What happens if Charlottesville becomes a “declining market”?

In short, thanks to Carl -

“It is possible that if a buyer was approved for a specific loan product say with a 95% loan to value and the after the investor looks at the appraisal report and determines the comps are old or the property is in a “declining market” they could turn around and only approve the loan up to a 90% loan to value.”

We’re not (yet) in a “declining market,” but I’ve been given indications from several sources that we might be on that track.

Start your education here.

- Advice for buyers - do your due diligence, be patient, save your money in the meantime.
- For Sellers - as I said last year - do not attempt to chase the market down. Beat it down. (ask me for advice)

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January 29, 2008 | Filed Under General Real Estate 

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2 Responses to “What happens if Charlottesville becomes a “declining market”?”

  1. Fair assessment of risk or Redlining? | BloodhoundBlog: Real estate marketing and technology blog | Realtors and real estate, mortgages, lending, investments on February 3rd, 2008 4:15 pm

    [...] Last week on my blog I noted what would happen if my local real estate market were to become a “declining market.” [...]

  2. Declining Market? Not so much | Real Central VA on May 16th, 2008 7:09 am

    [...] on declining markets here, here, and [...]

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