Wednesday, May 18, 2011
Dyersburg Pending Sales Not All Closing
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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