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Thesa Chambers, Principal Broker

Contact Us Today At (541) 771-7064
thesa@centraloregonbuzz.com

70 SW Century Dr #110 Bend, OR 97702

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Sub-Prime Market Means Big Changes for Buyers and Sellers Alike!

It really does not matter if you are a buyer or a seller this subject has an impact on you.  The buyers that have counted on 100% financing are finding that the loan they qualified for just hours ago may no longer be available.  Not of any wrong doing of the buyer, the Real Estate Broker or the Seller but the simple fact the loan is no longer available to anyone.  This last week we have seen several of the sub prime lenders shut their doors – they are no longer in business.  Loans were not funded even though everything was in order for the transaction.  Brokers, Lenders, Buyers and Sellers are all holding their breath and trying to find other means of lending. You will hear some real estate agents tell you that it is just the lenders that were in trouble for “predatory lending.”  Many of the lenders that have closed their doors are in trouble for more and less that that.  However, when they close their doors and the foreclosure rate hit over 13% that changed the sub prime market for almost everyone.  

Some people will no longer qualify for a loan, some will still qualify but not at a price they can afford.  Will this change?  Of course it will, but when and how is the better question.  If you are a buyer waiting on the change, I suggest you do everything possible to put yourself in the position to qualify for a better loan.  If you are a seller, I suggest if you receive an offer that appears to be a sub prime loan, check the stability of the lender, be as sure as you can they will still be around on closing day.

Posted in: Bend, Caldera Springs, Central Oregon, La Pine, Sunriver, Three Rivers South

Comments

  1. Joanne HANson says

    August 14, 2007 at 9:47 pm

    Good advice Thesa! I have heard that credit scores need to be better than before also. If you want to buy a house and your credit has a couple of dings it may keep you from qualifying these days, so it is a good idea to clean it up and keep it clean! In some areas, it will really hit hard as many people have depended on that type of loan.

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About Thesa

As your real estate agent, I understand the value of providing the best possible service to every buyer and seller. Listening carefully to fully identify not only your desires but also your needs. Then work diligently to ensure that both are accommodated to the best of my ability. We will stay abreast on changing market conditions, trends, developments and research all factors that could affect the purchase or sale of your property.  My success and your happiness greatly depend upon the quality of the relationship we achieve.  Through personal redefinition of the professional standards set by most agents, I hope set myself apart from the rest and become the first person that you think of for all of your real estate needs.

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Thesa Chambers, Principal Broker West + Main Homes
thesa@centraloregonbuzz.com
(541) 771-7064
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