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August 23, 2007
Listings back on the market
I was an open house addict in late spring early summer and so I'm on the list of interested people for maybe 6 properties in the 800k to 1.5m range. Some/most of them I was given the indication had an accepted offer.
Now here is the thing: a month later, brokers are letting me know, in their kinda vague "oh, hey, you might be interested to know.." way, that pretty much ALL of them are back on the market for unspecified reasons (buyer backed out, one assumes).
Summer slowdown? no. This wasn't my experience last year at this time.
so just sayin.. the place you liked a few months ago, you might want to check, could be available again..
Just so you know I'm not making this up: these are a house in ditmas, a windsor terrace row house, a south slope frame house and a plum prospect park west co-op. From, hmm, four different agencies.
Comments
Mortgages are nearly impossible to get right now - banks are panicked and rates are shifting hourly. Because of this - more and more houses are "back on the market" and are asking for all cash payments.
Posted by: guest at August 23, 2007 10:33 PM
If you've got good credit Wells Fargo and Citi will loan you the money. The sky is not falling.
Posted by: guest at August 24, 2007 7:57 AM
citi jumbos are 8.25 with zero points. i think that makes a $1mm property you could finance a year ago at 6.25 a worth a little less?
Posted by: guest at August 24, 2007 8:47 AM
If credit is good, you can get a jumbo at 6.75% from Bank of America. Stop spreading lies.
Posted by: guest at August 24, 2007 8:51 AM
If you have good credit and aren't trying to finance 95%, decent rates are still available. I was talking to our mortgage broker earlier this week and he can still get 7.25 from most of the big banks including Citibank and Chase. Yes, it was more like 6.75 not so long ago, but financing is certainly not 'impossible' to get, and I'd question the accuracy of 8.25. Is that for people with no credit history, putting down 10K on a 200K condo???
Posted by: zeebee_in_bklyn at August 24, 2007 8:56 AM
A lot more people than usual on this blog are starting to make me sick.
Are you all this disgusting, pessimistic and full of lies in person as well?
I pity your wives, husbands and children.
Posted by: guest at August 24, 2007 9:37 AM
Here you go, 9:37...
If life seems jolly rotten
There's something you've forgotten
And that's to laugh and smile and dance and sing.
When you're feeling in the dumps
Don't be silly chumps
Just purse your lips and whistle - that's the thing.
And...always look on the bright side of life...
Always look on the light side of life...
Posted by: guest at August 24, 2007 1:17 PM
I got a mortgage to finace a townhouse purchase in 2003. Put down 20% and showed every tax return and bank statement I had. I expect if you do the same today, you're still going to get a mortage.
Posted by: guest at August 24, 2007 2:53 PM
Rising defaults on U.S. housing loans to borrowers with
patchy credit histories are driving down the value of bonds
backed by mortgages and other assets. The fallout could mean one
in every three workers who create and sell securities backed by
mortgages or pools of debt will lose their jobs, according to New
York-based Options Group, which tracks pay and hiring trends.
Pessimistic or realistic?
Posted by: guest at August 29, 2007 9:12 PM
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