Wednesday, May 18, 2011

 

Dyersburg Pending Sales Not All Closing

In my last post I told you that our pending sales were up and that is a good sign. Since writing that post, I have seen several pending go back to square one because either the appraiser couldn't find recent comparable sales to support the purchase price or the underwriters just would not approve the buyer. Currently we have lots of willing buyers who are having trouble buying.

I just closed the sale of a Dyersburg real estate deal that took 8 weeks(twice the normal time for conventional) to close. This was supposed to be a slam dunk, credit score of almost 800, beautiful home in town that easily appraised for sales price, buyer going conventional loan and putting 20% down.

I can understand the lenders tightening the standards but now they have gone too far to the other extreme. My agents all have had deals go sour in the last 3-4 weeks because of one of the above conditions happening.

There are some fantastic deals available but please have your credit in order and be pre-approved for a home loan. Some people are finding out that the mortgage industry has changed drastically and mortgages are suddenly harder to acquire for a Dyersburg home purchase.

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Comments:
A lot of buyers I feel are not being educated on the process. Banks are cracking down and taking much longer than normal to close a loan. I agree Mike. A buyer should, in my opinion, have a commitment from the bank, proof of funds as well as credit scores in tact. Thanks for sharing.
 
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