Comments on: Falling Home Prices Spell Disaster For Sellers and Those Wanting to Refinance

By: Carol

Carol — Mon, 10 Aug 2009 05:35:51 +0000

@kp. Realtors are in the same position as everyone else these days. There is trouble selling homes. Realtors have an obligation to present all bonafied offers to the seller. The seller may turn it down, but I assure you the realtor wants to sell the home. Not only that, the additional commission earned from a mere $15,000 extra in the selling price (just an example) is almost nothing to speak of. Assuming the theory could be true, at 6% commission, we’re talking about a difference in commission of $900.00 – and very little of that might fall in the hands of the selling realtor. If it has to be split 4 ways, then imagine holding up a sale for $225.00? Won’t happen. If you’re selling your home, wish you luck. Don’t worry about this happening.

By: kp

kp — Sun, 09 Aug 2009 18:27:37 +0000

one thing i’m curious to know is if we can trust the realtor to give us the best advice. maybe she wants to hold out for the higher selling price and is coaching us to her wallet. so many peeps involved with thier own agendas

By: Carol

Carol — Thu, 06 Aug 2009 00:25:00 +0000

@mister gg, I missed this follow up post from you earlier. Yes, FHA maximum cash out was once 95% – earlier this year in fact. It was reduced to 85% – announced as a temporary neasure during the housing price decline. Again, give me a call for a short consultation and I will let you know your options AND see what can be done down the road if we’re at a roadblock.

By: Carol

Carol — Thu, 06 Aug 2009 00:13:04 +0000

@Mister gg, keep your eye on the market. In many communities, there are signs of rising property values. You didn’t mention how long ago this was. Are you in New Jersey? Give me a ring. Will see how things look now.

By: mister gg

mister gg — Wed, 05 Aug 2009 20:33:29 +0000

i just sent a message about not being able to do my refinance because of my house value. my loan is FHA and was told the hghest loan i could get is 85%. is that true? is there anything i can do now?

By: mister gg

mister gg — Wed, 05 Aug 2009 20:29:47 +0000

your right. i got caught like this. i needed to pay some debt to qialify, but house dropped value and rates went up. nothing we could do. wish i had been warned. oh well.