The US government gave a lot of money to banks and lending institutions. They don’t seem to be lending it yet to consumers, or small business owners. Buyers are tortured with long delays, demands, more requests, lack of specific answers; properties are scrutinized and re-evaluated over and over again.
Why some lenders now request two appraisals for properties that in the past used one appraisal only? And why some other lenders change their requirement for comparables to properties sold within the past three months only, instead of the standard 6 months? In the past, the written loan commitment was final, but, lenders now come back after providing the written loan commitment with other demands, they do not fund on time, they delay closing , claiming they just discovered something that needs an answer when going over the file again!
Would be buyers with pretty good credit scores can’t get loans! As far as investors’ loans, forget it, they are being discouraged, excluded from any decent refinance or new finance and quoted very high rates. How would the economy improve if we are excluding a huge and important segment of the population? I have a client investor that was quoted a loan at 9.5%, cost of 6 points when he inquired about refinancing a property he owns. This is crazy and unacceptable, we got to call our representatives and let them know how we feel about all this.
I am surprised that funds were given without conditions to the same bankers that put us in the mess we are now in. Where is the money! The housing market is crawling & declining from the difficulty in obtaining finance. I did not even mention the poor small business owners, they are going through unbelievable difficulties and losses.
Where is the money? Please stop the bleeding
Kay F Osman has been assisting buyers realize their home buying dreams for over 30 years. She can help you get the right home at the right price.
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Kay F Osman R, CRB, CRS, GRI, SRES
Accredited Buyer’s Representative (ABR)
Del Osman Realty, Inc.
Ph: (808) 523-6421 fax: (808) 523-8729
Web site: http://osman1.com
Tags: homes for sale in hawaii, price of homes in hawaii, property for sale in hawaii, real estate in hawaii
