Thursday, August 23, 2007

St George Real Estate, Appraisals and Lending

If you are a seller getting ready to sale your home, do not altogether rely on appraisals that often are going off past values and not being up on the somewhat declining market we've been in. Appraisals can be deceptive. Case in point. I have a listing right now that is a short-sale and the appraisal said the home was worth about 280K when the people moved in a year ago. They are now saling it at a loss of at least 60K. Banks are reeling.

And with thousands of mortgage banks and brokers threatened with extinction, lenders that embraced all kinds of risky loans two years ago are enforcing increasingly strict standards. They are refusing even to consider extending new credit to people who lack any equity in their homes.

Lenders have been tightening their standards for the past year in the face of rising defaults and growing jitters among the investors who provide funding for loans. That tightening has accelerated in the past two weeks as many lenders -- uncertain at what price they might be able to sell loans -- have stopped making all but the safest ones.

I heard that nearly half of the offer contracts entered into this last month ended up falling out. At very least, there has been an inordinate number and those that did fall out because of the inablilty to secure financing. So, if you need a good local Lender, I highly recommend Steve Stout with SGI mortgage because he is downright fair and very experienced running on 15 years in the business. And can I just say, you have to be experienced to work with the vascilating Lending market right now. I also have other recommended Lenders, along with Steve Stout's phone number on my site at St George Utah Lenders.

If you have real estate needs, we need to let you know about our special services. Namely, their is one shopping solution to beat them all. Enough said. It is called the Home Buyers Scouting Report. You can find it at St George Utah Real Estate. I might also say that we are just having/going through a makeover on our site that one might just find fanciful and our numbers are soaring in the search engines- we have a lot of repeat visitors.

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