Client Ask the Question
I was visiting with a client this after noon on a listing appointment and the question came up. No not the commission or pricing question but will a buyer be able to close the loan? My repeat client wants to sell his home in Ormond Estate in Destrehan LA. They are fortune enough to have purchased the home in the recent past few years and may even make a little money when all the dust settles. Since May, I have had five deals died painful deaths due to banks not lending money. All five clients had good credit (above 650) and able to pay down payments. Still we were not able to close these deals. I have been saying along it is the banks who do not want to loan out the money. Well here we are with this mess on our hands. To top it off the people in DC don’t want to do anything. I do not agree with the bailout but sometimes we have to look out for other people and try to help.
My answer to my client was I honestly don’t know. What has been your recent experience with deals not able to close? To give you some insight on the five deals’s all were investment type properties.
