Get your Ducks in a Row………..
Ok, I spoke too soon. Looks like I might lose my first deal to the collapse of the Subprime market………..Ouch.
Things are busy here, still pooling into two groups…..I’ve noticed an added layer of Buyers showing up that are..well, just simply well financed.
We used to call them SI’s (for Savvy Inbounders) but now they are turning up the heat. They are more than Savvy, they are well heeled, and looking to check out and move to a small town.
We’ve talked about this for awhile, and I’ve built my business around this eventually happening, but I never thought I’d actually see it………….
Ok, so. Back to the topic at hand. Ducks in Row. Here’s what I can roughly give everyone guidance on in order to be in good shape in this market.
1. 80/20 full doc loans are the way to go.
2. 700+ credit scores. Way to go.
3. Don’t buy outside of your ratios. You might get an early “yes” and a late in the game “no”
4. Get to know your Mortgage Broker, and learn how to find all the information you are going to be asked for, including: Financial Statement, last year’s worth of bank account balances, evidence of employment, or last three years of taxes. One word: Internet.
I’m certain I’ll be getting deep into the details of this all over the next few months, but for now, the friction associated with stricter underwriting is going to make for an interesting time in the Hood River Marketplace.
That said, Hood River is doing fine. I’m not ready to tell anyone to push prices up after that last correction, but I am willing to say there’s a slight shift away from the Buyer’s this month, back towards the Sellers. Still a Buyer’s market, but very close to parity…….
See you next month!
