Hacker Connect January 16 in New York
An event for and by the real estate tech community

(Read Part 2, "Private financing, rate buy-downs can rescue sale.") You have a property under contract, the buyer is preapproved, and the lender says, "Your buyer no longer qualifies for this loan." What do you do? There has been a quantum shift in the mortgage market. A new credit crunch is making it more difficult even for even "A+" borrowers to obtain loan approval. The days of lax underwriting are gone. For the first time in many years, agents are hearing "no" even when their buyers may be highly qualified. The issue is how to avoid being turned down in the first place, and secondly, if the lender does turn down your qualified borrower, what you can do to keep the transaction together. According to Lou Barnes in his July 27, 2007, Inman News column: "A 'credit crunch' is a lender st...