you and I as real estate agents.  Mortgage companies are rating our "areas or markets".    I do a lot of business in Chester County, PA.  Even though it has experienced an increase in pricing over the last year, the mortgage gurus are rating it "a soft market area" and are really scrutinizing the value of the property because of the location.  Some mortgage professionals will not even take a mortgage app in this area.  Unbelievable!  You might want check and see what your area is rated as it concerns the mortgage professionals in the area!

Veronica DeCarolis
Weidel Realtors - Flemington, NJ

Had not heard that one before. Our company has ownership in a mortgage compnay so I  don't think we'll have that problem.  Veronica

Jul 26, 2008 10:09 AM
Donna Marie Godfrey
Godfrey Properties - Pottstown, PA

Veronica:  I think it's driven by the underwriters and the mortgage parent companies.  Check it out.

Jul 26, 2008 10:17 AM
Fran Gaspari
Patriot Land Transfer, Inc. - Limerick, PA
"The Title Man" - Title Insurance - PA & NJ

Donna,

In the old days this was considered redlining and was illegal...go figure!!! Thanks,   Fran

Jul 26, 2008 03:03 PM
Donna Marie Godfrey
Godfrey Properties - Pottstown, PA

The mortgage people are actually throwing caution to the wind.

 

Jul 27, 2008 12:31 AM