Financial cavalry for buyers in new condos....

Started by Riversider

over 17 years ago

Posts: 13573

Member since: Apr 2009

Discussion about

http://ny.therealdeal.com/articles/buyers-and-developers-stack-up-lenders-to-do-deals-jorden-tepper-daren-hornig-daniel-berman

Response by Downtownster

over 17 years ago

Posts: 140

Member since: Mar 2009

Lining up multiple lenders in new condos as a potential buyer scares the cr*p out of us. If your lender requires 20-30% down and you still need to get multiple mortgage pre-approvals hoping that just one of those lenders will go through with the deal, your lender might as well send you a letter that says "the market is so unstable right now that we would like you to take on more of the downside risk and also, we'd like to evaluate our own risk all the way up until we sit down to close."

If the lender is that nervous, we're sure as heck even more nervous as potential buyers. Of course, lenders have gotten it wrong before (anyone remember 2007?) but still...

-DT

http://downtowny.blogspot.com

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Response by Jerkstore

over 17 years ago

Posts: 474

Member since: Feb 2007

typo in headline: CALVARY

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