Thru The Looking Glass?

By
Services for Real Estate Pros with Midamerica Referral Network

 


I felt a little like Alice In Wonderland yesterday.  I have the PERFECT buyers  - the kind you dream of getting a  call from when you are on Floor Time.

Alice
They have no debt.  Both Mr. & Mrs are Federal employees - (read good income)  Have paid off the mortgage on their current home.   A-1 (guess that term dates me?) credit, a substantial down payment, and are pre-qualified by the lender they have dealt with for years.



So what's the problem?  Their lender told them that they were #3 on the waiting list to get a mortgage - check back in maybe six weeks?  All that bail-out money has gone where?  Evidentally not here in fly-over country.



As my buyer lamented - "I've done everything right.  We worked hard.  Paid off our loans.  Saved to get this Table Rock Lake home, and they can't give us a mortgage?"

There was no glib answer on my tongue.

 

Call Joan for all your Real Estate needs in Shell Knob or Table Rock Lake.  417-858-2209

 

Tri-Lakes REALTORS  417-858-3344

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Rainer
20,048
Robin Evans
Coldwell Banker Advantage - Cary, NC
Building relationships while getting results.

Very interesting Joan.  I hope that doesn't become a trend.  Would they be willing to check with other lenders? 

Feb 01, 2009 09:11 AM #1
Rainer
268,456
South Austin Real Estate Blog
Sky Realty South Austin - Austin, TX

Yes, its too bad their preferred lender can't service their needs.  That's when its time to change preferred lenders, there are a lot of lenders who would jump at the chance to give a loan to folks so well qualified.

Feb 01, 2009 09:20 AM #2
Rainmaker
153,300
Kathy Knight
Intracoastal Realty Corp - Wilmington, NC
BROKER, ABR, CRS, GRI, SFR, SRES

The lender thing is real -  it really can ruin good buyers like in your situation so it can be a great deal breaker. That sucks!!!

Feb 01, 2009 11:16 AM #3
Anonymous
Joan Snodgrass

Robin:

Yes, I sure hope it isn't a trend.  Checked with a local bank and they told me they have lots of money for mortages.  Don't know what the buyers' crredit union problem was.

Feb 02, 2009 05:21 AM #4
Anonymous
Anonymous

Yes Gale.  As I said to Robin - a local bank told me they would match the 4.75 rate & had lots of money  to lend.  It is the bank owned by Walmart tho.

Feb 02, 2009 05:23 AM #5
Anonymous
Joan Snodgrass

Kathy:  It scared me when I heard it, but you don't know what to expect next from the bad news on the national scene.

Feb 02, 2009 05:25 AM #6
Rainmaker
288,606
Tim Bradley
Contour Investment Properties - Jackson Hole, WY
Commercial Real Estate Expert in Jackson Hole, WY

Call a mortgage broker and expand the search for money. There's actually a lot of it out there - no need to stay with a local lender if they aren't up to the job.

Feb 05, 2009 01:07 PM #7
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Rainmaker
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Joan Snodgrass

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