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Home buyers using cold, hard cash
Home buyers on the Grand Strand are plopping down big bucks to purchase real estate these days.
Full Story: Myrtle Beach Online
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Cash is required to buy since most banks aren't loaning money to finance deals. Tried to borrow from abank lately? This article should have focused on the banking crisis, since that crisis is leading the real estate crisis.
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We have a small 2nd home in Garden City. Recently, a home near ours sold, and the owner paid cash. It wasn't because the owner had cash to spend, but the bank would not loan the money on a home where 90% of the value of the property was in the land (ie Mobile Home). So, check with some of these cash paying individuals and see if the banks in Horry County have stricter underwriting guidelines and therefore making it harder for the Horry County homebuyer.
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Why give up good money when effectve interest rates negative (bank rate minus rate of inflation) Banks are basically paying you to borrow money.
Banks are still loaning money. The only difference from 2 years ago is they are making sure people have a vested interest in the property and a chance of paying the loan back. I know of no bank that would refuse a loan with a good credit score and 25% down payment. |
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Have you borrowed lately. You're wrong. Call Bank of America ir Conway National Bank here in SC. Millionaires will good credit and a 50% down payment can;t buy various things. Most banks just won;t loan on vacant land, condos, etc. Banks appetites have changed dramatically in the last 24 months.
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Key word was various things. Condos and vacant land are considered speculative.
In the old days (70's and 80's) when bankers know they would carry the loans and not sell them, very few would loan money to buy vacant land anyway. If you wanted a construction loan the land had to be paid for before they would loan money to build. The financial world was a little more responsible. It is a shame they didn't stay that way and prevent a lot of problems we are seeing now. Even though prices have slightly fallen, real estate is still over priced along the Strand. |
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