As if we didn't have enough challenges getting buyers qualified -
As if there weren't concerns about declining prices ...
The Daily Business Review published an article about "blacklisted" condos, and talked a lot about the Miami market. However, what happens in Miami doesn't stay in Miami. It could come to your market, too, and mine.
Part of the cause for our prices declines were the number of properties bought by speculators to flip. Now - if you can find a buyer for one of these condos, the lender may turn down the loan because the condo doesn't have at least 70% owner occupied units. Buyers walking away from their deposits, foreclosures, flips on the market - and only cash buyers can buy? Or buyers willing to pay much higher interest on their mortgage? Seems to me that's going to just increase the problem.
Please read the linked article and think about the ramifications.
Yep, That will definitely make buying and financing a property alot harder.many of the current regulations which are being placed are "A day late and a dollar short'.
Sean Allen