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8,000 mortgages a day

 According to the National Association of Realtors “Existing Homes Sales Report” there are 12,109 homes selling every day in the US. 72% of those have mortgages, so there are 8,719 people getting mortgages every day. If you believe the comments that homes aren’t selling and that people can’t get mortgages – that’s not really true.

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Cash is king when buying a home in St Petersburg Florida

 Today, cash is king when buying a home in St Petersburg, Florida. Historically the seller was more concerned with the amount of money he received and didn’t really care if it was a cash sale or financed, though a faster sale might have some importance to him. 

If a St Pete property is priced well, it’s not uncommon to have multiple offers. The seller may well choose the cash offer rather than the highest price. Mortgage approvals are taking longer now than they used to. Preapproval letters are no longer as dependable as they used to be. Appraisals (now generally ordered through third party appraisal companies) are often coming in well below the purchase price. As a result, sellers are often opting for the offer that is all cash, especially if the sale is not going to be subject to an appraisal.

 

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Banks getting slower at processing loans

We’re seeing more instances of banks that are “ignoring” the closing dates on contracts – not all of them, but enough to be a concern. Other agents are reporting delayed closings as well. Sometimes the day before the scheduled closing the lender will ask for more information from the buyer – sometimes the lender will just say that they didn’t “get to it” and delay it a week, and then another week. Lesson 1: it’s not over until it’s closed.  Lesson 2: have a contingency plan in case the closing is delayed.

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