Well the time has come to stress Cash Buyers only. In less then 12 month we have mover from 3% downpayments to the extreme "cash only buyers" will be accepted. The complex I am speaking of has been RedLined by Fannie-Mae. Am I allowed to to say Redline in this industry? What do you call it when I provided the the Seller with a Pre-Qualified, Job holding willing and able buyer, how is now told that Fannie-Mae will not approve the complex so no bank will make a conventional loan. Are we look at the credit risk of the Borrower who can make the payment and wants to make the payments is out in the cold since no conventional loan are available to purchase this property.
Well since the Seller has now changed to only Cash Offers accepted. I in the market for Cash Buyers looking for 3/2 going for less then $50K in Palmetto Bay, FL. Call me since my 20% down buyers and I are looking for new properties that will take 20% as a downpayment. Seriously check out you market, make sure the property you are going to show is FHA approved, and meets Fannie-Mae Guidelines, so that you can get a loan for your buyer. I have been doing this for awhile and it worked well, not wasting time show listing that were going to fall apart later in the deal. The problem here is that South Florida is changing so fast that the rules were changing almost daily, remember 97% loans to cash only in about 8 months. So share information in the off as things change so you know how to handle each complex in your area. As for the future it looks worst not better I see tighter money for Condo in the future, yes tighter then CASH ONLY. You may ask how so, I feel more complexes will be added to the growing list that now stands at maybe 20% of the market.