Hey Dream Team,
It's an equal mix all day long. There is no doubt that the secondary market has tightened and they will only purchase MBS's bundled with higher credit score borrowers. That though should be the least of your worries. If I was a real estate agent, I wouldn't even waste my time to look up properties, drive them around, etc with a potential client until I had a pre-approval letter in my hand knowing that a loan officer did their due diligence to collect income and asset documents as well as a full cursory review of the credit report.
Like Rudy said, you are going to have good appraisers and you are going to have bad appraisers, regardless of how much the government steps in. But with that said, I read the circumstance of Mr. Enlow's where a listing agent is listing a home for $159k when comps support $125-$130...thereâ€™s not problem with appraised values there, there is a problem with an agent listing a property for more than it's worth. If your market can support cash buyers for that price then you are good to go, but if you expect to get an offer with financing involved...good luck with that.
No matter what though, good market or bad market, there are always going to be buyers and there will always be sellersâ€¦so in todays market instead of getting 5 leads and closing 3, you just have to get 10 leads to close 1 or 2. At the end of the day it just means you have to work smarter and harder to make a living.
We are a national direct lender and I am I licensed senior loan officer in your wonderful state of OH up there. If you ever have financing issues, questions, or concernsâ€¦feel free to call me. 7 out of 10 times we can help a potential client with less than perfect credit scores increase them in no time at all to get them where they need to be. Best of all, we close our loans in as little as 10 days with an average turn time of 19 days. Faster closings mean faster money and free you to find that next great client.
Joshua A. Lerette
Senior Loan Officer
Residential Finance Corporation
800.930.7334 Ext. 1108 â€“ Toll Free
813.402.4637 â€“ Direct Line
727.488.7355 â€“ Cell
888.692.5967 â€“ Fax