I never thought I would see the day

By
Real Estate Agent with Weichert Realtors Southern Coast
I never thought that I would see the day when:  We scrambled around the office looking for a lender!  I know I'm fairly new to the business, but WOW!  It is hard to sell real estate when you can't find these people a lender.  This was a mobile without brick underpinning/ and the clients had fair credit.  One agent said "Let's call American Home Mortgage"  and my response was "closed".   Even our preferred lender could not touch this one because of the mobile without brick underpinning.  I am suprised at this, but i guess this is just economics!  It shall turn around at some point.
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Hi Stacey,
I've never worked with a mobile home but my guess is it had something to do with being on a permanent foundation?  But as for placing loans with a lender, things are sure changing.
August 12, 2007 08:09 AM #1
Ambassador
384,823
Tracy Santrock
Fonville Morisey/Santrock Realty Group, Inc. - Cary, NC
Raleigh - Cary Realtor

Hi Stacey,

With all of the subprime lenders getting squeezed and going under the credit market is tightening quickly.  Loans that would go through in the past very easily are being rethought under the current conditions.  Good luck.

August 12, 2007 09:21 AM #2
Rainer
45,954
Greg Zaccagni
The Federal Savings Bank - Wheaton, IL
Illinois Mortgage Lender

These are difficult properties to finance as they are not permanently attached to the foundation.  My Company Countrywide won't do them either.

Greg Z

August 12, 2007 02:43 PM #3
Rainer
262,370
Ginger Sala
Wilkinson & Associates, Wilmington NC - Wilmington, NC
Wilmington NC Real Estate & Relocation~

Tracy, Manufactured homes must be on a permanent founation to be eligble for financing. No exceptions>

Ginger

September 04, 2007 02:10 PM #4
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Rainer
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Stacey Ward

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