OMG I just want to buy a freaking house!

[bookczar]

Thanks, Folks for all of your advice and comments. I have news on our situation…The house that we really wanted, a short sale that we placed an offer in April is now being finalized with the negotiator, so we may be closer than ever to getting this deal through. I’ll beleive it when it happens. The timing of everything does seem controlled as many here have suggested.

Thanks again!

[davelj]

[quote=jpinpb]Somewhat OT – I know a small law firm – lawyers been in practice for at least 16 years. They lost their credit line. This is after getting a $12 million judgment. They are hunkering down and not spending.
[/quote]

My bet is that this was an unsecured credit line. I’d be willing to bet that their bank gave them an unsecured credit line years back and when it came up for renewal the bank said, “Look, we’ll keep the line in place but we need some collateral to back it.” The law firm, offended, said, “No thanks,” and they parted ways. (Also, it’s often a huge hassle for partnerships – the firm is probably an LLC or PC – to post collateral due to complications it causes for each individual partner.)

I know a few very creditworthy individuals this has happened to in the last year. But, they posted some collateral and life goes on.

Any – I repeat ANY – borrower – commercial or individual – that has good credit and appropriate collateral can get a loan at a very low interest rate right now. The problem is that our idea of what’s “normal” in terms of qualifications and collateral coverage has been warped over the last 15 years. Now, it’s back to prudent underwriting. The problem is that too few folks remember or know what that entails. Now they’re learning (or re-learning, as the case may be).

When the credit spiggot goes from Full Blast back to Normal, there’s a lot of pain. As there should be.

[davelj]

[quote=jpinpb]Somewhat OT – I know a small law firm – lawyers been in practice for at least 16 years. They lost their credit line. This is after getting a $12 million judgment. They are hunkering down and not spending.
[/quote]

My bet is that this was an unsecured credit line. I’d be willing to bet that their bank gave them an unsecured credit line years back and when it came up for renewal the bank said, “Look, we’ll keep the line in place but we need some collateral to back it.” The law firm, offended, said, “No thanks,” and they parted ways. (Also, it’s often a huge hassle for partnerships – the firm is probably an LLC or PC – to post collateral due to complications it causes for each individual partner.)

I know a few very creditworthy individuals this has happened to in the last year. But, they posted some collateral and life goes on.

Any – I repeat ANY – borrower – commercial or individual – that has good credit and appropriate collateral can get a loan at a very low interest rate right now. The problem is that our idea of what’s “normal” in terms of qualifications and collateral coverage has been warped over the last 15 years. Now, it’s back to prudent underwriting. The problem is that too few folks remember or know what that entails. Now they’re learning (or re-learning, as the case may be).

When the credit spiggot goes from Full Blast back to Normal, there’s a lot of pain. As there should be.

[davelj]

[quote=jpinpb]Somewhat OT – I know a small law firm – lawyers been in practice for at least 16 years. They lost their credit line. This is after getting a $12 million judgment. They are hunkering down and not spending.
[/quote]

My bet is that this was an unsecured credit line. I’d be willing to bet that their bank gave them an unsecured credit line years back and when it came up for renewal the bank said, “Look, we’ll keep the line in place but we need some collateral to back it.” The law firm, offended, said, “No thanks,” and they parted ways. (Also, it’s often a huge hassle for partnerships – the firm is probably an LLC or PC – to post collateral due to complications it causes for each individual partner.)

I know a few very creditworthy individuals this has happened to in the last year. But, they posted some collateral and life goes on.

Any – I repeat ANY – borrower – commercial or individual – that has good credit and appropriate collateral can get a loan at a very low interest rate right now. The problem is that our idea of what’s “normal” in terms of qualifications and collateral coverage has been warped over the last 15 years. Now, it’s back to prudent underwriting. The problem is that too few folks remember or know what that entails. Now they’re learning (or re-learning, as the case may be).

When the credit spiggot goes from Full Blast back to Normal, there’s a lot of pain. As there should be.

[davelj]

[quote=jpinpb]Somewhat OT – I know a small law firm – lawyers been in practice for at least 16 years. They lost their credit line. This is after getting a $12 million judgment. They are hunkering down and not spending.
[/quote]

My bet is that this was an unsecured credit line. I’d be willing to bet that their bank gave them an unsecured credit line years back and when it came up for renewal the bank said, “Look, we’ll keep the line in place but we need some collateral to back it.” The law firm, offended, said, “No thanks,” and they parted ways. (Also, it’s often a huge hassle for partnerships – the firm is probably an LLC or PC – to post collateral due to complications it causes for each individual partner.)

I know a few very creditworthy individuals this has happened to in the last year. But, they posted some collateral and life goes on.

Any – I repeat ANY – borrower – commercial or individual – that has good credit and appropriate collateral can get a loan at a very low interest rate right now. The problem is that our idea of what’s “normal” in terms of qualifications and collateral coverage has been warped over the last 15 years. Now, it’s back to prudent underwriting. The problem is that too few folks remember or know what that entails. Now they’re learning (or re-learning, as the case may be).

When the credit spiggot goes from Full Blast back to Normal, there’s a lot of pain. As there should be.

[davelj]

[quote=jpinpb]Somewhat OT – I know a small law firm – lawyers been in practice for at least 16 years. They lost their credit line. This is after getting a $12 million judgment. They are hunkering down and not spending.
[/quote]

My bet is that this was an unsecured credit line. I’d be willing to bet that their bank gave them an unsecured credit line years back and when it came up for renewal the bank said, “Look, we’ll keep the line in place but we need some collateral to back it.” The law firm, offended, said, “No thanks,” and they parted ways. (Also, it’s often a huge hassle for partnerships – the firm is probably an LLC or PC – to post collateral due to complications it causes for each individual partner.)

I know a few very creditworthy individuals this has happened to in the last year. But, they posted some collateral and life goes on.

Any – I repeat ANY – borrower – commercial or individual – that has good credit and appropriate collateral can get a loan at a very low interest rate right now. The problem is that our idea of what’s “normal” in terms of qualifications and collateral coverage has been warped over the last 15 years. Now, it’s back to prudent underwriting. The problem is that too few folks remember or know what that entails. Now they’re learning (or re-learning, as the case may be).

When the credit spiggot goes from Full Blast back to Normal, there’s a lot of pain. As there should be.

[treehugger]

I feel your pain, I have put in several offers and am at a loss. I am going conventional, due to all the issues with FHA etc. The competition is fierce for anything that is in a decent neighborhood and reasonably priced. The properties literally go in hours! Search that against anything overpriced, sits for months.

On the VA note, a friend of mine is a marine up on Pendleton, was having the same problem, no one would accept an offer with a VA loan. He ended up finding a retired marine, that was selling reasonable, guy gave him a good deal and accepted a VA loan, even though there were some hangups and variances with the appraisal. I guess it is true, once a marine always a marine….it was pretty cool to hear how some people still have ethics.

[treehugger]

I feel your pain, I have put in several offers and am at a loss. I am going conventional, due to all the issues with FHA etc. The competition is fierce for anything that is in a decent neighborhood and reasonably priced. The properties literally go in hours! Search that against anything overpriced, sits for months.

On the VA note, a friend of mine is a marine up on Pendleton, was having the same problem, no one would accept an offer with a VA loan. He ended up finding a retired marine, that was selling reasonable, guy gave him a good deal and accepted a VA loan, even though there were some hangups and variances with the appraisal. I guess it is true, once a marine always a marine….it was pretty cool to hear how some people still have ethics.

[treehugger]

I feel your pain, I have put in several offers and am at a loss. I am going conventional, due to all the issues with FHA etc. The competition is fierce for anything that is in a decent neighborhood and reasonably priced. The properties literally go in hours! Search that against anything overpriced, sits for months.

On the VA note, a friend of mine is a marine up on Pendleton, was having the same problem, no one would accept an offer with a VA loan. He ended up finding a retired marine, that was selling reasonable, guy gave him a good deal and accepted a VA loan, even though there were some hangups and variances with the appraisal. I guess it is true, once a marine always a marine….it was pretty cool to hear how some people still have ethics.

[treehugger]

I feel your pain, I have put in several offers and am at a loss. I am going conventional, due to all the issues with FHA etc. The competition is fierce for anything that is in a decent neighborhood and reasonably priced. The properties literally go in hours! Search that against anything overpriced, sits for months.

On the VA note, a friend of mine is a marine up on Pendleton, was having the same problem, no one would accept an offer with a VA loan. He ended up finding a retired marine, that was selling reasonable, guy gave him a good deal and accepted a VA loan, even though there were some hangups and variances with the appraisal. I guess it is true, once a marine always a marine….it was pretty cool to hear how some people still have ethics.

[treehugger]

I feel your pain, I have put in several offers and am at a loss. I am going conventional, due to all the issues with FHA etc. The competition is fierce for anything that is in a decent neighborhood and reasonably priced. The properties literally go in hours! Search that against anything overpriced, sits for months.

On the VA note, a friend of mine is a marine up on Pendleton, was having the same problem, no one would accept an offer with a VA loan. He ended up finding a retired marine, that was selling reasonable, guy gave him a good deal and accepted a VA loan, even though there were some hangups and variances with the appraisal. I guess it is true, once a marine always a marine….it was pretty cool to hear how some people still have ethics.

[Zeitgeist]

That is a wonderful tribute to the Marines.

[Zeitgeist]

That is a wonderful tribute to the Marines.

[Zeitgeist]

That is a wonderful tribute to the Marines.

[Zeitgeist]

That is a wonderful tribute to the Marines.

[Author]

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