Wow, what a roller coaster the past few weeks have been! The news certainly hasn’t been great, but it’s also being spun in very broad strokes. To say that ALL credit is frozen is about as accurate as the media’s portrayal of the housing market for the past year!
Recent events have definitely affected many financial institutions. No question about it. But there are still strong companies out there, and they are still in the lending business. Look at those who are buying these fallen entities. Citicorp, Bank of America and Wells Fargo are still out there doing business. In fact, I know loan officers at Suntrust and Wells Fargo, who are still quite busy. Wells for one, has loans available for borrowers with credit scores as low as 620, and even some with no down payment!
If you want or need to move, there are ways to do it. First, go to your Credit Union, or the larger companies listed above. Find out the truth, don’t make assumptions based on the “junk food” that the media is feeding you. If you do qualify for a loan, find a professional to help you navigate through the market. This is always my advice, but now so more than ever. There is a lot to choose from, and a lot of “deals “to be had. But don’t be fooled by properties that were priced too high to begin with and then “reduced”, and don’t overlook those that are priced as bargains to begin with. Many people think if they get a home for less than the “asking price” they have gotten a great deal. Many also miss out on great deals if they can’t “get the price down drastically”, because they think that they are supposed to be getting a great deal, and aren’t.
If you don’t qualify for a loan, look at other options. Seller financing, lease options, etc. are all great ways to get into a property, but find a professional with experience in these. Many Realtors have only been in business during the “boom times” and have NO idea how to work in times like these.
Think you can’t buy because you can’t sell? Not always true. You may be able to rent your property, and then buy. You also may need a more experienced professional to get your home sold. Listen to them! Forget what your neighbor sold theirs for last year, what you think it “should be worth” and what you “want to buy”. None of these factors ever had anything to do with real “market value” anyway. It never ceases to amaze me the people who will say “but I need to make $X because I want to buy a home that’s $Y”. I always want to say “I want my home to be worth a million bucks, but that doesn’t make it so!” That’s like saying “I need to sell my kia for $50,000 because I want to buy a Porsche!” Good luck with that!
There have always been people who fail miserably in the worst of times, and those who create huge success in the worst of times. The difference? Mindset!
You will always find what you are looking for. Say “ I can’t” and you will create that reality. Ask “how can I?” and you will find a way…
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