Miamism Blog

You are here

Mortgage Mess is an understatement!

  • September 02, 2007
Ines Hegedus-Garcia

I was recently quoted by Bea Garcia of The Miami Herald saying,

''Lenders are definitely demanding better credit scores, and they're stricter with appraisers''


The article goes into detail about what is being required of mortgage lenders and what is expected from the consumer when purchasing a property. The reality is that Miami, being in the top 10 in mortgage fraud in the nation, had to clean up their act!  I just can't believe it took this long for it to happen.

Is this mortgage mess affecting the Miami real estate industry? You better believe it!

As responsible Miami Realtors, we pre-qualify all buyers and request pre-qualification letters with all offers for our listings, but not even that is guaranteeing a smooth transaction.  People with pre-qual letters are not getting approved, or their lenders are going out of business, causing pending sales to go  back on the market.  I do foresee a change in the ways things are done in the very near future (like requiring pre-approval letters where all buyers would need is a satisfactory appraisal to go to the closing table; or removing all financing contingencies from real estate offers.....but we'll cross that bridge when we get there).

Take a look at these articles that also make reference to Bea's well written words:

Recent Posts

How is the Belle Meade Real Estate Market Doing? There are currently 5 homes for sale in Belle Meade:  Highest priced listing $19.5 Million for the huge open bay property with 480' of water frontage and 29,452 SF of land... more

Thank you Bloomberg Tax for providing 5 great tips for businesses and individuals looking to relocate to Miami. As we well know, Covid-19 accelerated the migration of businesses to tax-friendly states.  Because remote work... more

Miami and Miami Beach locals seem to understand that not all Miami Beach waterfront real estate is the same, but instead of assuming, I decided to do a brief synopsis of the different types of waterfront homes in Miami Beach... more

  • Feb 16, 2021

They say there are no real estate emergencies, but we have learned that if they do exist, they always happen at a walk-through. To think that a deal can fall through because of trivial mistakes, after months of hard work... more

Our Twitter

What is the Value of my Home?

Obtain a free personalized home pricing report.