Sounds as though there were a lot of surprises at the closing table, last month.

According to a story in Inman News:

A new survey of mortgage brokers reveals that one in three prospective home buyers who had signed purchase and sale agreements in August ended up canceling.

Not all of the cancellations reported in the survey of 1,744 mortgage brokers by Campbell Communications Inc. were the result of problems funding loans.

Some deals fell through because buyers could not get approved for a loan or withdrew their offer. In other cases the lender did not honor a loan commitment, went bankrupt or stopped funding loans. Interest-rate changes killed some deals, and sellers backed out of others.

… [survey designer Thomas Popik of Geosegment Systems] said 56 percent of subprime borrowers who had signed purchase and sale agreements in August saw those deals fall through for various reasons, compared with a cancellation rate of 21 percent for prime borrowers.

In comparison:

When Campbell Communications surveyed real estate agents in 2004 — when the housing boom was in full swing — only 4 percent of home purchase closings failed for mortgage-related reasons.

Whoa.

Source: Mortgage brokers say one-third of clients failed to close in August – By Matt Carter, Inman News

  1. Back to Boston condos for sale homepage

    Contact me to find out more about Boston condos for sale or to set up an appointment call/text 617-595-3712.

    Boston condos

    Boston condos for sale

    SEARCH FOR CONDOS FOR SALE AND RENTALS

    For more information please contact one of our on-call agents at 617-595-3712.

    Updated:  1st Q 2018

Author Profile

John Ford
John Ford
EXPERIENCE

Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs



In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.



HISTORY

For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.

AREAS COVERED

Back Bay

Beacon Hill

Charles River Park

Downtown/Midtown

North End

South End

Seaport District

South Boston

Waterfront

Brookline

Surrounding Communities of Boston
Contact
John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.




John Ford
Ford Realty Inc
137 Charles Street
Boston, Ma 02114

Comments

comments

Call Now