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The mortgage mess and the lack of common sense.
We all know that in the past, buyers only had to make a phone call to get a mortgage. Those past years showed that almost anyone could get financing without any credit, or with zero down, or even with no job if a 10% or 15% down payement was on the closing table.Today, it seems that it's exactly the opposite.I made a few stats about buyers and sellers so far and saw that 87% of my pre-approved buyers have been denied. That was huge enough for me to put my number on paper.My last 3 buyers had a lot in common:    * They were all employed at their same position for more than 2 years.    * They all had their last 2 years of tax returns.    * Their FICO score were all in their low to mid 700.    * They were all tenants and had a down payment.    * They all made an offer on a property priced below $100K.However, they have been denied by their respective lenders, all different, for different reasons.
What's strange to see is that those buyers are paying their rent, month after month, religously, sometimes a higher amount than their mortage payment, but still are seen ... more

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