Is anybody on here a realtor or in the mortgage/lending/banking industry? There must be a few on here and hopefully somebody can help me out a bit.
My wife and I have a condo and are planning on selling it this summer. However, our condo association just sent out a letter stating that our development is nearly 50% rented out and if we get to that point, prospective buyers won't be able to get financing. Thus, only cash buyers would be able to buy a condo here.
For anybody with more knowledge than me, would you say that's correct? Also, I know values would definitely drop but how much would you guess? 10%, 20%, 30%? If anybody has some good articles related to this subject, please either post them or pm me. Everybody is in a big email exchange right now and I'd like to have some solid information about this. Thanks.
My wife and I have a condo and are planning on selling it this summer. However, our condo association just sent out a letter stating that our development is nearly 50% rented out and if we get to that point, prospective buyers won't be able to get financing. Thus, only cash buyers would be able to buy a condo here.
For anybody with more knowledge than me, would you say that's correct? Also, I know values would definitely drop but how much would you guess? 10%, 20%, 30%? If anybody has some good articles related to this subject, please either post them or pm me. Everybody is in a big email exchange right now and I'd like to have some solid information about this. Thanks.