In short, thanks to Carl (no longer available) –
“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 (archived: 2008).
– 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)
Interested in Learning More?
Jim Duncan has been helping buyers and sellers in Charlottesville’s neighborhoods for 25 years. Get local insight born of experience.
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