How Will All The Drama Over The Sub-Prime Market Affect You?

March 20, 2007

Well, you once thought your 600 credit score was a decent FICO score, but guess what- it might not be for much longer! 

Shoddy lenders have apparently cut corners in writing loans that have defaulted, thus opening the door to speculation and investigations.  Obviously, heads will have to roll and the noose will tighten on buyers in the very near future.  New restrictions and more regulation will probably make it harder for average Joe with some dings to sell himself to the faceless underwriter (the “decider” if you will).

I’ll give you my advice whether you want it or not.  If you have credit dings, or credit issues that you feel may cause a problem, you’re going to need a good REALTOR and their lending relationships.  Why?  Because!  While a lender can only tell you yes or no, a REALTOR’S job is assist you in finding solutions to dents; a REALTOR has something to lose, namely you. A quality REALTOR can help put a face to your file, giving you a chance to tell your side of your credit story. 

So before you step into that black hole of lending, grab yourself a REALTOR.  There are no promises in the world of Real Estate, but you’re stacking the deck in your favor when you have an advocate on your side! Many buyers fear calling a REALTOR because of rejection, but that is just silly. Keep calling until you find a REALTOR that you’re comfortable with, and that understands you; because as a REALTOR, I know the solution to your buying obstacle is just waiting for your problem to come along.

Happy Buying,

That Real Estate Guy

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