I guess I have been in a bubble for a few years because only lately am I getting buyers who want a house or condo under $50,000 and might I add in nice conditionn, in a nice neighborhood and they need a loan.
I am never good at telling these buyers that what they want it unattainable because they have the same dream of home ownership that we all do. Most lenders won't loan on a condo that is under $50,000 for a variety of reasons one being the rental to owner occupancy ratio. Or at least I haven't found one who does.
So how to you break it to buyers that what they want may not be possible? Even cash buyers aren't finding deals like this in nice neighborhoods in the Phoenix area. I want to do the best I can for my clients so any advice you can give would be most helpful.
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