Would you loan everything in your bank accounts and money market funds at a low rate to sandiego in 7 years time, asianautica, if they put none of their own money down?
No I wouldn’t, but banks probably would. Last I checked, bankruptcy stayed on your credit for only 7 years. But the OP did say he’ll be saving for the next 7 years, so he’ll have plenty $ to down, so we’re not talking about 0% down or anything. If his current loan is any indication, he’ll probably have 20% down. That’s usually good enough for the bank if he also have decent credit.
marion, I don’t see your logic. How can a seller/agent be greedy when there are buyers willing to pay that price? That’s just pure capitalism at its finest. They’re not asking for more than the market will bear, or else it wouldn’t have sold. Just like now, the market will bear much lower price than some of the sellers want, that’s why their place sit and collect dust. You may think you are the market, but you are not.
