Warning To Home Owners, Banks Getting Stricter On Lending In 2011
There are more and more houses being put up on the market
. This is a good time to buy houses cheaper than they were just a year ago. But has the housing prices reached their lowest point?
Banks are not loaning money to people with any kind of credit issues for houses. According to one real-estate agent she has never seen it this bad before. People with typically good credit cannot qualify for a loan on a home. This same real estate agent went on to say that if a person has as little as a late payment on a phone bill in the last 12 months that a bank will not lend them money on a house.
Not only are banks not loaning homeowners money, but they are more cautious about the homes they are lending money on. What used to pass as a satisfactory house for a routine home inspection may no longer pass. It is getting more common for banks to refuse lending money on houses that have what once was considered marginal damage.
One large item they are looking a lot more at then they once did is the Roof. If a home has hail damage on their roof its possible the bank will not loan money to a potential new buyer until the homeowner pays to replace it. The sad thing is that many times its too late for the homeowner to put a claim into their insurance company if the storm was over year old.
It is a good idea to have your house looked at by a profession every year and especially after storms to make sure your not stuck footing the bill later on for problems your insurance company may pay for now.