The practices of mortgage underwriting have undergone increased levels of scrutiny over the past year due to the record number of foreclosures that the banking industry is holding in their inventory.
The sub-prime market has taken the largest hit and as such, buyers with limited resources are finding it increasingly difficult to obtain financing.
The term creative financing has taken on a whole new meaning.
Ultimately, the requirements will relax and the bi-product will be a cleansing of the market but in the interim the effects are felt industry wide.
No buyer is created equal in that each transaction is unique. Whether it is vacant land, multi-family, single family, or commercial the average consumer must carry more than just a laymen's understanding of todays marketplace.
Choose your Realtor wisely, insist on a profound depth of real estate and financing.